The Jeffersonian. [volume] (Atlanta, Ga.) 1907-1917, 1914-01-15
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OF determining the amount. The great desidera-
tum is to ascertain what description of paper has
the requisite qualities of being free from fuctua-
ton in value and liability to abuse in the greatest
perfection. l have shown trust that the bank
notes do not possess these requisites in a degree
sufficiently high for this purpose. / go further.
1t appears to me, after bestowing the best rehec-
ton can give the subject, that no convertible
paper that is no paper whose credit rests on
promise to pay is suitable for currency. 1t is the
form of credit proper in private transactions
between man and man. but not for a standard
OF value to perform exchanges generally, which
constitutes the appropriate functions of money or
currency.
Unfortunately, Mr. Calhoun did not go to
school to Reed Smoot to Nelson Aldrich, to
j. ?. Morgan, or to Messrs. Bob Lowry and
Bob Maddox, of Atlanta. Woodrow Wilson
and William Jenkins Bryan could have
taught Mr.. Calhoun much more than he
knew.
Furthermore, the untutored Calhoun said
On what then ought paper currency to rest?
l would say on demand and supply simply, which
regulates the value of everything eIse-the con-
slant demand which the government has the
community for its necessary supplies A medium
resting on this demand, which simply obligates
the government to receive it in all it's dues, to
the exclusion Of everything else except gold and
silver, and which shall be optional with those
who have demands on government to receive or
not, would it seems to me, be as stable in it's
value those metals themselves, and be as little
liable to abuse the power Of coming. It would
contain within itself a self-regulating power 1t
could only be issued to those who had claims
the government, and to those only with their
consent, and Of course only at above par with
gold and silver which would be it's habtual
state; for, as far as the government
cerned it would be equal in every respect to gold
and silver, and it's superior in many, particularly
in regulating the distant exchanges of the coun-
try. Should, however, a demand for gold and
silver or other accidental causes depress it tenn
it would then return to the treasury; and it
could not be paid out during such. depression it's
gradual diminUtion in the market would soon
restore it to equality, when it would again flow
out into the general circulation. Thus there
would be a constant alternate luX and refux
into and from the treasury between it and the
preciuOs metals; but if at any time permanent
depression in it's value be possible from any
cause, the only effect would be to operate as a
reduction Of taxes on the community, and the
only sufferer would be the government itself
Against this it's own interests would be a sufi-
cient guarantee.
That sounds reasonable, doesn't it? But
you must not trust it. The popularity about
the money question is, that you are on the
most dangerous ground when you peruse
something that satisfies your common sense.
The bankers, alone, understand finance:
their due bills are the only due bills that God
intended to be used as money. We know this
because the bankers say SO. If it were not
true, the newspapers that are owned by the
bankers would not repeat what the bankers
say.
1t is true that the due bills of the bankers
claim the right to rest on the credit of the
Government, and it is also true that if the
Government should separate itself from the
bankers and issue It's own money on It's own