Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1891-06-05
The Financial CONTROVERSY.

The Financial Controversy.
1t is amusing to notice the efforts of the
subsidized papers to throw mud at the
new party. They say it will not amount
to anything. 1t is all myth, but for
some reason they cannot leave it alone
To all appearances something is hurting
them. The following sounds like the
screech of an Infatuated woman, who
would scratch out the eyes of her rival:
PEOPLES PARTY AND CREDIT"
"The combination of fiat money
cranks-Farmers' Alliance managers, la
Dor agitators, Bellamy theorists, anarch-
lists, broken-down statesmen and broken
up business men, who recently organ
lied the Peoples party at Cincinnati
adopted party platform which presents
some new contradiction every time it is
read 1t is not probable that any great
number of honest men who are willing
to give honest value for honest money,
and who exp ect honest money for honest
effort, will ever be deIuded by this ''dec-
laratIon of principles, " and as the honest
people are always in the majority, there
is no danger that the party will ever have
strength to do more than sell out, as the
Greenback and other side-issue parties
have done before it. Nevertheless, it is
interesting to observe the result of an
effort to combine the half-formed theo-
ries of these people who never more than
half think out their wild schemes to
their legitimate conclusions.
"These theorists first gravely resolved
that the national banks shall be abol-
ished and that the government shall is
sue printed money in a sum Sufficient
to conduct the business of the country on
cash basis By this it is presumed
that all credit, and dong a business on
Credits be abolished. As money is to be
made by the simple and now highly per-
fected art of printing, so much of it will
be printed that everybody shall have
enough to pay for what he buys on the
spot. Ifhe bvys cent worth of gum or
81 900, 900 worth of railway bonds he will
simply put his hand in his pocket, or
gunney-sack or whatever we shall carry
our money in when it gets so plenty as it
is going to be, and pay on the nail.
Having thus arranged that all bust
ness shall be done for cash, and that the
credit idea shall disappear, the conven-
ton gravely arranges for a grdnder en-
largement of credits than the world has
ever known. Everything imperishable
shall become collateral. and the govern
ment, which is to be the only creditor,
shall be compelled to accept it for loans
at the low rate of per cent. Borrowing
will, of course, be stimulated by this low
rate, and the credit system, instead of be-
ing abolished, will be expanded to some
thing heretofore unheard of."-TacOma
Ledger.
This is an inaccurate statement of the
financial feature of the Peoples platform.
Moo under this financial scheme will
beyable to secure any money from the
government uHiess he has ample security.
Tfe a,lu difas .a,anai s that whei1 or A-s'',
valuable property and wants ,illu-5ey on
it, ithe will g6to the government, +@here
he can get it for l or 3 per
cent. per year, rather than
to an individual, where he will pay that
rate per month.
Gold has a certain value for utility,
just the same as any other imperishable
product. Gold and silver, perhaps,
were selected as a standard or basis upon
which certificates are issued, for the rea-
son that it is an imperishable product.
A person would be an idiot that would
say that gold was more staple article
than wheat, oats, barley, etc., or any
other imperishable product. The are
two classes of products-perishable and
imperishable. Gold and silver are class
flied among the imperishable products,
and no more can be claimed for them
than any other product of their class.
If the government can carry on the
warehouse business on a gigantic scale
and cut down the expenses of storage it
is saving to the people. In connection
with that, if person can realize an i'm
mediate per centage of the value of
product pending its sale. In the circu-
lating medium of the country it will
greatly stimulate trade.
Of course it is expected that the prin-
ciples of the industrial organizations
will be assailed by the special organs of
the banking institutions; and they know
better than to discuss them fairlv.-The
Industrial World.