The McCook tribune., 1891-01-09


would then read thus: "The people of the
United States, individually and collectively,
promise to pay the bearer, on demand, two
hours labor, or the product thereof" Labor
Is within the reach and command of ALL
Gold and silver are not The supply of labor
is only limited by the demand-the supply OF
gold and silver is small, variable and de.
creasing. Let the day be established at six
hours, so that all may work; and then work
will be worth three units (dollars) per day,
and land now worth 81 per acre, or two days
work, will be worth Sc (units) an acre, or
twelve hours work. Thus we should have u
currency composed of labor scrip, or due
bills for labor, based upon land, which labor
can not produce. Then gold and silver, like
all other commodities, would be worth the
labor it took to mine them; no more, no less.
The gravest objection that should find to
such a system would be that the volume of
currency would be neither flexible nor auto
matte, which qualities can be given to cur
rency only by the provision of u system Of
funding in consuls, bonds or funding notes
re~deemable in currency at the option of the
holder or the Government. And, aside from
this, the"no tax" feature necessitates that
the land of the Nation shall be mortgaged to
its full capacity, ut all times. in order that
the interest fund may be large enough to
support the General Government.
1t must not be forgotten that many who
owned land, and a few who, owning land,
had not borrowed thereon. would accumu.
late or save money out of their earnings. II
not funded with the people, this money
would become a disturbing factor. as we
must bear in mind that each additional issue
of money must either add to the sum total of
labor owed and to be performed by the COM
munity. severally and collectively, or, when
the number of promises to pay labor eX-
ceeds the ability capacity of the commu-
nifty to perform labor. due bills for more than
one days labor are given for one days labor
actually performed.
In the last paragraph, read promises to
pay gold" for promises to pay labor" for
capacity to perform labor" read ''tO supply
gold" and you can understand why paper
money based upon gold always depreciates.
The points, however, that more partcu-
larly wished to make were:
First. That while an automatic system Of
currency is desirable, yet, as prices are, to
great extent, governed by the volume of cur
rency, there must be limit to the total vol
ume in existence in order to insure stability
of prices.
Second. In order to secure an automatic
volume of currency there must not only be a
way provided of getting money out of the
peoples vaults and into the hands of the in
dividual but there must also be a mode in
which the individual, having no need of it's
use, CiH IctuIH SuCil lIlOHtN " tHc pcOplt.
There several cOuntefeit forms OF
money. The man who issues watered stock
should be put in the penitentary for coun-
terfeiting. He issues and owns and offers for
sale fictitious certificates for labor never per-
formed, which he exchanges for (money) the
result of others honest toll, and then the
stock share draws interest just like any other
money
Land currency reduces profit and interest,
n q hanafitS dnrivaI from tb,i individual
ownership of the means of production, to
the minimum or nominal rate declared by
the people to be the legal rate of interest
Money is not wealth, but is a tool of COM
merce a medium of exchange of wealth for
wealth. The $1,000 per capita of National
wealth with the exception of less than ST.
600 O00, 600 of gold and silver is not money,
but land and personal property of all kinds
and descriptions; Will" if paper currency is
counted, or bank deposits or balances, ETC.,
there is simply duplication of wealth state
ments. If gold and silver were demOnetZed,
we should not be confused, or led to con
found money with wealth. as these metals
are wealth, not as money, but as cOmmod-
tiles. If by the abolition of usury, we make
it useless to accumulate money, there is
probably money enough, or nearly enough,
in the hands of the people at this time, to
wit: Twenty dollars per capita, but from S12
to SIS per capita of it is boarded or kept out
of circulation. in order to enhance the rate
of interest upon the residue. For instance,
assuming that there are 100000 of work
ers in the United States, and that land cur
rency raises the average price of labor from
81 to S3 day; then remember that the mar
gin of profit (savings) is that amount only
which remains after a living is provided
(food, shelter and clothing). Now, assume
that p of the So will provide a living, or the
necessaries, and we find that the sum of
81 695, 900 represents the margin of profits
OF this Nation, out of which the comforts and
luxuries must be bought and homes pro-
vided, not only for one generation, but for
wage workers who have accumulated their
savings with the end in view of providing
themselves with homes of their own, the
residue only being available as savings for
old age or sickness. l doubt very much if,
under such an automatic system as l have
outlined, the people could possibly use
larger volume than $50 per capita, as total
volume, in the hands of the people Govern
ment) and the several units or individuals.
This is about one-fifth of the amount which
must be constantly kept loaned to the people
and in circulation in order that the interest
at two per cent. may support the General
Government.
Fellow citizens, think it out, keeping in
view the cardinal truth that all wealth is
produced by labor, but that money is a
est drawing power, is worthless, except as a
certificate that the individual holding it has
performed certain amount of labor for the
community, for which the community, sew
orally and collectively, promises to pay him,
either in labor Ito produce wealthy or wealth
itself, already produced by labor. Until
this certificate is thus honored or redeemed,
money is either duplication of already ex-
listing wealth, or due bill upon labor for the
production of more wealth. Money repaid
by the Individual to the people at the end of
a five or ten years. loan term, has filled it's
mission of distributing wealth into indivd-
ual hands, and becoming again the property
of the people who issued it, is no longer
claim or due bill against any one until reis-
sued to the individual as pay for services
to the community or people.
Thus, we simply need a sufficiency OF money
to settle balances lido business upon a cash
basis), no more, certainly no less; the margin
of profit, or fund for old age, sickness and
other emergencies, being funded with the
people, through whom, as an agent, the in
dividual pays for the use of this fund. When
this finance question Danish from
your mind the foolish superstition that gold
and silver are natural money, or Gods
money. Money is a creation of law. Wealth
is the product of labor Gold and silver con
stitute wealth only as bullion or commodity.
They are made money and their value greatly
by the fiat of law or Government
c. Ward, in National View.
Kansas City, Mo.
The Independent victory in Nebraska
is largely due to the efforts of the Inde-