Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1891-04-16
4 srArLn cuEansoY



they mean by the phrase doubtless is
currency which shall at all times have
the same value so that its purchasing
power will always be upon the standard
of hundred ceuis for dollar and that
in such relation there shall be no lluct-
uating tendency In our money. Let us
understand little farther what this
really means. II is assumed upon the
part OF the friends OF stable currency,
that Is TO say those particular friends
OF whom this Is written, that gold has
d fixed value and that, therefore,
gold Is the proper standard on which
To base stable currency The truth
is, however, that gold Is less stable
In its intrinsic value than corn. Political
economists have long conceded that fact.
Take any considerable period OF years
70 make the comparison, and it will be
found that the rise and fall in value of
corn as compared with other commOdi-
ties In general is not as extreme as the
rise and fall Of gold in the same compar-
ison: so that In truth the argument
based upon gold as a basis for stable
currency Is utterly fallacious In 1867,
Just after our great war closed when
we had nearly Sl 600 0000 600 of paper
money anoat in this country, our farmers
produced 300, 000, 600 bushels Of the GER
eals-corn, wheat, rye, oats, barley and
buckwhest and the value Of that crop
was ,2S4. 600, 900. Twenty years later,
in 1887. the crop of the same grains
amounted to twice as much rs that OF
b9, or %.oOooOoOOo, bushels, ana the
value oil IL was only ~, zOO, OOuOOV, OF
~ al. 1. IL II
Sc4' 'UOO,oVu less thah one-haii as huch
twenty years before hese values, De
~ rennehlperSui were paseu upon Iiie
golu slahuafu' ne question, lheh, ls
proper was this uiIiefeiioe between Ine
price 81 gram IA ~ ana ~ because OF
uluerence IN lhe grams themselves OF
was y because oi alhefehce ~ value OF
goiu Let US unihh apout thal u mo
heh| As slateu ABOVE the amount OF
money III clrcuiatloh among tne
people III the beginning OF tle year % |
was certainty rs uluch as ol,oVU,oOV,VuV,
when we had poplllallon OF only ABOUT
"iiUOViVVu' whereas IN loo'' the amount
OF money circulated among the people |
was not 70 exceed 9ooV, o0o, VOo, Wnen |
our populatlon was upwards OF o0,uV0,-
wv anu ehe business ol tIe people nau
increased perhaps us much as loO per
cent. IN the meantlne. ~ ls wen
UNDERSTOOD pflnclple "a economy that
large Voiuhle oi clrcuiatlhg money y
lhVarlaoly attehueu WIN nlSh prices
ana active business Nhlle, on me
other mana, sihatl volume OF clrculaV-
ing money among the people Is quite
rs lnNarlaply atueheeu ~ low prices iol
products III general anu universal slas-
natlon IN trade. 1aklhg that Wen es-
taollshed prlnclple as our rule IN thls
case, III must De eVldent 10 every oD-
server that the cause OF the ulnefehce
between lhe values OF gram IN twenty
years, amounting 10 lall OF oO per
cent, was not occasloned by reason OF
any dllIerence IN lhe actual value OF
gram, nul from ulilefehce OF the aclual
value OF the metal upon whlch we
based our curfency-goiu.
How, then, shall we OBTAIN stable
currency: is lhere any such thlngf
Can we ma substance out oI Whleh 10
make money or can we devise any sys-
tenn OF nnance Oy whlch we can procure
an lnyalaole standard oil money, ana
establish the currency whlch VIII make
no huctuatlon IN the money market:
Let us see; suppose, Tor example, that
instead OF using rs OASIS OF oul, cur
rency metal which, as we all know,
huctuates IN value from llme 10 Tune,
and Is constantly giving rise TO trouble,
confusion, scares ana panlcs at the
money centefs, we Try the use OF an
article which, on account OF us peculiar
character ana the amount used IN
particular piece OF money, mas no IN
trinsic value whatever-say paper, such
as we now use Tor our treasury notes,
our gold ana silver certlneates ana our
United States notes. While the amount
OF gold In an eagle Is worth IN the
market something IN the nelghDorhood
OF twenty dollars always, without refer
ence TO Its relative value as compared
with other commoqltles, lhe amount OF
paper in tweniy-dollar United States
note Is worth not more than the
amount OF paper IN one-dollar note.
Practically the intrinsic value OF the
paper IN note OF any face value, 1
whether 1t be one dollar or one thousand
dollars, Is not worth talking about; 1T Is
too small to be computed IN any busi-
ness transacted. 1t could not be sold
even to the rag-picker, or to the paper
maker, because OF Its lniinitesimal value. '
Suppose, then. we use THIS KIND OF ma I
terial out OF which TO make our money;
them in addition TO that, suppose We I
reduce the rate OF interest for the use i
OF money elbnef 10 sucu u FedSOudDlS
standard as all classes OF business in {
general could afford to pay: or, suppose {
further that we reduce the rate of
interest TO what it actually costs to /
issue money directly to the people; in ,
either Of these two cases, more par
ticularly the last one, we would have
established principle and a practice !
which, when adopted and put into ope- ,
ration, would take away from money {
its interest-bearing function, and aside /
from that money has no value whatever {
outside Of the intrinsic vame of the I
metal In it. With gold, if interest
rates we're | per cent. or below that,
there would be no more inducement for
owners Of money to lend it to their
neighbors than there would be TO lend
as much paper money under similar
but there would be this {
that the gold money. al
though il could not be used for the pur- Q
pose OF drawing other money by the
way OF usury, still the coins themselves
would have intrinsic value, either as J
bullion to be sold to people Of other G