Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1892-02-04
rAe oAoNEsr MONEY" fRAuo.
Paper the Primary basis For Gold and
Gold Hug Currency aud the Paper Is be-
cured BY the Peoples Wealth.

old-Hug Currency nnd the fapef ~ 30
cured BY the Peoples Wealth.
Tho "honest ~ money system
which is the chief cornerstone in the
platform Of the republican party, Is a
system OF money based upon paper.
The money enters circulation as loan,
secured by mortgage on property
either directly or Indirectly. Gold
money IS no exception 10 this rule II
does not enter circulation and perform
the functions Of money until an inter
est bearing debt Is created. All pro-
ductiye securities, which are taken as
security by the banks, derive their sole
value from their power 10 extract usury
in some form from the owners OF proper
! ty Every dollar Of this money passes
! through the banks a number of times
and an interest bearing debt is created
every time, thus adding debt upon debt
and usury upon usury with no increase
in the mum ber of dollars by which
these debts oan be paid. This process
has been continued until ali the money
in the nation is only sufficient to pay a
fraction OF one years interest
This burden Of interest bearing debt
Is the basis OF the so-called "honest
money" system advocated by the old
parties. There is nothing honest about
IL. 1t is merely a piece OF machinery
for creating debt, the principal Of
which can never be paid. Its sole value
consists in its legal power to exact
usury from productive labor and legiti-
mate business. As long as the people
sustain this system by their votes and
strive To pay the interest, It will con
tinue to be the source of enormous
profit to the money power.
This interest bearing debt rests upon
property and forms the basis Of gold
bug money. The peoples party holds
that the property which gives value to
the debt is better basis for money
than the debts, the principal Of which
can never be paid under the present
monetary system. The property is the
only actual value which gives value to
the debt or the money based upon the
debt Both the debt and the money
are only legal values and the people
are the law-malSing power, just as soon
as they choose t) express their will
through the ballot box. The people
create these actual values by their
labor and as citizens and voters they
have the right TO create the legal medi-
um by which actual values are ex-
changed. There is not even common,
everyday horse sense in the system
that covers their property with an
interest bearing debt in order to secure
a medium by which that property can
be bought and sold, labor employed
and more property created. The in
famous and oppressive nature OF this
system Of making our debts the basis
Of our medium OF exchange is only
equalled by its absolute stupidity.
70 illustrate: A farmer needs money
In order to make necessary improve
ments that will enable him t. increase
his power 20 create wealth by his labor
Under the present system he goes TO
the bank, places a mortgage on his
farm for s., 600 bearing ten per cent
per annum, running FIVE years The
mortgage is worth TO the bank 81, 900,
with $500 added for interest or 81, 500
The money is worth 10 the farmer
81, O0O-lcss the $500 paid as interest,
or only Sl00-a clear loss 10 the farmer.
II he is very shrcwd he may be alb e 10
shift the loss on the shoulders Of others
aud save himself, but in any event
productive industry has been loser OF
all that the banker realizes ont Of
he operation The only real value 10
this transaction is the property pledged
for the payment of the 81, 900 borrowed
aud this property belongs 10 the farmer
Now, If the only actual value is in the
farm. why not establish system un-
der which the farmer could convert that
value into n convenient form-to be
used as a medium u enable him to
make the necessary improvements
instead Of turning it over TO the bank
as security for loan, and then paying
ten per cent for the privilege Of using
the banks credit while the farmer
owns the only credit in this kind Of
transactions that has any real value.
Under system by which property
could be converted, at cost, into
medium by which property MAJ be /
changed, labor employed and more /
created, money would become F..
the representative OF actual value |
pledged for its redemption in such F.
uctnal values as the holder of such I
money desired b purchase. and the I
producers OF these actual values would /
save all that they now pay as interest I
10 non-producers Such n monetary I
system. based on actual values, would 7
be honest in the t-uc sense and would /
always be equal to the demand. /
Every dollar would be secured .
bv actual values, the use of .
which the world cannot afford to .
dispense with. pauics would be un-
known, as the means Of payment would /
be equal to tho value OF the wealth .
created 10y tho people. There is moth
ing more scuscless than the charge that
M S would he system Of unhealthy I
The imitation in the volume
II the currency. under this system,
would be but n small fraction when
with the imitation Of the
-olume of inierest-bearing debt under
lur present system of dishonest money,
which is but q promise that we viii do
that never can be done
There Is just as much danger in our
,rcating too much value as there is in
lur having too much money based on