The Brookhaven leader., 1891-03-05

their money is valuable as a commodity,
il worthless as money. What patriots
are they, my countrymen!
Fifty years ago, before the times
were ripe for his genius, Edward Kel-
logg pointed out in his great work,
Labor and Other Capital" that the
value of money was wholly and entire
ly legal He says: Money has four
properties or powers, viz, power to
represent value, power TO measure
value, power to accumulate value by
interest and power to exchange value.
The powers of money, which alone
render it useful, are created by legis-
lation; therefore, money can possess
none but legal valuer" Land currency,
printed or stamped upon paper and
made full legal tender, would possess
all the powers Kellogg mentions, fully
and completely, and by loaning it to
the individual upon real estate at 2 per
cent or less, ''the power of money TO
oppress," by exacting usurious interest
would be annihilated and abolished.
The interconvertible bond, at 1 or per
cent, would afford for and to the indi-
vidual safe deposit for his savings, or
fund for old age, sickness, etc, or the
nucleus of fund with which to provide
home. The safety of such fund
would be guaranteed by the community,
as a nation, such com nunity, in their
turn, being secured by the land of the
individual members, such land being
the basic foundation of the Nations
prosperity and wealth-indeed, for that
matter, the source of its very existence.
Now as to the redeemability of land
currency. Senator Jones, in his famous
speech upon the silver question, thus
happily speaks of the redemption of
money:
The redemption of money should be recip-
rocal between the Government and the peo-
pie and between and among all individuals
in the community. 1t should not only be
redeemabIe by the Government by accept
ance for taxes but also redeemable by
and among the people for all property for
sale and services for his hire. Its quantity
should be so regulated as that its unit (the
dollar) should neither increase nor diminish
in value and it should be kept constantly in
circulation and not be permitted to lie uso-
lessly in the Treasury. Any other money
than this is, to a certain extent counterfeit;
it is false money, because when most needed
1t fails to be money and has to be redeemed"
in something else (go!d) wtrch can not be got
except at ruinous sacrifice
He might also have included silver.
The intesconvertible bond, or savings
fund notes. would, as Brother Burchard
points out, perfect the attribute of re-
deemability so far as the savings of the
individuals composing the Nation are
concerned. The money being at once
loaned out to other individuals insures
the active circulation of all except the
necessary reserve fund
But there is basis for money, the
grandest, surest and most solid basis of
all. 1t is the power to levy and collect
taxes AS jefferson said: "A paper
currency bottomed on taxes" From
the National Economist, l clip the fol-
Lowing estimate Of taxes for the year
1890:
National. 462, ,939,9o6
State l4S,o29,aO4
County. lS6,166,6SI
Munich pal ib4, ltO,O5o
School district t...........'........-. lll,5T,3T
Total 1913 ,249
This is probably $3.50, 900, 600 moro
than all the money, including gold and
silver certificates, in the hands of the
people, that is, not in the United States
Treasury. The National Government,
it will be noticed, takes as taxes al
most the entire amount of money in
circulation and not held as reserve
funds, etc, by the banks and loan and
trust companies.
What, then, are taxes? Let US first
inquire what money is. Money, in its
simple analysis, is a certificate that the
holder thereof has performed certain
amount of work for, or parted with a
certain quantity of commodity to, the
community, for which the community
owes him like amount of labor or COM
modify. Bastiat says: You have a
crown piece. What does it mean in
your hands? If you can read with the
eyes of the mind the inscription it bears
you can distinctly see these words: Pay
to the bearer service equivalent to
that which he has rendered to society.
Value received and stated, proved and
measured by that which is on me-"
What then is money taken as taxes?
Nothing more or less than negotiable
due bills or notes, payable in labor or
its products, given by individuals, as
such, to themselves in their communal
or governmental relation, be such rela-
ton municipal, county, State or National.
Henry Thornton says: money of
every kind is an order for goods. 1t is
so considered by the laborer, when he
receives it, and it is almost instantly
turned into moneys worth"
What is money taken as taxes used
for? To pay the expenses of the Gov
ernment collecting such taxes. In
other words, to certify to the individ-
uals composing the community that
those to whom such money is paid have
rendered services-performed labor
for the community, and that they are en-
titled to like amount of labor or it's
products in return. Where does gold or
silver figure in such an arrangement?
And why is not a days labor
the true measure of comparison or
standard of value so-called? Why some
States and multitude of counties issue
warrants or scrips for services per-
formed, public improvements, etc,
making such warrants or scrip receiv-
able for taxes, and railroads, large land
owning corporations, ETC., eagerly buy
up these warrants, to the extent of their
taxes if they can get a slight discount
off their face value, and they pay
actual money for them. Such States
and counties supplement or increase the
volume of circulating media within
| their borders IN the sextent Of the sum