The advocate., 1890-03-06


20 have money 40 a certain season when they
have the product Of their labor 10 sell, the
power Of money 10 oppross by los scarcity Is
applied until II makes them turn loose their
products 30 low chat their labor expended
does not average them Afty Renta per day.
This illustrates tho power Of money to OPP
prees; the remedy, as before, lies In remoy-
ING tho power Of the fulcrum-the inhexible
Government issue--and supplying Govern
ment issue, tho volume Of which, shall be
increased 10 corres2Ond with tho actual adj
dition TO the wealth Of the Nation presented
by agriculture at harvest time, and dimin-
isbed as such agricultural products are con-
sumed. Such Gexibility OF volume would
guarantee stability Of price based on cost
OF production which would be compelled to
reckon the pay for agricultural labor at the
same ratio as other employment. Such
Hexibllity would rob money OF its most po-
tent power-the power TO oppressr-and place
a premium on productive effort. But how
may 40 desirable result be securely Let
us see. by applying the same principles
now in force in the monetary system OF the
United states with only slight modification
In tho detail OF their execution. The Gov
ernment and tho people Of this country
realize that the amount of gold and silver,
and tho certificates based on these metals,
do not comprisea volume Of money sufficient
TO supply the wants ofthe country, andin or
dor to increase thevolume, the Government
allows individuals TO associate themselves
into a body corporate, and deposit with the
Government bonds which represent National
indebtedness, which the Government holds
in trust and issues 20 such corporation pa
per money equal 10 ninety per cent OF the
value of the bonds, and charges said cor
poration interest at the rate Of one per cent.
per annum for the use OF said paper money.
This allows the issue of paper money to in-
crease tho volume of the circulating medium
on a perfectly safe basis, because the mar
gin Is guarantee that the bankswill redeem
the bonds before they mature. But now
we find that the circulation secured by this
method is still not adequate; or TO take a
very conservative position, If we admit that
il is adequate on the average, we know that
the fact Of It's being entirely inadequate for
half the year makes It's inAexibility an en-
gine Of oppression, because a season in
which IL is inadequate must DO followed by
one of superabundanoe in order TO bring
about the average, and such range in vol
ume means great fluctuations in prices
which cut against the producer, both in buy
ing and selling, because he must sell at a
season when produce is low, and buy when
commodities are high. This system, now
in vogue by the United States government
Of supplementing It's circulating medium by
a safe and redeemable paper money should
be pushed little further and conducted In
such manner as 60 secure certain aug
mentation Of supply at the season of the
year in which the agricultural additions TO
the wealth of the Nation demand money
and a diminution In such supply Of money
as said agricultural products are consumed.
10 is not an average adequate amount
chat is needed, because undeI II the greatest
abuses may prevail, but a certain adequate
amount that adjusts itself TO the wants Of
the country az all seasons. For this pur-
pose let us demand that the United States
government modify its present financial
system;
1. So as TO allow the free and unlimited
coinage of silver or the issue OfsilvercertiR-
Gates against an unlimited deposit of
bullion.
2. That the system of using certain banks
as United States repositories be abolished,