suffered its. currency to fall into such a state, that the farmer, the artisan, the market man, the day laborer, and the hired servant, could only be paid in small bank notes, was a government which abdicated one of its most sacred duties, and became an accomplice on the part of the strong in oppressing the weak."

He said much more we cannot quote on account of space, but he said "he agreed with the executive (Jackson) and had heard from Monticello,* which had confirmed him in his opinions. For two hundred years" he said, "this same subject had been under discussion; it was a nice point to fix the ratio; values were constantly changing, but he hoped sometime, somebody would invent a plan, to keep the precious metals at a parity with each other, but that plan had not yet been discovered; and so he went on to argue for a coinage of the metals that would keep both in this country, and furnish the people with a sound and safe constitutional currency." He was a stalwart Democrat, who had no faith in fiat paper money, and for that matter no other fiat in money, but its inherent market value the world over, and coined as such, in such a manner as to attract, and not drive out the precious metals.

The problem is, to so order its coinage as to meet present conditions. The United States could not help. that the value of silver has fallen in proportion to that of gold; ours, the problem to stamp money into units whether of gold or silver, so that each will be its own redeemer, when represented by money certificates, for the convenience of the people. It seems to the writer, that to illustrate this idea, it could be accomplished, if say iwelve grains of gold were put into our silver dollårs,

* Evidently by letters; Jefferson was then dead.

and a like weight of copper alloy taken out (if the combination could thus be made) we would have a silver dollar unit of equal value but of no greater size or weight, than now, to which the people are well accustomed, and which would release the millions of gold now held in the treasury to keep all at a parity with each other. It would then be not only a constitutional dollar, a full legal tender without even a statute to make it so, but would bear coinage by all producers, who desired to so use it, at its full value that none who accepted it, would lose by doing so. It is only a suggestion, but it is worth consideration by those whose duty it is to provide a good sound safe currency for all the people, in such quantities as the trade and commerce of the people require.

Congress alone can do this,-and we do not believe it can be settled specifically in party platforms. The Democratic platforms for nearly a century past, save only the few simple words in the platform of 1896, have always declared this grand principle for coinage,-"the same dollar for the bondholder as for the plowholder." The author sanctions these views, but in the next chapter will state the views, briefly, of those who oppose it.

CHAPTER XI.

PAPER MONEY THEORY.

It is but fair that the opponents of this hard mone system this metallic currency and its representative have their views herein set forth. We quote from report to United Senate by the Monetary Commission made August 15, 1876. Page 40.

They claim that money is only a medium of exchange and the extremist of that view believes that no metalli currency at all is necessary. That if the sovereign powe of a government will issue all currency, and make it re ceivable at par for all public and private dues,-make it legal tender--for all debts, no dear money will be neede --it will cost the people nothing, and therefore it is bes for them.

Another class of people believe, if government ca make paper money a legal tender, so they can fix the rati between gold and silver at any rate they please, and tha it will be all the same to those who use it. Then again some believe that the amount of currency in circulation governs the price of all commodities; and that it is th prerogative of government to regulate the amount of tha currency, as well as its quality; that this should be, a they claim, always commensurate with the demands o business, and in proportion to the number and increase o population. They can see no difference between volum of currency, and the volume of currency in circulation.

Some believe that government should loan money; o should furnish it to be loaned, at so low a rate of interes

as to deprive the owner of money of great profits for interest when he loans it to his neighbor for use.

Some believe that a debt, no matter when contracted. should be discharged by the payment of a sum at par with the amount of the debt, in the current money in general use at the time of payment.

They claim that money is not in itself wealth, but simply "counters" for computing and exchanging wealth. They claim, also, that money should be steady in value, portable, divisible, distinguishable, and difficult of imitation; and that of all these qualities steadiness in value is the one most essential and indispensable; that the highest office of money, is that of measuring values, and that to perform this office equitably its each unit must possess a practically unfluctuating, unvarying purchasing power; and that these qualities can be secured only through a limitation and regulation of its quantity.

They maintain that when the money function is conferred upon gold and silver, while the requirements of portability, divisibility, distinguishability, and difficulty of imitation are tolerably well met, the requirements of constant attainibility and inexpensiveness are not met at all.

With these leading principles of metallic money and paper money, our readers will be satisfied, if they desire, to enter upon a more extended investigation, than we could possibly give within the intended limits of this work, and at the same time will show some of the principal points of difference between those taking opposite views on the coinage question.

CHAPTER XII.

NATIONAL BANK PAPER CURRENCY.

While the Democratic party has always opposed National Bank Currency, they have for years protestingly submitted to the system now in vogue, for the reason, that no other plan for issuing of paper money has been adopted. That an absolutely sound paper medium is necessary, no one conversant with business affairs will deny; and that metallic money values for exchange, alone should be used few will claim. By the issuing of gold and silver certificates, redeemable by the government, at a parity with each other, so that one dollar is as good as every other dollar" requires the hoarding of a sufficient reserve fund of gold in the treasury to meet that obligation by a law of its own, if one class of money is not equal value with another, it requires a redeemer of the best, to keep it in circulation.

Th government therefore then becomes a sort of banking institution itself, to keep it circulating medium at par.

In the message of President Cleveland, December 7. A. D. 1896, we have the following on this subject of Bank and metallic currency:

"The entire case may be presented by the statement, that the day of sensible and sound financial method will not dawn upon us, until our government abandons the banking business, and the accumulation of funds, and confines its monetary operations to the receipt of the money contributed by the people for its support and to the expenditure of such money for the people's benefit.