Year: 1879

are ofifo use to any one ex-
lcept the favored few in whose
special Interest they are gen
orally managed. 1t cannot
be silown that tile owner OF
a Government Bond has a
just right to hold it exempt
from Taxation, deposit it in
the Treasury, draw interest
on it. issue what are called
National Bank notes, draw
interest on them at a heavy
rate, and still have the faith
and credit of the Nation
pledged for the final redemp-
lions ch notes. This is
intolerable. But when we
look at the practical working
of these pilfering shops the
human mind is aghast at
their perfidy. Not content
to draw interest from the
Government on these bonds,
and interest again on their
notes, set afoat as money,
thus getting double interest
for any real money they may
have, they deny all credit to
to the laboring masses, put
their notes which they call
money in the hands Of specs
ial agents, who dole them ont
to the people at another and
additional heavy rate of in
terest so that we find in prac>
tice while the Government is
borrowing hundreds of mil
lions of dollars at four per
cent interest the laborin q
mar through the laundering,
or something worse, of that
same government, is paying
at an average rate of certain
ly not less than twenty per
cent.





Can any agricultural pco-
pie on tie face Of the earth
prosper and pay such enor~
nous rates of interest? Here
is where the trouble lies. l
Will presently point to the
remedy. You want cheap
money, and Ishall undertake
to show you when and how
it can be obtained, For the
present | must deal with an
othefspoint.


If Fam not already so un-
derstqod.5liow ne to say in
explicit terms that l am ops
posed to making United
States Treasury notes Il To-
gal tender in payment of
debts. Il convertible at all
times into coin,as they sho'ld
be- there can be no necessity
for declaring them by act of
Congress equal to coin which
in my judgment is the cur
rency, and the only currency
of the Constitution. If pas
per is used as money, it must
be so used Try common con
sent, and for genial public
convenience not by legisla-
tive command.


When the States denied to
themselves the right to make
anything but gold and silver
a legal tender in payment of
debts that may have meant
to imply that the Federal
Government in certain great
contingencies, as in times of
war, or other overpowering
emergencies, might do so. If
the power exists at all it is
only By implication. 1t is no
where written OH the face of
the constitution that the Fed
eral Government may make
its own, Or any body else's
promises a legal tender in
payment Of debts. The peo-
pie may, and generally will
give voluntary credit to the
Government. But they may
reject commands. They may
not like to be told in their
every day transaction: II
command and you SHALL
obey" " That is my feeling,
and I do not think / differ
q -.
materily in this, or in any
other respect from my fellow
citizens generally.


Offer US your notes, and
show us you have an honest
purpose, and reasonable abii-
ity to redeem them, and we
will take them at par. But
command US, and that too
without such showing, and
we rebel.


A free people may yield
a great deal to loyalty, and a
patriotic people 4 great deal
RI prica aud 1--we of canutry.