Betsy Gaskins (Dimicrat), Wife of Jobe Gaskins (Republican): Or, Uncle Tom's Cabin Up to DateHood, W. I. (William I.)
General
Betsy Gaskins (Dimicrat), Wife of Jobe Gaskins (Republican): Or, Uncle Tom's Cabin Up to Date
Hood, W. I. (William I.)
Gold; Interest; Money; Paper money -- United States; Populism
As to the general aspects of the money question this is added:
Our financial kings have kept two purposes in view. _First_: To have our
money issued by and for the special use of private institutions called
banks; and to have this money scanty in quantity and of fluctuating
value. _Second_: To issue, foster and maintain, by all possible means,
bonds and other interest-bearing obligations, as the most convenient
means of transferring to the few the product of the industry of the
many.
To maintain these humbugs, they use learned language, like doctors
writing prescriptions in Latin. All the expert handlers of money,
stocks, etc., hate nothing so much as that which is best for the other
classes, viz., steady values. Their delight is in ups and downs; and
then, if speculators, their effort is to be on the winning side. With
brokers, every change is profitable. With them it is: “Heads I win,
tails you lose.” Copernicus said of the work of these traitors: “It is
not by a blow, but little by little, and through a secret and obscure
approach, that it destroys the state.” Further back in the ages Plato,
Lycurgus and Solon saw this most plainly.
The new American system of money is plainly and briefly this: Abundant
government fiat paper money—founded upon the wealth and credit of a
great, stable nation; such money to be kept at a steady purchasing power
by the increase and decrease of its volume; and to be quite void of
intrinsic value, and quite free from particular commodities as bases for
the monetary units.
For the present we wish free coinage of gold and silver at 16 to 1. The
ultimate of gold and silver will probably be free coinage for all who
bring them to the mints, into suitable coins stamped with their weight
and fineness, and returned to the owners to be used as they choose. And
no one will lie awake nights for fear the metals will go abroad.
When we get that “honest” fiat paper dollar, nothing will call for an
extra session of Congress quicker than any prospect of a change in its
purchasing power, after we have once got it to a generally satisfactory
point, say about the buying power of our dollar in 1866. While any kind
of a change, up or down, suits many gamblers and speculators, the steady
increase in the buying power of the dollar, for thirty years past, has
been destroying the producers of this country and largely creating the
pestiferous breed of millionaires.
The bulk of our money wars have been crowded into the past thirty years.
We might call them “Our Thirty Years’ War.” Its history has been
utterly, wofully and willfully misrepresented by such pseudo-historians
as Sumner of Yale and David A. Wells.
Those years nearly cover the great and little panics of 1837, ’47, ’57,
’60, ’73, ’84, ’85, ’90 and ’93. Vast tomes might be written concerning
the manifold causes. One cause has always been foremost in them—scarcity
of legal-tender money.
Public-domain text, read in full here on John Shaqi.
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