Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1891-05-07
rSrrn-srArr ALLIANCE LESSON.


writer's Ia fact all standard authorities
on political economy have held thii
theory TO be true. That it is true il
one OF the reasons given by the owners
/ of money I'D evidences Of indebtedness
why the eolnme OF money should no
be Increased They assert that i
would be an injustice TO them.
Q. State some OF the authorities wht
I hold that an increase Of the volume O
money circulating medium would en-
hanee the prices Of the products Of Ia
bor
A. David Hume, in his essay OF
women, says
We find that IN every kingdom into whicl
money benins to fiow IN grea er abundance
than iorIHerlY, everything takes new fece
labor and industry gain life, merchants be
come mufs cnters rising the manufacturer
mo ulliFput ana skillfui, ana tilp fHriiiei
/ follows Ito plow with greater attention nnt
alacritY. The good policy OF the government
consists 81 Keeping y, II possible, sun IN
crcasinR. as iong Ms there Is an undeNeopet
rosourcdor room for new cmigrant, because
by that neans is kept alive spirit OF indus
try in LIE nation, which Increases the stock
nf laoOHin which consists hll real power and
riches A nation whose money decreases Il
actuallyweakcr and more miserable than
other n1tious which possess less money but
are 90 "a increasing hand
Pro- Walker says:
That prices viii fan or rise rs tho volume OF
money be increased or diminished, Is law
that Is 8 unalterlble rs any law OF nature
John Stuart Miller says:
lfthdwhole volume OF money IN circula
tiou wfga doubled, prices would double. II II
was only increased one fourth prices would
rise one-fourth.
N. Ricardo says;
That commodities will rise and fall in price
IN p-olnlttun 10 the increase or diminntiOu
ot money assume as "A fact that is incOntro
ertihla tn Il such would be the case the
most celebrated writer's on political economy
are agreed.
Mr. Gurney, member Of the British
parliament, says:
rho contraction OF the paper circulation of
tho lirtlsh empire from the results OF the act
imposing tho resumption Of snecie payments
on Ihghnnk Of England nd go county banks
was deduction fro 10 tO0OuO0 during the
last y9tr OF tne tNapOie Onic war 10 little
more than halt that amo mt Such WAS the
calamity and so extensive the distress that
followed that il ervaded every part OF the
country The landed propretors could vet
no rents. the manufacturers no markets,
he iaborers no en- loyment. ilankr ptcy
was universal FiuctuafiOn in prices were
frl htfui, descending 80 per cent
Thomas Doubleday, In his history Of
England, says of that period:
Prices fell on a sudden TO ruinous extent
banks broke wages fell with prices OF man
ufa turers. and before the year 1910 had
come to "A clos panic. bankruptcy riot aud
disaucctlon had spread through ec Ian !.
Vast bodies OF starving aud dlscOntcutcd
mnnded reform Of he parliament. The dis
contents. as usual. the government put down
by an arme forced. As the memorable lst
nf May, 81. osew near, the country bankers
as well rs tho Bank OF England, naturally
prepared themselves By gradual narrowing
nf their circulation for the dreaded hour OF
gold aud silver payments on demand.
The distress, ruin aud bankruptcy which now
took place were universal. affecting both the
great Interests Of land and trade.
This same historian also says:
Gavornment paper money has always en-
riched nation, when properly issued, re
stfitlod ana secured. II has been success
Specie for a domestic currency. or as a basis
for psper, has been failure without soil
snry exception.
Napoleon, at st Helena, claimed that Eng
land beat him with her spindles, but it was
her pu per money that kept her snindlos IN
M ton Specie 40 IL stead would have given
him Z e victory
Eng and's entire disregard Of specie and CO.
plOus ssuc Of paper money after the suspon-
sion specie payments in 1871 ull 1919 were
the must prosperous days that gland ever
saw.
This wise policy. to which she was drivenby
u aItrf lkA. fNENintI Win Nlllr OF NiHNlL lhNktl
ny the united allied powers, and which were
not o. ly ns good. but superior TO gold. from
kan schAtka 10 the Rhine" turned the tide
OF wa against Napolconaud won the decisive
baltic Of Waterloo saving England from be-
coming "a provence OF France.
John bayless. a celebrated English
jurist in his work. Popular Political
Economy, says:
Mcntalk gibly OF variations in the currency.
do ffrI d..
change effect the prosperity OF all ranks.
The lai orcr, the pauper and the beggar are
as muca interested in the currency question
as the manufacturer the shop keeper or the
great proprietor of lands and funds, or even
mOfe. sudden and great ait rntions In the
amount or value OF the circulating medium
are al best transfers OF property gigantic
robheries they are often much worse, IN y
pcrty and sioppage OF industry.
John Locke says:
Money while the same quantity of II passes
up and down the kingdom Of trade, Is reai ily "a
standing measure Of the failing and rising
value of other things in reference to
one another. and the alteration in price ~
truly In them only. But ~ you Increase or
essen tic quantity Of money cnrrent In traf.
Dc in any place then the alteration In value IS
n the money
Abraham Lincoln said;
governments contracted debt with a
'crfain amount of money IN circulation and
hen ci 1tracted the Iaoney volume befDr
he q ht WIS paid, IL Is The most heinous
'rima u government could commit against
hc people
MANY other authorities could be
luoted. among whom are Grover Cleve-
and and Roger .. Mills, who have add
FL the weight OF their testimony in sup
1ort Of this theory, but 1t seems to be
such well established principle in poll
ical economy that the wonder is that
iny Intelligent man can be found who
sill deny IT,
.. How does the Alliance propose
hat the government shall put this
money in circulation.
A. By ioaning it on real estate and
he non perishahle products OF the farm
Il low rate OF interest not TO exceed
wo per cent per annum.
o. II an increase in the volume OF
money would enhance the price OF the
PRODUCTS Of labor would it not also in
,rease the price Of everything else
What a person had TO buy as well as
yhat they had to sells
A. It would.
. How. then, would IL assist the
armor and producer since il would re-
uire 50 much more money 10 buy the
necessities Of lifes
A. For those who produce more than [
hev consume the question is easily an /
wered. The surplus which they have |
o sell. in excess Of that required for
heir support, viii buy more money to /
.lay up for rainy day. or to apply in T.
he payment Of debts or taxes. Again, /
"a increase in the volume Of currency, |
nd consequent rise in prices, is equiva- I
ant 20 a decrease in the expenditures ]
Z the government of transportation .
ates, Of saleries and fees, Of interest /
nd principal Of debts and Of taxes.
Q. In what way will it effect all .
hiss
A Because il increases the price Of l
be products Of labor and the p.Odsaer /
oes not have TO part with a. much Of /
b. property 10 buy money with which |
D pay all these things.
Q. But IS this not anjustice 20 the |
reditOr or the men who hold the evil
encas Of Indebtedness in their hands?
A. AS principle it is. In this case
. e not
Q. WHY?
4. Because the debtors In this
gsntfy represent IL eons ard sinsw !