Monopolies -- United States; Railroads and state -- United States
paper_, with certain printed promises thereon, legal tender. This kind
of paper has been decided by the supreme court to be _money_, the
"measure of values." Notwithstanding the laws of congress and the
decisions of the supreme court, this measure of values will not become
or remain stable; it is gradually shrinking, while gold, the money of
the country, is disappearing. Unfortunately for us, our strips of paper
will not pass for money, or legal tender, with other nations. For this
reason, the coin of the country has to be used in our commerce with
foreign nations. Within the last year, the amount of coin in this
country has decreased over $38,000,000. The balance against us in our
dealings with other countries is the above named amount. Unless some
course is adopted that will prevent this large export of gold, it is
only a question of time when we shall have no gold in the country, and
the only representative of values left us will be paper money without
any intrinsic value. Under the present financial policy of the
government, and the unlimited control that corporations and rings, with
their power all centered in Wall street, have over the finances, we need
not hope that the agricultural products of the country can be
transported to the seaboard at rates that will enable us to export the
same to foreign countries in any considerable amount. We cannot pay
inland and ocean transportation, and compete with other grain-producing
countries. The markets of the outside world are practically closed
against us. With our high protective tariffs, extortionate charges for
inland transportation, lack of ocean commerce, and immense foreign
debts, public and private, absolute financial ruin must overtake us,
unless a different policy is adopted. The amount of currency being fixed
by law, the government has in effect declared that the people of this
country shall have but this fixed amount for all the purposes for which
money is used. The effect of this arbitrary law, followed and supported
by the legal tender decision of the supreme court, is to prevent any
increase of the currency or money. The control of the currency being
placed in the hands of one man, the whole financial interests of the
country are dependent upon his will. No matter how great the wants of
the country may be, or how inadequate the supply, no departure is
allowed from the inflexible rule as to reserves that the banks are
required to hold. If the secretary of the treasury conclude to sell gold
to ease the market, he does so; if he decide to issue a half million
treasury notes, they are allowed to go into the hands of the people, and
withdrawn, when in his judgment, he deems it advisable. His acts create
a feverish excitement in the money market and derange business, carrying
loss to everybody, except Wall street brokers. That power, so necessary
to a despotism, and so destructive to republican institutions--the
control of the purse of the people, and of the government, has fully
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