Norwich bulletin., 1913-10-14
The Currency Bill.

Mir. Editor: There seems to be a tempest in a teapot over the Glass Owen Wilson currency bill, and no one seems to know the cause of all the trouble except the banking fraternity. If the merchants, manufa cturers, farmers, business men and laborers, in fact if the average, intelligent voters took one half or one quarter the interest that the bankers do, it would put a different face on the bill and some of the 'jokers'' would be quickly eliminated. It certainly af- veal or woe. It is the wealth pro- ducers and consumers that are most Vitally affected. The milk in the cocoa nut narrows down to this Shall con gress create and issue money, (not curency) direct to the people for serV- ice and supplies, without interest, or shall congress create and issue bank promises to pay or the govern ments own promise to pay" which are only currency in either case, to a few individuals and they in turn to loan it (for profit to the business of the country? It is for every voter to decide this question for himself and cast his vote either for or against. It doesn't require very heavy thinking for an intelligent person to learn the difference between a full legal tender, lawful money of the United States, created by congress and paid out for service and supplies to the govern ment, and a government promise to pay, or banks promise to pay, both created by congress. A common school boy. 10 or 12 years old knows that a promise to pay'' is not pay" not money. In either case it is a debt. It is a promise to pay money Legal tender kills debt. When the Congress of the United States in 1862 created and issued, by paying the 60 millions demand notes, promising to pay coin or gold on demand, when presented to the government for redemption, de- preciated to 80 cents on the dollar, be- cause the governmen had no coin or gold or any money, to redeem them with. But congress at once made them a full legal tender and lawful money of the United States and then they were money, and would do any thing that gold money would do The act of legal tender killed the promise to pay on demand" because it was or silver. The democratic party prom ised to reform the tariff and currency systems. They have laid the tariff corpse away to be resurected some time in 1916 if not sooner. AS for the so called "banking currency bill, 1t IS the same old system. continued. Congressman tell us 1t is more than three fourths taken from the Aldrich Central bank plan. "A rose by any other name will smell as sweet" It is the same old debt creating system, established in 1792, viz: the private currency and loaning 1t into circula- ton. Some people try to make them selves believe, that this bill commits the government to issue paper money, It does nothing of the kind. Congress is to issue 500 millions of treasury notes, promises to pay" (currency not money). How are these notes to be put in circulation? Through the banks, provided the banks ask for them This is one of the ''jokers" that does not fool all the people all the time. By this bill the United States treasury Is to be abolished, and all the taxes taken from the people banks, instead of one, as the Aldrich central bank scheme provided. One good democratic congressman, that voted for the bill in the house, said: ''The money or currencyI do not know which to call it-that 1t pro- red herring. It partakes of both; it does not pay private debts, although 1t is accepted for public dues. It is neither bank currency nor full gov ernment money. In this bill what have we done? We provide for notes to be issued directly by the govern nent but exclusively to the banks If the currency we provide Is real money. then it ought to have all the func- tons of real money: il should dis charge private debts as well as pub- lie dues. 1t should have every ounce of the sovereign power behind 1t, If we afs to issue rsal money then il should have the functions and at- tributes of real money and should be made legal tender for all debts public and private" Yet this representative '.herriag bone" bill,
 J, c, YATIBTTB,
 North Franklin, Conn,