The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1882-07-13
A SOUND MONEY SYSTEM

A written promise to pay money Is
debt of the prOmisOr, who makes or is
sues it, and a credit in the hands of the
holder; that is, the holder has given a
credit for the amount thereof to the
maker of the instrument. The nature of
the instrument is not changed by the
promise being printed on silk paper with
yignette or handsome picture on 1T. And
it is none the less debt from the fact
uf its being made or issued either by the
Government or by bank. In the for
mer it is the debt of the Government, in
the latter the debt of the bank.
Now can we have sound money sys-
tenn composed of debts or credit? Ger
tainly not The promise does not repre-
sent money actually held for its redemp-
tiOn, but only the integrity and ability
of the prOmisOr to pay. And it is an in
duDitable fact, that if the people of
country will be content with debts as
money, the actual money of the CONNER
cial world will flow off to other coun-
tries. So that a paper money system
consisting of debts is liable to be always
contracting and expanding, thereby
changing the standard of value, which
ought to be as steady and uniform as
the yardstick. For every contraction
takes money out of the pockets OF one
part of the people and puts 1t into the
pockets of another part. SO likewise
does an expansion of the currency oper-
ate. And besides this the history of the
paper credit money system in all ages
and countries has shown that 1t Is sub
| iect to, or produces, monetary reVul-
siOns every ten or fifteen years, bringing
| financial disaster and widespread ruin
| in business upon the country scarcely
exceeded by the losses or calamities of
civil war.
There never was anything better said
of the disorders of paper credit money
than the remark of Daniel webster,
| that
Of all the cOntrivances for cheating
the laboring classes of mankind, none
has ever been more effectual than that
which deludes them with paper money.
This is the most effeetual of inventions
to fertilize the rich mans fields by the
sweat of the poor mans brow.
1t operates silently and unseen; and
deludes the labOring classes with the
idea of making money plenty, while 1T
mysteriOusly operates to cheat them out
of the fruits of their labor. A system of
| Government debt or stock, with paper
credit money system based upon it, is
the most subtle and effectual mode ever
devised to enable the few to live in idle
ness and extravaganza upon the labors
of the masses. If the people can be
hoodwinked and deluded by the false ap-
pearances of the paper money bubble
gold will become the currency of the
wealthy, and the paper money debts OF
the wealthy will be the currency of the
masses. This, with the mOnOpOlies of a
cunningly devised protective system
will effectually enable few to rule the
many and live upon the fruits of theiI
labor.
Auxiliary to this is the union OF
church and government, which has been
shown practically in England to be an
unhOly alliance, which tends to corrupt
both the church and the State. But faI
worse than that is the union of paper
money banking system and the govern.
ment, which past experience in this and
other countries has shown to be not
only eOrrupting to both parties to the
unhOIy alliance, but to be dangerous tC
the liberties of the people. A religious
Oligarchy can be no less cOrrupting and
dangerous than paper credit money
Oligarchy by means of which few
could, by chicanery and corrupt infiu
ences, control the operations OF the. gov
ernment and defeat the voice OF the
majority of the people.
To avoid all the evils, difficulties anC
dangers of credit-paper money system
we propose and insist upon a paper
money system of gold and silver Treas
ury certificates, as has already been ex
planned in these columns. This woulC
furnish the safest and sOundest. .papel
money system that can be devised
would save the export Of silver anC
gold, and with the precious metals thus
kept in our country would create thI