Los Angeles herald., 1891-09-06

1
laws of supply and demand initiation ls
| prevented by payments and scarcity by
loans. 4. The loans being limited in
amount and to citizens, provide for all
who have the security, instead of a
handful OF bankers, whose heaviest
stockholders may be aliens. And, last
ly, and OF the highest Importance the
money is full legal tender for all
purposes.
The Peoples party does not confine
itself to cereal crops or cotton, but in
cludes all non-perishable products.
Stock brokers' bonds are not tangible
products, and as a security would be
left to the bankers.
The idea that money based on land
would only benefit the land owner, is as
absurd as money based on gold would
only benefit the gold owner. Both
styles Of money would be good and use
full to all if sufficient in volume and
self-regulating.
The historical citations are not par
allel. What has the banks lending
England money at per cent. in 1898,
for privilege to lend upon land, to do
with the above plank? The plank seeks
to do away with that sort OF thing.
The system of John Law was bank
loaning certificates on the shares of
corporate stock, which was plentifully
watered. In such cases water" means
nothing" and that is brought forward
as a comparison to the Peoples party
plan
The money of Rhode Island, he saws,
was loaned on land to the extent of one
half its value, resulting in final repudia-
.stion. AS the causes and extent of the
reputation are not given we will simply
ask, "What became of the land, which
was double the value of the money at
par ?"
As to the Argentina cedula, will SIM
ply recite the difference between it and
the money proposed by the Peoples
party.
1. 1t was not issued by the sover-
eign power.
2. 1t was not legal tender.
3. 1t was printed by private parties,
cheaply done; and easily and extensive
ly counterfeited.
4. 1t was made payable principal and
interest in coin.
5. The issue was in the hands of
bankers and loan agents, and was un-
limited.
6. The alleged security. when it ex-
listed at all, could only be reached by
long and expensive action at law.
Z. The country was helplessly and
ulators, who manipulated affairs to their
own advantage, regardless of the welfare
of the unfortunate republic.
cial career for the past twenty-five
T xrys1 ,1.NA ,1k No f1o 4xuyO
countries are too much in sympathy on
this point, in proof of which quote Mr..
Graves that Gould keeps on call $780,
000,O00 "to corner any stock or clique at
will" Also "financier" during the
hard times last fall and since has been
offered unlimited money at 2 per cent.
worse than anything in the platform.
proper Imitation" but no one is
begged to take it.
After a damaging comparison between
and the prosperous condition of Eng
to work harder, the writer reaches
conclusion quite in keeping
with the thread of his argument,
that the government should only certify
"the weight and fneness of our circu-
lating medium" An assayer could do
that, and wear would render 1t fire.
quently necessary; the nation is not
needed to perform that function, its power
over the currency would be annihilated,
and gold, silver and paper, as money,
would cease to exist. Everything might
be appraised at some accepted unit of
value, but all exchanges would be re-
duced to basis of simple barter.
had rather support the principles of
the financial plank in the Peoples party
than cling to dogma whose logical
sequence forces the country back into
barbarism.