The Southern Mercury. (Dallas, Tex.), Vol. 12, No. 17, Ed. 1 Thursday, April 27, 1893 Page: 2 of 16
sixteen pages : ill. ; page 15 x 11 in. Digitized from 35 mm. microfilm.View a full description of this newspaper.
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SOUTHERN M£BCUK¥.
April 27, 1893
we finally accomplished ii, and
gave to the people of this republic
the greatest blessing they ever had
—their own paper to pay their
o*n debts."
But there was one element in
that issue of currency which the
sub-treasury improves upon. That
issue contemplated redemption in
coin. It was a promise to pay,
and in coin; and the Resumption
Act, taking effect in 1879, was the
execution ol that plan oi redemp
tion. The greenback is treated
today as a debt of the government
payable in coin.
No future issue of paper money
should have this feature.
# * * #
Metal money never has the
words "promise to pay" stamped
on it, yet they are there in effect,
for it is the fact that goods, labor,
land, or wants of human desire
may be obtained by it, which gives
it value as money. It is to be re-
deemed, therefore, by whatever
satisfies human want. But paper
money has generally contained
this phraBe, "promise to pay,"
meaning in coin, gold or silver, or
gold only. But as the coin is val-
uable only to obtain property of
some kind created or improved by
labor, this latter is really the only
redeemer of any kind of money.
But all paper money, which has
a promise to pay in coin, institutes
a middle infernal machine by which
owners of coin or bullion can con-
trol money, therefore no paper
money should ever ontain such
promise. How then shall it be
redeemed, aisk some; lor this idea
of redemption seems to have pos-
sessed the minds of men in con-
nection with money.
Why, the whole idea of redemp-
tion lies in the fact that the creator
of a thing will receive it again
The redemption wrought by Christ
as set up in theology is only that
He has induced the Creator to re-
ceive into Himself the creature
He created. The redemption of
paper money issued by govern-
ment lies in the promise to receive,
and to compel all others in its ju-
risdiction to receive it as legal ten-
der. Paper money, therefore,
should be made universal legal
tender. Such money has ef-
fectual redemption in that the hol-
der obtains property of some kind
oreated or improved by labor,
which is all that coin can obtain.
Henry Clay said: "Whatever
the government agrees to receive
in payment of the public dues is
money, no matter what its form
may be, treasury notes, drafts, etc.
Such bills or paper, issued under
the authority oi the United Slates,
are money."
But how will government receive
it? says some skeptic. Will it
receive all that is offered to it?
Government will receive all that
is offered to it in the course of its
co-operation. The greater the co-
operation, the more it will re-
ceive, and in due course it will re
issue a very large portion, if not
the whole, of that received, and it
possesses the power by cancella-
tion of that which is received, to
maintain the volume wherever it
pleases; and this brings up the
whole question of volume of
money.
That volume of money is impor-
tant is nowhere among thinkers
denied. No one would say that
one dollar is enough currency, or
one hundred millions, or evpn one
thousand millions, for the United
States. There is therefore such
thing as a proper volume of money.
The total paper issue of redeemable
p*per of the Bank of Russia, Bank
of Spain, and Bank of England $825 000,—
Total gold reserve to redeem it 293,000,000
Paper resting on faith $532,000,000
It is a fact that France, having
the largest circulation per capita,
has the least proportional concen-
tration of wealth in few hands.
The American Cyclopedia says:
(<The presence of a large supply of
money in a country must therefore
exert an important influence upon
its advancement in prosperity, by
furnishing the means wherewith
labor can be paid, and thus pre-
venting its waste." Now, in the
United States in 1866, when pros-
perity was very general, there was
a circulation of $52 per capita, or
$1,863,409 216, for only 35,719,.
281 population. The contraction
caused by the " Seven Financial
Conspiracies," so well defined by
Mrs. Emery, has left us (aside
from the reserves locked up), as
Judge Widney informs us, $710,-
000 000 in circulation for 62,000,-
000 population, or a little over
$11 per capita with which to tran-
sact a yearly volume of business
amounting to one hundred and
thirty thousand millions of dollars.
There was in the banks of the
United States, state and national,
in 1890, due depositors $4,603,-
844,157, and those banks had only
iK78,316.564 to meet it, and of this
only $128,622,489 was in gold and
silver coin. This terrible contrac-
tion, aggravated by demonetization
of silver, has reduced prices to
farmers alone thirteen hundred
millions of dollars in a single year,
while the loss to labor was at least
lifteen hundred millionH per year.
Further details are not necessary.
The volume of money in the Unit-
ed States is far too small. Who
shall fix upon the volume? Here-
tofore, all such matters have been
without any uniform rule, in fact,
without any guide except the cap
rice of bankers and money lend-
ers.
Money being but a mere tool or
implement, its volume should be
sufficient to effect exchanges, em-
ploy labor and extend necessary
credits in such manner than none
can justly complain that their ef-
forts are wasted or at a disadvant-
age because of insufficient curren-
cy, or usury. The necessary vol-
ume will be best determined by re-
sults. It is certain that the pres-
ent circulation is too small. There
is no danger in commencing the
new issue of money. The amount
gradually issued and loaned out,
in connection with the amounts
made available to the sub-treasu-
ries by the postal savings banks
(which are to be part of the sys-
tem) will enable the country to de-
termine what volume is best. The
people are the best judges. When-
ever any reasonable number com-
plain that the issue is to be exces-
sive (if ever), let congress use the
referendum, and get an answer
from the people. But until we
have the referendum, the power
to coin money, reposes in congress.
The money power pretends to
think tnis authority to issue paper
currency is one congress cannot
safely exercise. This is not so.
There is no danger except to usu-
ry. Is not the people's congress
more safe to the people than a
banker's congress? The constitu-
tion grants this power, it gives
congress pow# r also to declare war,
to raise armies and navies, to cre-
ate national debts, to compel
men to yield up their lives
and property to protect the nation.
In none of these matters will it
hesitate when danger is scented.
We are in national peril. The
masses need protection from finan-
cial spoliation. Why does not
congress proceed at once, by the
sub-treasury postal bank system,
to preserve the people from ruin ?
Senator Peffer thinks the land loan
system might be properly com-
menced (by seeking the most ur-
gent cases for the first year), with
a new issue of $850,000,000. In
1866, the volume per capita was
$52. If we were now to find it
necessary to continue the issue un-
til the per capita volume is at $50,
it would require a new issue of at
least $1,50U,000,000.
Judge Widney (a bank presi-
dent) says that unless there is an
immediate addition of one thous-
and millions of dollars to the cir-
culation there will be the worst
financial crash we have known.
The true method is to erect the
system and provide for an issue to
be agreed'to by congress. Com-
mence operations and await the
results. With a congress in ses-
sion, or that can always be con-
vened, this is entirely safe.
> >
DON'T USE SLANDER.
The man who talks against his
neighbor when under the influ-
ence of temper or suspicion or
>rejudice, does greater wrong to
lis neighbor than a pickpocket.
When influenced by such feelings
a man cannot think or talk justly.
He is certain to slander his neigh-
bor every time he talks about
him. And in doing so, he robs
that neighbor, in part, of his good
name, which is a much greater in-
jury to him than it would be to
rob him of his purse.
This is not an original thought.
Shakespeare said the same thing
three hundred years ago. And
the wise man of old said that "A
good names is rather to be chosen
than great riches."
Everybody will admit that to
have one's pocket picked is a kss
serious injury than the destruc-
tion of one's reputation; yet, how
many there are who act as if they
had a right to give utterance to
all their hard thoughts against
other people.
The man who talks unjustly un-
der the influence of temper is gen-
erally sorry for it afterwards, but
prejudiced and suspicious persons
are incapable of realizing the
wrong that they are doing. In-
stead of regretting it thev take a
pride in bringing to light what
they suppose to be the faults of
those against whom their preju-
dices or suspicions are directed.
As almost everybody has preju-
dices, and i j liable at times to be-
come suspicious, we have all great
need to pray for victory over
these two evil propensities, and
to put a guard upon our lips that
we sin not against God by slan-
dering our brother.
partisan rottenness.
The exasperated republicans in
Kansas last winter, in their vain
attempt to turn the tide in their
favor,charged through their mouth-
piece, The Topeka Capitol, that
the populists had arranged with
the gamblers "that if they would
pay a certain amount of money
they (the gamblers) should go un-
whipped by the law." The popu-
list senate thereupon appointed a
committee, consisting of members
of all three of the political parties.
This committee did not complete
its labors, but it went far enough
to prove that from $1,000 to $10,-
000 waB offered to populiBts for
each vote in selecting a state prin-
ter, and that the gamblers had
bought and paid republican offi-
cials for the privilege of driving
their trade.
In Nebraska, the legislature ap-
pointed a committee consisting of
one republican, one democrat and
populist, to impeach J. C. Allen,
secretary of state; A. R. Humph-
rey, commissioner of public build-
ing, and George Hastings, attorney
general; also to bring suit against
J. E. Hill, defaulting ex-treasurer
of state. The report of the com-
mittee shows that a systematic
system of continuous plundering
the state has been going on for
years.
A bill providing for these im-
peachment trials passed the houBe
of representatives with only four
dissenting votes. It is said that
ex-treasurer Hill has defaulted in
the sum of $206,364.60. By theBe
things we learn that when the peo-
ples party say they are reformers
they mean it.
Mr. Geo. W. Coo fc
Of St Johnsbury, Vt
Like a Waterfall
Great Suffering
After the Crip
¡Tremendous Roaring in the Head
— Pain in the Stomach.
" To C. I. Hood & Co., Lowell, Mass.:
" Two years ago I had a severe attack of the
Grip, which left me in a terribly weak and de-
bilitated condition. Last winter I had another
attack and was again very badly off, my health
nearly wrecked. My appetite was all gone, 1
Severe Sinking Rains
In my stomach. I took medicines without ben-
efit, until, having heard so much about Hood's
Sarsaparllla, I concluded to try it, and the re-
sult is very gratifying. All the disagreable
effects of die Grip are gone, I am free from
pain9 and aches, and believe j
Hood's Sarsaparllla'
is surely curingmy catarrh. I recommend 11
to all." G*o. W. Cook, St Johnsbury, Vt
HOOD'S FILLS cut Nausea, SIek H«*dach%
Bold by all druggists.
i ■lililí r^riiiifi I
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Park, Milton. The Southern Mercury. (Dallas, Tex.), Vol. 12, No. 17, Ed. 1 Thursday, April 27, 1893, newspaper, April 27, 1893; Dallas, Texas. (https://texashistory.unt.edu/ark:/67531/metapth185514/m1/2/?q=%22Populist%20Party%20%28U.S.%29%20--%20Newspapers.%22: accessed May 20, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .