Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1892-01-28

officials had not inappropriate the
funds OF the bank or the cashier had
not absconded 10 Canndl with them.
Brt s2s3. ITO Of the dep sits would he
found 10 ave been transposed from
money into notes, such notes beirg q =
cure by the real wealth Of the com
munity-in short-the community 3
''credit" Aud when we remember that
In 1890 various banking institutions 10
the number Of s,055 had Tor was sup
pose to have) on deposit the sum OF S.
ls0, 900, O0O-with only the sum Of FATS,
900, 0JO IN actual money ia their vaults,
the groiesque ludicrousness OF our
modern banking system is painfully
apparent And The absurdity Of the
specie redemption" fad becomes more
clearly defined. when we know that a
goodly portion Of even this s475, 600, 900
consisted OF paper money.
Thus IL is that we, the exploited" Z"
allow our foolish adherence 70 an in
herited dogma 70 reduce ms 10 a condi-
tion Of servitude, while our masters,
the "exploitersH shout "honest dollar"
las a fleeing piclS-pocket might shout
D. I
not so much the honest, ms the scarce
dollar they are after to the end that
through the control OF the volume Of
money they may control labor and all
It's products. Misled and duped by the
fallaelous though ancient assumption
that the value Is in the tool or medium
OF exchange, ins cad OF in the commod-
tiles exchanged. and forgetting that
the intrinsic value claimed for the
metal dollar, Is at least thrce-fourths
Of II impaired by TIC fat Of law, we
limit our volume OF money by the pre-
carious supply of these so-caled
precious metals, and spend our natural
lives in an endeavor to pay exorbitant
interest for the use OF n legal tool we
should furnish TO ourselves at cost of
issue.
Money is a legal Instruments
creation Of law-its value, as the SUI
preme court has said, is a illegal
fiction, an ''idcal thing" Value, con-
sidercd in connection with money, is
legal, not intrinsic. Primarily, the
value of money may be said to consist
OF its "purchas ny" value, although
this involves its powers to represent
vaue. measure value and exchange
value, and each and every power it in
cludes impaired t. it by the mandate
Of law. This com binaiion Of powers
or attributes is embodied in what is
known rs unit of account" which
term TIE priests who serve at the altar
Of metallsm have change 10 the term
unit OF value" This is, scemi gly,
an insignif frant and n harmless change,
but the difference represents the line
OF dcmarcation between the true none
t1ry science and the cunning and devil
ish scheme devised by the 'money
power" TO accomplish the continuous
cnslavemeut of productive and dis
tributivo labor. The value Tor attri-
butos) OF this "unit Of ace )unt' is guam
titive, not intrinsic; of umbers, not
OF worth. This is sensitive 10
many influences and can only be
regulated by control OF the volume, or
number Of units, aud "intrinsic value"
Is not "A factor in the problem. Ii the
volume OF exchangeable commodities
remains stationary, and the volume or
number Of units is increased, the pur-
chasing value" Of each unit is decreased;
l. C.. price, Of commodities raise-if the
volume OF unit, is decreased, each unit
gains in purchasing value and prices
are said to fall II, on the other hand.
the volume OF units remains stationary
and the volume of eNcha1geable prod
nets increases or decreases, the pur-
-. 1t .,t
rises or falls prop3rtionately, AMI prices
are again said 10 rise or fall. But If
both the volume Of commodities offered
for exchange an I the volume of units
Of account in circulai n are either in
creased or decreased in the same pro
portionate ration, TIE purchasing value
of each unit OF account enains stntion-
ary: !. e.. prices of commodities do not
fuctuute-neither rise or fall. AS all
legal tender d liars, or units Of ac-
counts, possessing, without any limita-
ti7ns or exceptions, all the legal at
tributes p,rtaining TO money, are OF
the same legal or money value, it fol
| lows that dollars coined out of metal
are fully a. susceptible and amenab c
10 these laws as are dollars coined ont
OF paper; that is to say, that II vol
ume OF money consisting wholly OF
metal ic coins be expanded by the al
dition thereto OF a considerable number
of legal tender paper dollars the pnr
chasing or money value Of each unit
+ both metallic ard paper, would be re-
/ duced n exactly the same ratio This
/ tact eiTcctua'ly anninilates the absurd
I theory of "intrinsic value' as applied
/ u metallic money.
The true scientific limit - the volume
/ 4 money is that number Of units tha'
can be pr. fitaby used il produciiv,
] industries and the channels Of com
mcrce, il such uuits can be freely oh
ttinei at rate OF interest. or So
/ which viii cquitably divide ths net
products OF the nation betweel the two
factors. labor and capital
have stated IN a former article tina
the net annual increase in wealth il
the United states for the last twenty
years was just about four per ccnt an,
that IL the current rae Of inievest upoi
money was four per cent. the money
lenders absorbed tn total net earning
Of productive labor, from the fac, that
as the net increa OF wealth represents
both the swings OF labor and the earn
ings Of money, there is nothing left for la
bor il the rate of intere upon money !
equal to the total net annual increas
in wealth. IL follows therefore. tha
rat, of two Ter cent upon none.
would make an equal division of tn
net results Of the nations toll betweei
the producing factors, labor an
capital Hence the peoples part
builded 5 platform wisely and vel
and in the true interest OF produciiv
nd distribution labor, when it dc
manded that the peoples collectiv
credit lmoaeyl shall be issued to them
selves. as individuals. dire Z withou
the Intervention Of banks, at rate O
cost not to exceed two per cent
Interest Is the factor through IN
medium Of " Nhioh the money power
absorbs the earnings of labor. III
output or supply. OF the precious q
metals Is riliculousl, inadequate as
basis for a volume Of money q per
form the necessary monev functo1s i
the nineteenth century. We prove thi'
first from the fact that labor pays al
and more than all Of its total produ,