Monopolies -- United States; Railroads and state -- United States
will control the whole matter, being stronger than legal enactments or
judicial decisions. Money is the universal medium or common standard
which fixes the value of all other things that can be sold or bartered,
and neither the congress of the nation, by the passage of a law
declaring that paper shall be a legal tender, nor the supreme court
deciding that such law is constitutional, can impart an actual value to
such paper, because it is but a promise to pay money. They can no more
accomplish this object than can the alchemist convert iron into gold.
The only effect of this decision, as we have attempted to demonstrate,
is to place the people more completely in the power of corporations. If
the reader has followed us he will not fail to perceive that all the
departments of the government are virtually controlled by the great
anti-republican corporate interests now overshadowing and cursing the
land; and that the supreme court of the United States, originally
intended to be a check upon unconstitutional legislation, and to guard
with jealous care the rights of the people, has become an instrument to
aid this great power in its war upon the rights of the citizen; that by
judicial construction of statutes involving the rights of corporations
and the people, such decisions have been made as leave the people but
little to hope for in the future, and induce the belief that the will of
the court, and not constitutional law, is to be the "supreme law of the
land."
CHAPTER XXIII.
BANK MONOPOLISTS--THEIR CONTROL OF THE CURRENCY. A BANKRUPT FINANCIAL
POLICY.
Gold and silver are and must remain the standard of values. This being
true, any attempt to substitute any other standard unsettles values, and
opens avenues for reckless speculation. Bank bills, or other promises to
pay, are and always will remain unsafe as a money standard; especially
when they cannot be exchanged for specie, save at large discounts. The
policy of the government, of substituting treasury notes for coin, as
legal tender, and then issuing national currency for general circulation
by the banks of the country, has been effectual in preventing the
circulation of coin, as well as the resumption of specie payment. No
good reason can be given for issuing two kinds of currency, or for
providing that one kind (treasury notes) shall be legal tender, and the
other (national currency) shall be of less value, good in ordinary
circumstances, but which no one is obliged to accept in payment of
debts.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account