Year: 1875

reading your letter to Colonel Aston


on the subject OF the finances, pub


lished in the Atlanta Herold Of thi.
date:


While agreeing with you in the gen
| eral line Of your argument and most


OF your conclusions, | regret to per-
celvc in the earnestness and pathos


Of your appeal to the Southern people


evidence of some distrust of their
iidelity to principle on this subject.


From another this would be unnoticed


at least by me, but, coming from our


truest and long tried friend, beg
leave to meet it by an earnest protest.


| know no sufficient reason to think


that the Southern people have aban.-


doned or modified their old time


opinions that good money is better


than bad money, honesty better than


dishonesty. On the contrary do think


that majority of them would favor


by their votes a speedy return to a


sound currency convertible into gold.


Newspaper articles and indiscreet


declarations hurriedly thrown off
during the recent canvass in Ohio


might seem to lead to a different
| conclusion, but it is to be remembered


that the great financial blunder Of the


Ohio politicians could not outweigh


the strong desire of the South to be


freed from the exasperating incubus


of the present Federal administration.
They lent their sympatbies to the
opposition there without scanning very
closely or condeinning promptly their
declaration or principles.


There has recently been no exhaustive
discussion Of the financial issue in this
section by the press or otherwise, but


nowhere are political questions better
understood, or the established maxims


of political economy more generally
conceded.


l. 1t is admitted on all hands that the
duty and power of the Federal Gov.


eminent in relation 20 the currency are


restricted to the coming of money, to
the stamping upon pieces of gold and
silver a sign by which the world may
know the weight and fineness of the
piece of metal. 1t is not the duty of
the Government, nor has it any con-
stltutional power, to furnish q circula.
ting medium other than this to COM
merce or to thepeople. Issues of paper
to serve the purposes Of money are alb.
solutcly without constitutional author.
ity, and like all other usurpations, dan
erous TO the commonwealth.


=. With our past and and recent ex-
perience it does not require argument
to prove thastte printing of any words
on paper dos not make that paper
money, nor create any increase OF val
ucs. y promise to pay by the Gov.
ernment or an individual is worth eX-
actly what the chances of payment in
gold are worth, and when no means Of
payment are provided or time specified
depreciation follows, and finally all
value disappears with the hope of pay
ment.


3. The attempt to protract the cir
culation OF irredeemable promises by
making them a legal tender in pay.
ment of debts is simply iniquitous. In
the discharge of its duty to protect
the property of the citizen the Govern
ment assumes to collect, through the
instrumentality of its courts, the dues
of creditor; it may not evade this
duty without disgrace and grievous
wrong. When it compels the creditor
by legal tender law to accept for his
81 900 in gold, to which he is entitled,
LOCO oak leaves or bits of paper it alb
dicates its functions and perpetrates
tyranny as illegal as ruinous and as
widespread as would be the arbitrary
Imprisonment of the citizen without
due process of law.


4. If all history did not teach the
lesson, our own experience at the
South, within the recollection of liv-
ing men, would admonish us of the
folly and final ruin of attempting to
add to the wealth of the nation or to
increase the value of the currency by
debasing the coin, multiplying the
number of printed irredeemable prom
ises, or evading in any way the
prompt and faithful payment of honest
debts. With the Inauguration of any
of these dishonest schemes there comes
a brief period of wild speculation,
foolish extravaganza and general de-
moralization, to be followed quickly
and invariably by long night of
bankruptcy, desolation and despair.


3. That Federal Government is one
of limited and specified powers, that
all encroachpents of it upon the rights
reSeTNeu 10 the DldleS respectively or
to the people should be watched with
Jealous care, are not with Southern
mon unmeaning phrases. Denying TO
1t the exercise of no delegated pow
ers, they look with anxious solicitude
upon the exercise of others sanctioned
by usage or openly unsurped, tending
to increase the central influence, and
of the Federal Administra.
ton. In the whole range of possible
legislation there is not one subject so
sweeping in its character, so dangerous
in its probable results, or so fruitful Of
in every department of the
as the absolute control of |
.he currency of the country.


With these fundamental principles |
admitted and with these ex-
,eriences, it is not likely the people of |
he South will support any of the va
ious schemes of Initiation which have |
attracted more or less of public atten.
ion. 1t is still more improbable that |
hey will follow the lead of the cham |
lions of these schemes-Gen. Butler,
Wendell Phillips and Judge Kelley.
When the question is fairly presented
II, 4 81. 4. al