Newspapers / The Smoky Mountain Times … / Dec. 27, 1895, edition 1 / Page 3
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JILTED BI BOTH MF.rJlY WTYE.S OF WINDSOR. ro'.v ,i:'t' we'll teach him to know -"Have I lived to Lr.u !lal, and to be thrown in the SMALL CHANGE, J J j r onion i iuc uaumes n la a ,a 1 v.i.v Miif-n November 5. The ra l.a'-.y 'f lii!! greeubackers will bo j:r, "): 1 out just its neatly when it f-f;!s 1.7:.?. enough to uo to the polls: The An.i-rif'ii people want neither the out-of-iit-.- niver standard nor the fiat nioj!''y foundling. Gold b good tso'ur.u fr tlic-in. Ac-onl-lnr? 10 "the. Populist and ail-vi-nte press the farmers and working- men v. if all in avor of the fiftv-eent (iollur, iiii'l w (! ( IlL't'l- t.fl opt a rUnn to (.,,.,. their tailu in the whitenntal. Hut wii't; Election Day came the ,u,t-t' '1 bo'-ls of the silver array were ijoulnic to be found. Candidates fav. ri.i'.' free coinage were nominated V.v tij'- I'opuii-fs in nearly every State in whi'di -!-i:ti.i.h were held, and the roll! .( r I'li-il ,f-!H. mid gold bugs were i!.ii..,i:i''d in the food; old style. Sir.'!. -(!' f'iTi.'iiL'li, from a cheap -J1 i. ' ' point of view, the; dear people .h i i n' rii-h to vote for the silverites, but (Tik!Iv; ignored their-existence. " shrieked the army of office rutoiv. "is the money of the Iver is iho money of the peo .iisiler.ug that the great ma tho j.rop'e voted against ri.-l I''' jordy ir. up' lihi'r money, it is in order for tl. . ir. i coinage advocates to explain why tin- iiioi'cv of the rich was pre-firn-l lo 1h' cheaper metal. Can it bo o-sii.!e that Americana are bo lost to hil ti.i-t raditioiiK of th'ir coantrv, as ixponivh-d by rcpudiationista and en eniii r of c-i jiitiil, that they are willing, (v.'ii c.iixioiis, to get rich? If this is ri-iilly tin- c.si: the cause of the Populist-- jN hopeless. Their gospel tenches tint poverty is a virtue and wealth a crime. Ho long i;ee coinBgo was merely a mat ti r o' eeuliitive discussion cou crniiiiL: tju.-Httons upon which eo cal-leid mitlioritu-s diirei-d, it was tolerated by many jit ions who were tooJazy ox indillir.Mil: to onpuo it. The belie'f thut lire silver was a huge joke, like H i 'i-!u il' mot ion or the elixir of life, iim.ii' it a. .nod (subject for newspaper mi 1 country store argument. Peo 'plf Miid : ( " I'tu re'rt nothing in this free eoim:-,. ; i Ijitioii, but tha fellows tliut's talking it r,j are amusing cusees. I.i t.'i-ni s out.-'-' So they spouted and tiny .shouted, and UiV wrote many lutit h s, nil to shiivv that --fifty-cent dol Inrs wee the only thing which' could shvi; the country irom calamity and rum. When it was seen that some deluded people were taking the joke seriously, and that ccuilidutLS were running for idlice on a platform of repudiation of debt.-!, debased curreucy, and financial ehaos, tha mild toleration of tha sil ver hereyeuddeuly ceased. Sensi ble ineu stopped laughing at the antics of the in -e eoiti:ige elo.vns, and plain ly dechired that t lie comedy had gone hir ( uoi'. ih. Jhidnu.-s had alreadv I'eell lllilll'.'ri 111- t li . tl.voo ( n n ? a mina. t:iry revolution, capitalists refusing to invest their money so long aa there was even the slightest danger of the silv.T standard replacing gold. Pub lie sent Hue nt, lie.iruided a prompt re- puitiiitiou ot ml unsound money bui.-ui, -s ana tne Kold stau.lar.i u'l I'.u.-ii,, ft mid 1;; I'ascii. . i en.lorsement of the which the country's iimcial interests are Sharp and clear (vane the answer. The people weie. aroused and there Was nu doubt as to their position. Ihey were asked by the silver mine iiwui-rs and their agents to elect men who lavored the unlimited coinage of Kb nlvt-r brought to the mints, at k riitio f li; -io 1. T"ey were told that the country v. as being ruined by the Ro.d stainh.rd, an.", unbounded wealth oud prosperity .was promised if the dollar was -made worth only fifty cents, (tu the other hand the advo Cfti -s u: a sound currency urged the ifjeetum oi the bilverites aod their e in-nu..; pointed out all the evils di!ch must certaiuly follow the adop tion ,,f irie cojuae HUlj demanded tie iiiuiLtenanee of ourpreseni honest dohar. Whrrevir the issue was made the popu;,ir erd;ct was overwhelming ly t'Kii li.-t irte silver aud for sound niouev. The rrosijoinui Southern Farmer. Arethu ianuers complaining this year'?- Jf they are we do not hear their, complaints. The reports that come! from all parts" of the South are that thdj farmers are unusually1 pros perous.! They hive raised an -abundance of food crops and they are get ting a good price for their cotton. And the money they are getting for tHeir cotton is sound money. It is not eueh money as they would receive if the financial views" of ex-Speaker Crisp, of this Stute, and Senators Mor gan and Pugh, of Alabama, should pre vail. A dollar now bays ft great deal of the necebsaries o' life. If we had free 6iivtr coinage the dollar that would be in circulation would buy only about half of what the dollar will now buy. - Savannah News. SUPPLEMENT TO BJIYSON CITY TIMES. BRYSON PASTIES. III.. ... turtle, f.om iavP to Mrs. Ford- 'o carried in a v.-i. Thames9" like a barrow of FIAT 3I0XEY SUPERSTITIONS. Old Delusions la New Forms. i The basis for all the schemes for cueap silver ori fiat paper currencv is the superstition that the business" of issuing money is one which properly beloDga to tfao Government. This idea is inherited from the times when kings, emperors, and other autocrats claimed to rnle by divine authority aurt assumed the sole right to coin and issue money. In these Enlightened days no one believes in the right of monarchs to govern the' jpeople, yet many of the old beliefs associated with kingcraft are held by men who have outgrown the superstitions; in which they originated. Thus itdiappens that in free America, which repudiated more than a century ago the doctrine that a king had a right to rulo over the colonists, we find a largo number of persons who cling to the idea that the prerogative of kings has descended to the Federal Government, and that the latter has the solo authority to issue curreucy. It itf true that it is claimed that the Government of the United States acts for the people, and, is therefore justi fied in establishing a monopoly of a business so important as that of 'fur nishing the medium by which pro ducts are exchanged. But this is merely changing the right of kings to interfere with the private affairs of the people, to the right of Governments to uct in a similar way. The assump tion by old time rulers of the currency issuing power had no founiatidn but The proposition that a promise of the Government to pay money is money is just as absurd as the proposi tion that a promise to de liver a horse ia a horse, and yet there are eminent mea high in the publio councils who believe that the Unite 1 States promissory note ii actual money and that tha statute which compela the people to receive it as actual money is Constitutional and ought to bo continued in force. lion. John G. Car lisle, Nov. 10, 1893. the arbitrary : "the King wills it." So long as men were foolish enough to believe in kings there waa no question about the right to iasme money. But when the thirteen colonies declared that Governments should proceed Irom the people, and the source of power was recognized as in the indi vidual citizens of the country, the founders of the new Republic practi cally repudiated all the pretense of the kingly power. That they retained as functioua of the now Government some of the featurea of the monopoly which it replaced, only shows that they could not wholly escape from the influence of centuries of mistaken ideas. ' Tho effect of these mistakes is found, in the widespread beliof that tha Gov-; ernmeut should maintain a monopoly of the curreucy iasuing powers, and in the clamor for fiat paper money or sil- .yer currency ot wmeu iuo uuuiium value would be one-half fiat. Tne central principle of the Populist party i is their advocacy ot cu issuo oi uov ! eminent currency of at least $30 per ! capita of the entile population. AH ! aorta of financial vagaries are favored by the advocatea ot "cheap money, their point of agreement being the be lief that bank issuea should be sup posed, aud large amount of cur rency issued by tho Government. To be consistent, all who believe iu true Democratic principles, or in Re publican inatitutions, uhould oppoae the interference by Government with tho business of supplying currency. Paper money is merely a representa tive of wealth, and should be issued by those who own the wealth. The Government owns no property but what it gets by taxation from the peo ple, and should not issue one dollar of paper promises to pay. Tha peo ple in their collective capacity have no right to prevent individuals from circulating a form of currency that other people are willing to accept. The doctrino of fiat greenbacks is aa much opposed to the true principles ot a republic aa ia a State religion or hereditary titles of nobility. Like those rapidly disappearing institutions of the Old World, Government paper money ought in this country to give way to a more sensible and democratic currency. Silrer Prices aud WeJdiairs. "Come around next week Saturday, Hawkins. My wife aud I are going io celebrate our silver wedding." "Sil ver wedding? Why, yon haven't been married more han twelve years." "I know it; but silver has depreciated. It's only worth; twelve where used to be twenty-fie." Life. The bilverites are now more than that the tail cannot ever conviucea aag the dog. Louisville (Ky.) Post THE TE01LBlOCiTED. CAELI3LE AGAIS DI30USE1 FLUA'T CIAL LE3I3LATI03 Legal lender N'otes Prosperlty-They Sap the Life or ! OurTreaRury-Always Helng He- i deemed in ;0Id Bat Never Ue- i deemed-Can Re Gotten Rid ofj Only by Lcrjlslatlon-Treasury j Never Intended for a Baulr. j Secretary Carlisle deliverel another ! able and sound address on the currencv J question at the annual banquet of the j New York Ch-imber of Commerce on ' November 19. Ke said in part : I I "Two yeirj ago I had the honor to ' attend your annual banquet an! to; make some remarks in the cmrsa of ! which I said that the disposition and Vilitir rf n ' . , . . ma uoTtrnmecs to m:n- tain its own ere lit at the hicroest standard, unl to preserve the integ ritv of all the forms of carrencv in cir culation axoog the peonle.couid not he reaonablv doubted and ou?ht not to be the subject of further controversv. nince tait uteclaratioa was male here, 'interest-Viearin bond-) to the amount of 812,3ir,,4') ) h ive been issued to procure gold for the re 'emo tion of United States no'es and Treas ury notes, and the obligations of the Government on account of the notes still remain the same as at the begin ning. The uoie3 are redeemed, but they are unai 1, an 1 if our lejislaf ion is not changed, no matter how often they may be presented and re deemed hereafter, th-y will remain unpaid. If this policy o' redemption aa 1 reissue is continued, the interestbearing debt will be greatly increased, while the ncn-interest-beariug debt will not be in the least diminished. The fiisadvantagea of such a system are so obvioua that it hardly necessary to enumerate them. The Government has undertaken to keep an unlimited amount of circulating notes equil in value to gold coin, an 1, at the same time, it has no legal authority to com pel anyboly to give it gold in ex change for th f notes, or to pay gold on anv demaud due it. The obligation - ... .. is all on one side and the power is all i on the otiier. Aitkon-.rh the amouut of Unite 1 States notes is fixe 1 at 8316,681,000, and the amount of Treasury notes out standing is a little ovc-r SU 1,0: id, 000, yet the total amount that inav be pre sented for redemption is unlimited, because there is no re.-tric:iou as to the number of times th-i same note may be returned to the treasury and exchanged for gold. Our legal stau lard of value is as sound as that of - any countrv in the world, and if wo had such a currency system as would certainly guarantee its permanent maintenance no Govern ment or people would command a larger credit or realize greater bene fits from it than ours; but the great investors of the world appreciate the difficulties uuder which we aie labor ing, and until those djiiliculties are re moved we cannot reasonably hope to see penect confidence restored at home or abroad. Every student of monetary science and every practical man of business knows that the fundamental vice in our currency system is tho legal tender note, redeemable iu coin by the Gov ment and reisuable under the law. There are other defects, but this is fundamental aud radical, aud threatens the stability of the whole volume of oar curreucy. So long as these notes are outstanding the slightest diminu tion of the coiu reserve authorized by law for their redemption at ones ex cites a feeling of apprehension and distrust in the public m:n-', affects the values of all our securities, curs tails investments and more or less seriously embarrasses all the business affairs of the people. How much has been lost to our peo-' pie on account of unavoidable fluctua-n tions iu the reserve it is impossible to state, but all classes have suffered more or less from the edects of these fluctuations upon the markets for produces, upon wages and upon the values of all kinds of property; and, consequently, the conditiou of that fund is a subject of constant attention and anxiety throughout the country. With an almost constant draiu upon it, with frequent and sudden domanda for very large sums for hoarding or for exooit, and with no certain means of replenishing it, except by sales of bonds, it is absolutely impossible to maintain the reserve at any fixed amount, and, therefore, impossible to keep the public constantly e.jsured of financial stability and safety. T3S TKEASCnr SHOULD NOT BE A BANK. In attempting to provide a circu lat ng medium consisting of its own notes, redeemable iu coin on presen tation, and rcissunhle after redemp tion the Government of the United States is engaged in a business for which it ia wholly unutted, an I which was never for a moment contemplated by its founders. , It has a right to borrow money and issue evidences of the debt, and it has a right to coiu money and regulate its value that i, to declare what the rel ative values of the metals shall be ia tke coinage but it was never contem plated that it should convert itself into a bank of issue and furnish a le gal tender paper currency for the use of the people. It has no department or agency properly org-inized or equipped for the transaction of such business, even if this were a legitimate Governmental functon. The Treasury Department ought to be, and waa intended to be, simply a pubbo axeiiey for the management of the fiscal affairs of the Government us a Government, not a bank for the collection and disbursement of the public revenues for pubifc purposes, and for the supervision and control of 6uch other executive matters as might be intrusted to it by law. It is clothed with proper authority for these pur poses, but it is not clothed with proper authority to conduct a bank ing busiues, and the longer it is re quired to conduct euch a business the greater will be the injury to the Gov ernment ani to the people. No change that can "be made in our currency system wi)l afford the relief to which the Government and the peo ple are entitled unless it provides for the retirement aud cancellation of the legal tender United Statea notes. Any thing less than this will be simply a palliative, and not a cure, for the financial ills to which the country is now subject. The circdition of legal tender i United 8taes notes and Treisary notes ha a tendency to drive out of use and out of the onntry the very coin in which the Government ia cm pel'e 1 to n leem them ; an 1 it h es pellel millions o: do'Iari from our borders. Although the Government and our peop'e are coicp'llel t- re ceive them, thev will not discharge int-rn.ti-jnrtl obMiitiou. aul goll must go out to settle all final balance? azrat us. No other Government in the world is required to suoply gold from it? Treasury t disihire ths private obli-itions o' its citizen", and no Gov ernment ought to Ve required to do so. B it the mainrenance at par of th9 United SUtes nofe? ant Treasury no'es comnels the Government of the Unite 1 Stie' not onlv to furnish coll to piv theprivite debts of its own cit- izenabroi l, but to furnish it to everv U?pre3se l ny tne our.lsu or an nu foreign Nation and to the subject of i spoken speeob. he wanderel aimlessly anv foreign Nat'on whenever thev 1 want it for anv purpose, ani, in order I to procure it for them, we mn-t from time to time increase the publi-3 debt by sa'eof non ly. Th fact that the Government is re quire 1 to borrow m iney for this or for atiy oth'-r purpose is an injury to its cr 1 i it an 1 the credit of its people, but the luinry resulting from this cmse is ins'znifijint in comoarisou witn tli? mm tnt wouia ioiiow an abaa-lonm"! or the reserve while the notes are out-fan liug ; for all our cur rency would tVis be reduce 1 to the silver standard. But the United States lesral tenler notes will remain to complicate the currency system ani embarrass the Government untd thepeoole, through their representatives in Congress, agree npou some plan by which they cm be retire 1 and some other form of currency substitute I in thair place, at least so far as the necessities of the country may require such substitu tion. In my opinion legislation in this di rection at the earliafit po-isible day is imperatively daman lei by every sub stantial interest in th country, and it linstoonemeut noon any pretext of poiitic-d expsdic-ucv, or upon the as- sumption in a Iviuce that uo satisiacs- tory result can be accomolished, would be. to say the least, a very grave mis take. There is no other single subject upon which there is so little real con flict of interest among our citizens. In tact it eouctirus the material welfare of all the people, of the men who work for wa-es a id. expend their earnings for the necessaries of life uo less thorn the men who live by trade or on the promts of invested capita'. Little 3Iiss Jluilet. ' 1 J, ill 1! , ,..10 1 sv.-v-'-vriSKJ mm LutieMissMiiEfet Sat r,:i a liift'. j ilin-,' cur is aid winy: Yi'iimi 'irvr- cam a spid-r A'i-1 sit liowii bi'si-in htr. An t fritchteaei -Miss Muffet away. The farmer and the me chanic must be free to use the very best tools and im plements, and the merchant and banker must oe free to use the very best money ani instruments of credit. An honest and stable measure of able is just as necessary to both as are honest an i at'abie measures of weight aul qualities, and it requires no argument to show taat with out these it would bo impos sible to tran?act the ordinary business of the oountry. Hod. John G. Carlisle, No?. 19, 1893. Colorado's Prosperity. The State of Colorado appears to be more prosperous than ever before, and tho consequsnce is that people have to a large extent stopped talking about silver. The Engineering and Mining Journal take3 notice o; the fact thatat the recenf'Festival of Mountain and Plain" ia Denver there waa no ref erences in the banners and placards to tbe legend of 16 to 1 and none to any phase of the silver question aa a polit ical issue. "This," says the Journal, "was the more striking since the pa rade of the first day was intended to be an allegorical representation of the development of Colorado and its in dustries. The fact of the matter is that the 6iiver question is as dead in Denver as it is in New "lork. We do not mean to say that the people of tho Western city are no longer interested in tho price of silver, for the metal is ouo that they predate in large quan tities, but, with the exception ot tha demagogues, every one haj come to the conclusion that the cause of inde pendent iree coinage is hopeless, and no one pays much attention to the demagogues. " Punishiu? " Hon"st .Honey " JIpii. "The cause of silver )a indefinitely postponed," 6adly comments the pm- : silver 3a: t Lake Herald (Dem.) in its review of the returns. The Salt Lake Tribune (sliver Rep.) "sincerely de plores" the resalt in Kentucky, "oe ! cause it is not a legitimate Republican , victory at all. It was broagai about i by an uaboiy alliance between Repab ; lieaas an i Cleveland ani CarlUie Dem ocrats. It was not intsnled to uphold Kejuiblican principles, Lai it was to punish some hoaest men who believe :l Lone&; money " by ''honest nej" mean mi free silver. Mi, I i SEP CITY, NORTH CAROLINA. ORATOU SHCKK'S BETEXfJBL He Was Loaded for Anything, and the First Came lie Sighted Was a Barslar. It i aa inslemant nizht, but the rloomy-looking man who stool in the loirwav of the little X0Ta ftl Q1 !ooked out at tha pe'tinz ra:n dil not b'ann it entirely on the weather. The gloomy-loikin? man ws Web ter Shakk. lea lin? citizn ani prom inent debater of Btinbri lse Township, fie had come to Spiketown, pursuant to announcement, to -deliver an aldress on the "Crime of '7-V and only three persons had turned out, one of them being the ianitor of the buiiding. The other two had hesr i the orator oaoe or twice already. It ws decided to post pone the meeting. The lights were put out, and Mr. Shukks, buttoning his overcoat about him, turned no his cn' lar. and, pulling his hat brim down all around, went forth into the (dorm. non ino iittie town lor nouis, re pardless o' the rain that soikel hia garments and the mu 1 that spattered and slopped as he wended his devious and uncertain way through streeU The United States note waa a forced loan from the people to the Government, which the Government promises to re pay in dollars; but the free coinage of legal-tender silver at the ratio of 16 to 1. or at any other ratio not corre sponding with the commercial value of the two metals, would be a forced loan from the people to the owners of silver mines and silver bullion without a promise of repay ment by anybody. One loan was forced for the benefit of the Government in a time of war, but the proposition of the adoc'te3 of free coin age is to force another loan for the benefit of private in dividuals and corporations in a time of profound peace. John G.Carlisle,Nov.l9,18?3. whose broad sidewalks and well-built crossings were yet in the future. Bit ter thoughts of the apathy of the people he had come to enlighten surged through his mind, and at times he felt an almost irresistible impulse to let them slide on to their ruin without any further effort to save them. Finding himself at last opposite the village hotel, where he had engaged lodgings for the night, he went in. Climbing the stairs softly, in order not to disturb the slumbers of the other guests, he proceeded to his room. Through the partly opened door he saw a man slipping about with a dim lantern in his hand. Webster Shnkks - grasped his heavy sane firmly, slipped noiselessly inside, shut the door behind him, and tpoke in a low tone : "Stop righc where you are! If you make a single movement I'll brain yon ! Taken bv surprise, the intruder threw up his haaos. "Now, you scoundrel," said the statesman of Bainbridge Township, with the same low, tense utterance, ' 1 j don't know who you are or where you j come from, but I know1 what you're : prowling about my room for. You are hereto steal!" ; "I I" began the baffled bur -lar. "There is nothing you need say," in terrupted Webster Shukks, with a gleam of vengeance in his eye. "Open your head again an I I'll drive you down through the floor! Listen to me. We have met this evening, my fellow citizens, to consider aa calmly aa we can the great crime committed against the people of this country in the year 1873, at the bidding of' an organization composed of a few Lon don and New York bankers a crime bo dastardly, 60 fiendish, so monstrous in its conception and heartless in its execution that humanity may well stand appalled at the mere contempla tion of it! -Let ua go back to the be ginning. In 1792, my fellow citizens, Congress passed a mint and coinage law by which go:d aud silver, when coined, were declared to be the pri mary mouey of tha Republic. The nnit of value was the silver dollar or 371 J- grains of pure, or 416 grains of standard silver. The lejal ratio waa declared in this act to be, until other wise provided lor, 15 to 1. It was en acted that any person could take either of the two metals to the mint and have them coined into money, free of all charge. In its sovereign capacity, fellow citizens, tha founders of taia great country laid down the broad principle of the free coinage of sil ver" There was a hoarse, gurgling sound, and tho helpless villain woo had been standing in a corner of the room with his hands above h a head, eank in a heap to the floor. Nature had come to his relief. He had fainted. Chicago Record. OJULVriAX AM) "At this fair there are at all times K ape.-, knrves and fogiea, and that Ojfl ' r -j Money t Prodact of Ero'nthn. Money is ta product of eyolnoo, a rerott of the a?ea. The, better ha trradually crowded the worst oat of existence. Onr own history forms no exception to this rule, for although oar colonial ancestor for a time went back to a system almost as rude as that of ha Homeric period, they eventually abandoned it and resumed metallic monay, which always serve! as a mental standard, eveu when it was not a legal one. It is difficult now to understand why they endured the burden of bad money bo long. There is evilenca showing that the taxpayers and the "debtor class" wanted to have a variety of money as well a a ereat quantity of it. Noth ing could be more abundant than ths crops of wheat, corn, tobaseo and rice, yet it doe not aooear irom the colonial records tbat either taxpayer! or debtori as a who'e gaine I any ad--vantage from this abnulaaca nor that they were at all satisfied with it Ia fact, laws were frequently pissed m Virginia to save them from the op pression of being obliged to pay to bacco, and not infrequently relief was granted by enabling them to pay silver instead. Horace White, in "Money and B:nkin2." Trns Tent ot Rpal .Un;r. 1 do not think that fiat money will answer j,ust as wll as fi.it silver. The latter is!at least worth 50 cents on tha dollar. But the suofestion discloses the intimate relationship between the greenback craze and the silve move ment. Nor do I a jreo that the traa positiou of either gold, silver or paper, is as "redemption money" or as the free silver advocates are wont to say, "the money of ultimate redemption." There is no such thing as money being used for redemption except where good money or valuable money is used to redeem poor moiney or promises of money. The use of money ia to stand as the medium through which ex changes of commodities can be made. The value of money consists only in the facility with which it ia itself re deemable iu the things that it will buy. That, and that only, ia ultimate redemption; and, just as in the ex change of poor money for good money, so in the exchange of money for goods, that ultimate redemption is most successful which redeems it by offering for it the greatest amount of goods in exchange, and thus vindi cates most thoroughly the quality of the money. Hon. John De"Witt War mer. Unappreciated Silver Leader. Not many months ago "Coin" was waxing wealthy by the prodigious sale of hia fatitastie "School," and wher ever he appeared to make a speech there was a concourse like that evoked j by a prima donna. A few nighta ago he was 'to speak in the Opera House at Ashland, Wisconsin, provided that not less thau 2 JO tickets were sold. When the time arrived not nearly that small number of persons had bought tickets to hear him demolish the "gold bugs," aud the few who were present were in vited to step up to the box office and get their money back. A free silver meeting lately called for a town in Alabama was not held because no one went to it, and it is repoited now that Senators Morgan and Pugh are con sidering with other Democrats of tho State tbe propriety of stopping the free silver campaign they instituted only a few days ago. Journal of Com merce. Credit ani .Mouey. "To the question, 'Ia there gold enough iu the world to do the world's business?' tho unhesitating answer ia 'Yes.' The reil currency of a coun try ia net limited by its gold. Its circulating medium is in the forma of credit, the many devices--notes, checks, drafts, bills of exchange designed to replace the use of other money. This is the real volumo of a country's currency, and by this meth od of National and international boon keeping, is carried on ninety-fire per cent of the world's commerce. It 13 inadequate only when credit ia dis turbed, and credit is disturbed only when tne silver men threaten to over turn the stable foundation on whioh all these forms of credit are baaed, and without which their circulation would of necessity be largely im-pa.red."--Joseph Dana Miller iuDon ahoe's Magazine, Nov. 1893. The variety ani abundanco of our reeource8, the skill and enterprise of our people, and the character of our so cial aud political institution fully justify the belief that, if we had assured financial stability, the surplus capital of other coautries would flow in a steady sjtream to our shores, and we would soon be in a position not only greatly to increase our domestic pro ductions and trade, but to ex ert a controlling influence 6a the trade of the world. Hon. John G. Carlisle, Nor. 19. 1895. THE JIUL.M fclUXKS. u, be eetn jngglincs, cheats, frames of everv kind'-finnysnV P .lyr m' . It nnPTiiTn i nirn HATE SERVED THEIR PURP03E A5D MTJ3T "GO.' An Interesting and Impartial His tory of Our Treasury Notes by the Chicago Times-Herald Sec retary -Chase's Aversion to Flat Money. The following editorial from the Chicago Ti Dies-Herald of November 20, not only gives very interesting in formation abont our greenbacks, bat contains timely suggestions as to the necessity of redeeming and canceling our Government notes. These notes are not, as many suppose, a cheap currency. They never were. The Times-Herald, which is aninde- jendent paper, with strong Republi can affiliations, does not. however, discuss tneir past expensiveness, but only their present dangers. It says: It is not likely that the coming Congress will take definite action con cerning retirement of the greenback. But the probability that Secretary Carlisle and President Cleveland will urge this next month as the only means of melting the endless chain b which tho gold reserve is periodically impaired indicates the day canuot be far off when tho people of the United States must determine whether or not the life of this form of American cur rency shall be extended or terminated. Must the greenback "go'? There is no chapter in the history of any country, ancient or modern, more dramatio thau that of the green back. Though it took its name from printers' ink, a drop of a Nation's blood coursed ia it delicate but potent veinc, and with the almost fatal tragedy of a Nation's crisis ita immor tality is identified. Its history pre sents probably the only instance iu which Government paper money, un secured except by faith iu a Nation's destiny and in the honesty of its peo ple, proved to bo superior to the ac cepted principles of finanoe. Long as is the history of the green back, its story is a ahort one. When the.Civil War began the Government of the United States owed less than its debt under the Administration of Washington after the Revolution. At the beginning of tho year 1861, when the Government was confronted with civil war, the Treasury was empty. Various devices were suggested as a means of raising money. One of these was the unconditional pledging of the public lands for tho ultimate redemp tion of all Treasury notes that it might become necessary .0 issue. Mr. Val landigham, of Ohio,- dbcusaing the general question of revenue, said, "Your expenditures are S3 10,000,000, your incomo S50.000.000." Customs and direct taxation proved inadequate. Lincoln asked for $100, 000,000 in money aud 400.001 men. Loans were authorized. Prior to 1801 no notea no' bearing interest had been issued by the United StatoR. July 17, 1861, Congresa authorized the issue of $50,000,000 of demand notea in de nominations less than 850 111 exchange for coin or, in payment of debts due the Government, the notes to bear no interest, but to be receivable for cus toms and all public dues and to bo re issued. They were to be redeemable at the sub-Treasuries in New York, Philadelphia or BoUou. February 12, 1862, tho issue of an additional $19, 000,000 wsh authorized. February 25, 1862, Co 11 rress directed the issue of 8150,000,000 of notes, making them a legal tendor for alt debts, publio and private, excepting customs duties and interest on the publio debt. Jane 11, 1862, Congress increased the issue to S300,000,000 and March 3, 1863, to $150,000,000. The highest amount of these notea outstanding at anv time was $149,338,902 January 3. 18J1. The great debate connected with these notes was upon making them legal tender. The bill was reported January 22, 1862, by E. G. Spann ing, .a banker of Buffalo. In report ing the bill Mr. Spaul iinz character ized it as "a war meagre," "a meas ure of necessity, not of choice." Mr.V Spaulding said : "Oar army ami navy mnst have what is far more valuable to them than gold or silver. They mnst have food, clothing and the ma terial of war. Treasury notes, issued by the Government on the faith of a whole people, will purchaso these in dispensable articles. " Chase, then Secretary of the Treas ury, has been too generally accredited with the paternity of the greenback. In fact, its opponents asserted that he was opposed to making the notes le?al tender, and it was not until he wrote a letter saying that he did not wish to conceal his great aversion to making anything but coin legal teoder, bat that he believed it impossible to pro cure sufficient coin, that he wan reck oned a supporter of the measure. A personal note from Secretary Chase to Mr. Spaulding said that he "cmn with reluctance to tbe conclusion that tbe legal tender clause ia a neces sity," but that "he came to it decid edly and supported it earnestly." The London Times hsilei the legal tender proposal as the "dawn of American bankruptcy, the downfall of American credit." The average gold value of these notes went down to 64 cents in 1855. In 1866 the vslae roe to 71 cents and continued to rise until in 1H78 it reached 9S cento, and in that year tbe price of gold was maximum 81.02;, and minimum 81, or par. Jan. 1, 1879, the Treasury Lad 10 it vaults" 8114.000,000 of gold in excess of ont standing gold certificate, ut' redemption of tho gretnosck was begun. From tht luo'cnt, tbe paper being equivalent to Kopi.tUe TreakUfT accepteU tbeia for duties, and. to far as its drama is concerned, the story of the greenback was at aa etui. Deepieed aud distrusted a generation ago, tnese bit of paper, tj-lay lootr drawn out, constitute the "endlesa chain" which torments the Treasary of the United State. Whether for legitimate trade or in speculation 1 only, the greenback can be nsea to i reduce below legal limit the gold re - serve of 8100,00t000 ty law required : to be kept in the Treasure, lnaa I much as there is no aatuority for ! destroying tne paper, it cn be nsed ' indefinitely to deplete tue gold re--erve. The qifaetioc, thi-relore, is Ufore the country for dtseassiou. i Mating arcompUhel iU purpo. ; -j igbl ila carur to cease? In other I words, mast tbe greenback "go? "
The Smoky Mountain Times (Bryson City, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Dec. 27, 1895, edition 1
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