The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1882-06-15
A SOUND MONEY SYSTEM.

A written promise to pay money is a
debt of the prOmisOr, W no makes OF issues
1t, and a credit in the hands of the hold
er; that Is, the holder has given q credit
for the amount thereof to the maker of
the instrument. The nature of the in
strument is not changed by the promise
being printed on silk paper with Wig
nette or handsome picture on it. And
1t Is none the less a debt from the fact
OF its being made OF issued either by the
Government or by bank. In the for
mer 1t Is the debt of the Government,
in the latter the debt of the bank.
Now can we have a sound money sys-
tenn composed Of debts or credit? Ger
tainly not. The promise does not rep
resent money actually held for it's re-
demptiOn, but only the integrity and
ability of the prOmisOr to pay. And it
Is an indubitable fact, that if the peo-
pie of country will be content with
debts as money, the actual money of the
commercial world will flow off to other
countries. So that paper money sys-
tenn consisting of debts is liable to be
always contracting and expanding,
thereby changing the standard of value
which ought to be as steady and uni
form as the yardstick. For every con-
traction takes money out of the pockets
into the pockets of another part. So
likewise does an expansion of the cur
rency operate. And beside this the
history of the paper credit money sys-
tenn in all ages and countries has shown
that it is subject to, or produces, none
tary TevulsiOns every ten or fifteen years,
bringing financial disaster and wide
spread ruin in business upon the cOun-
try 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 effectual 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 it
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 subtitle and effectual mode ever
devised to enable the few to live in idle
ness and extravaganza upon the labOTs
of the masses. If the people can be
hoodwinked and deluded by the false
appearances 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
cunningly devised protective system
will effectually enable few to rule the
many and live upon the fruits of their
labor.
Auxiliary to this is the union Ofchurch
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 far worse
than that is the union of paper money
banking system and the government,
which past experience in this and other
countries has shown to be only corrupt
ing to both parties to the unhOly alli-
ance, but to be dangerous to the liberties
of the people. A religious Oligarchy can
be no less cOTrupting and dangerous
than a paper credit money OligaTchy by
means of which few could, by chican-
cry and corrupt influences, control the
operations of the government and de-
feat the voice of the majority of the
people.
To avoid all the evils, difficulties and
dangers of a credit paper money system
we propose and insist upon paper
money system of gold and silver Treas
ury certificates. This would fur
niSh the safest and sOundest paper
money system that can be devised,
would save the export of silver and gold,
and with the precious metals thus kept
in our country would create the largest
and sOundest circulating medium which
can be secured to our people in any way,
or by any means whatsoever.