The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-07-20

il il thin. and when IL will take five times the
labor that IL required when it Ii thick.
The summer may bc cold ono and little
demand for leo. Now. notwithstanding
the fact that the leo costs five times
| ~ much to house II ~ II did when the leo
WAS thick, II will not bring within 80 per cent.
~ much ~ II brought the preceding summer
| Of ground on Broadway, New York. costing
nothing to create; its worth millions. Take
IN acre on the mountain top; cost the same
| worth nothing. Build al ocean steamer on
the mountain top; II costs moro money and
/ labor than to build It nj the ship yard, yet Il is
worthless. Build 1t where there is n demand or
/ use for 1t, and II IL worth millions. All tho
gold on the ship was not worth as mich to
/ Robinson Crtisoc ~ q needle. There WAS no
/ demand for gold there was use for needle.
Therefore, what nonsense II IL for any gentle
man to attempt to establish the proposition
| that you can fix a standard OF value The value
/ OF NIL things depends exclusively upon their
| usefulness. Take 1t upon your own PROPOSE
| ton. Even II the value depends upon tho
/ price OF production there can be no standard
| for tho price 81 production will depend npon
| the demand and supply Value il ever SHIFT
| ing. II has no pcrmanence. Specific gravity,
distance. bulk, etc, can be fixed, but values
| are N shifting rs the winds, and have no max.
| ium nor minimum.
/ When, therefore, gentlemen talk OF tho
| standard Of value they talk OF that which can
not exist and which never existed. ion may
have unit by which Won NAV measure salte,,
i and that il the closest YOU can possibly come to
| it and when you adopt that unit yon may
make it dollar, or you may call II pound. or
| Won NAV call ii n franc, or whatever YOU will,
but il ii still the unit established b. the Goveril-
ment, and by that unit men may measure tho
| value relatively OF one article with another. aud
/ that Ia all the Use there IL in money 80 far ~
i ba nrtas Inn ~ n ia med
| Mr.. Bayne-May ask the gentleman qnes-
/ ton?
Mr.. Brufim-C Certainly.
| Mr.. Eaync- DO you believe that tho law Of
supply and dcnlani applies to the amount Of
currency that shall be In circulation?
Mr.. Brumm-No, sir the law Of euIply-as
i to yolume2
i Mr.. Bavne--Ycs. sir.
/ Mr.. Brumm-That 10 beyond question.
MIR. Baync Then docs not tho gentleman
think that the distinguishing difference between
i tue national. banking system and the issuance
Of money by the Government itself, or between
/ those who would issue treasury notes. that the
nat ,onal. banking ~ stem enables the amount of
the supply to correspond with the business
wants Of the community. while til. treasury
note system would vest the arbitrary power in
| Congress to fix the amount Of circulation AZ it
saw tit
| Mr. Brumm-I understand the gentleman.
and would have answered that her, after Int.
| since hc has asked the question now, | Will
| answer il here The question Of supply anl
demand as to moneyls question OF lui- ment.
| There Is no standard for that. There is notl-
ing that you can fix it by. II is a matter Of
| judgment, and contend that the best scale by
Which you can ascertain il is the price of
money, namely. interest.
Mr.. Ba,ne--Is the quantity OF ice to be con-
sumed a matter OF Judgment?
/ Mr.. Brumm--No.
i Mr. Raw Gr ktar % tt,1
Mr.. Brumm it il 4 question OF the
supply and demand in community But
| money Is different, and that is what am irving
to get through your heads. Money il a matter
You cannot fix !; yon must take money inst III
proportion as it may be wanted IL \ community,
and that can only be fixed believe, by tho
price Of that money. Money, however, If you
allow the Government to issue ii, will not hang
| Tor the want VI supply, because the Government
will be able to issue 1t in unlimited amounts il
necessary and therefore the question Of sup
ply and demand does not apply Human sbe-
ings cannot control money, nor can they con-
troll summers; but Governments can control
the supply of money, and say to grea. ex-
| tent the demand for money. At any rata it
| may control entirely the supply OF money il
| you only let it exercise that function which il
has right to exercise, and not limit it to
any specific commodities, such as gold aud
| silver.
But have said this ia only matter OF iude-
ment, aud there paused The only difference
between my friends and myself On that PROPOSE
ton IL that they want to have the Judgment of
| part and want 10 have tho Judgment Ut the
whole. want the judgment Of 5o00n.ooo Of
freemen. They want the judgment Of Directly
| interested and souliess corporations, responsible
TO no God for their acts, responsible to no penal
code. responsible to nothing but to the extent
OF their assets IN civil sense; while man. re-
| eponsble to God, to his ncighbor, to his family.
aud N.v,,lls. a
| moro disinterested judge than these corpora
tons. whose existence and prosperity depend,
not. "a my friend saws on their being able 10 see
that there il STABILITY in the currency but. as
the experience OF ages shows, on their heine able
to zee that there Is anything else but stab ity in
the volume OF the currency. ln that sense, hay-
| ing the avarice OF humanity. at least. they
control 1t i'll their own interest asking no a,,es-
tons rs to what the effect Of il viii BE on the
rest Of mankind. Therefore again repeat that
the question OF volume shall be lef, to the peo-
PIE. They will be better able to take care Of
themselves than the bankers viii be 10 tax. care
OF them. Beside, when the bankers control the
| volume they keep II towering between universal
bankruptcy and the highest possible interest
that can be squeezed ont Of business. for the
lower the volume tie higher the interest.
Therefore the bankers always keep the volume
- close to the brink OF bankruptcy as possible,
with the margin SO small that the slightest
furry brings on crisis; for, mark yon. the
banker makes more money with 81 out at per
cent. than lac does with ~ out III 8 per cent:
beside he requires only half the capital. lnns
less risk. and requires less work. When il-
tsrest is cents on 81 the purchasing power OF
those cents Is much greater than when the
interest is q cents on s.
know it is often said, "Why, Won contend
that by the Government putting its flint under
the law upon piece Of paper that will make
that paper worth dollar !" and they tell us.
they tell as " lou cannot make that dollar worth
| dollar, because II Is not issued upon value"
Just at this point let me tell YOU, sir, that YOU
are wrong. Value depends npon utility every
thing il valuable only according 10 its useful
ness. Anything that ID Of no use is OF no value;
hence, II by legislation VIC can grant fran
| chise, extend a privilege, create function.
prevent an evil, or establish anything that will
do good or be OF use, are by such legislati IN
creating value just to the extent OF that useful
ness and here, II you will bear with me, Will
illustrate to you the difference between this HAT
dollar and that which you call the
dollar, the bank-note. l here first say
that bank-note is never issued M man
can chow me a bank.note that ever
was issued. Banks do not lssue money. What
do hey do? They loan money out. They give
their promssory note for the individuals prun,-
issory note, always taking care to pay the indi-
vdual nothing for his pronissory note. hit IL
manding Of the individual interes. for the
promissory note Of the bank. and tho result i,
there is not dollar OF bank money out today,
aud never Was, that i not drawing interest By
day and night, on week days and SUNDAYS. Ola
holidays aud work days; and labor has to make
up the interest.
How Is it with the Government issue? There
never WAS dollar OF Government money put
out that WAS not put out for value received |
want to repeat that. for wish you to remem-
Der II There never was dollar OF Govern
w 40 amt
that WAS not put out for value received. Gov
ernments do not loan money out Governments
pay money out, and they pay it for value re-
| ccivcd.
Will gentlemen tell us that when this Gov
ernment called its $4,000 boys in blue. and then
IT. 30O, DOL. 600 more, and repeated II from call
TO call. and paid these soldiers ia grccnlack
dollars. tho Government did not set value re-
coiseds When these men sac, isicea their right
| arms Or their legs, shed their blood. lai down
IN II lives. that the nation might I've. will gen.
tiemen say that the Government Gi not ges
value received? Aud il il I'll those green