The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1892-02-19
A CONCISE sTATEMENT

usi nations have created exchange In
the ages past by means of two agencies
The mines and banks.
The condition by which the earth Is
made to yield money 90 certain forta-
nate individuals is not now foF public
discussion 1t will come MP i'm the
future but not Immediately The
cause of oheuae in the matter of mines
money is that while meu are fortunate
In owning "a successful mine that good
fortune is not OF necessity "a serious
draw back TO the people 4 man who
gets "a wagon load OF gold or silver,
under free coinage can take that 70 the
mint aud have 10 coined When
coined il Is in his pocket so 10 speak
or i'm circulation, without owing amy
debt to "a bank and without owing
annual Interest to Increase a de bt
There are matters TO adjust, however
In The future, la relation 10 mines
But as 20 artificial money, or pare eS-
change, there are the most Important
even distressing, issues which have
arisen, and which the peoples party
proposes 20 settle at once aud settle
forever
NileLy-uiua dollars out of every hum
dred of exchange, in the commercial
world is artificial or credit exchange
This credit exchange is of two lSilds-
primarily. That is, there is the money
made aud delivered bv the government
or by the people, There Is also the
check and draft issues of the bank; all
under legal restrictions which are sup
posed TO make them secure
All government issues by all govern
mcnt-, with very few exceptions, have
been uttered bv the government, but
placed iu the hands OF either private
persons or private corporations TO be
essentially owned CT completely CON
troIIed by such private concerns OF
al
Guiding the United States, the Bank of
England, the Bank of France, Prussia
Vienna, etc, the John Law affair, the
Argentine Cciulu- etc. etc The green
back was not of tais nature, but the
greenbactz was not made q full legal
tender
The underlying principle upon which
all these issues are made is as follows:
If TO other exchange but this was
creuted 10 any government then every
dollar I'm existence iu such nation would
be
j. Issued by the people.
D. Issued TO private concerns for
their private beuuhts-au interest go
ing TO the government or any part of
itr but wholly 70 the private concerns
o. Every dollar that exists (of pure
Czchungel, If issued by this method
has no value OF its own, but is "a debt
This dIsLiuEuIaaes lt from intrinsic
value, or exchange issued 20 pay a del bt
Iu other words. not "aollur" really
/ exists under such issues, but debts gE-
! ist, and debts not to a government but
! TO the bank
T. The sum total of such debt. ma
uoual in extent because national is
/ sues, is always greater than the amount
] o. exchange or money" iu existence
. to pay it Withi because the debt Us ale
| ways bearing interest. To illustrates
I II nation issues ten hundred millions
I i'm this way, the people viii owe, ut the
end of the FIRST twelve months, eleven
| hundred millions, and only ten hun
dred i'm existence 10 pay wiLh-ouc hun
drcd millions % pay solely By mort
I gage II Lhis were pail TO the govern
ment 80 would bs, iu % sense. "a faxa-
/ tiou to pay expenses But it Is paid TO
/ private concerns 60 build up vast for
] tunes and cCutrulize wealth.
The peoples party, following In the
/ lead of one or two civilized nations,
/ proposes that currency or exchange
/ (pure or artificial exchanged shall still
/ be issued 10y government
! j. Still issued 10y aud for the people
g still limited in extent, by law, as
| So all history Of such matters.
8. Secured by property, the same as
/ by promise OF both green back aud
{ bond but iu reality as we'll as prom Use.
g. Issued directly % the people-tHe
/ interest solely 10 represent the expense
! of issue-auy overplus to be applied
| as taxation is applied
o. To bs issued, at least at first, as a
| Gebt-lifter rather than "a debt-creator.
The first proposition that appeals 10
/ "a man of sound judgment as he under
/ takes thus to create exchange for the
] people, Is this.
! There are two kinds Of artificial eE
/ change, the permanent and the flexible
/ oreNpausive- The permanent currency
] exists from generation t. generation.
/ so long as "a nation has an existence
T or until replaced by other f f5rlns. If a
. bill is worn out, ig is replaced Iul
/ flexible or expansive currency IS pro
I duced Bv extraordinary demands made
| at certain seasons of the year. at de-
[ lulud of nature itself Tlis requires
. the issue of every available credit &c
. move crops This is not au expansion
t 70 accommodate theory. It is ar
I actualIty and "a necessity and during
these times every citizen 10 the nation
7 feels the contraction of currency pro
] duced by the extraordinary demands
] Mercantile houses end thaiE ucc0mmo,
I dat.oG loans cut Cf, and every pro
/ ducer finds himself payiuE 100 cents OF
| every Gollar--aud If he borr0ws OF
storehouse checks" ne pays beside.
. from one to two per cent o month
I All OF this enormous tax ton over one
. half billion dollarsJ goes TO the mer
/ " ho furnish credit the banks o
this country end Euglaad
The peoples party says; Let Che
Z permanent currency De based on per
muuent security. There is but one a
stock of goods fra "a store could MOI
furnish security for currency 60 exist d
hundred years In Eve ten, twenty
years, it would be destroyed, or sold
or divided by testltiou among heirs
There is but one imm 1vable, indie
] structibIe. uusteaIab.e property for a
permanent security y-zud that is land
Let that land bl solely humesteaia oc-
| cupied Let &c be in the city or eouu-
try. Aud many OF us hold that at drs.
] it should be on homes-sads where the
I loan OF the g1TeEnmeut takes up a pre-
J existing debt Let the loau be for long
! time-say twenty years In slFitzsr
/ land it rs thirty years Let ls De at one
I half the value. Let DC De at two PEI
! cent II ever forecIosed les it be Jus
as taxes are collected Thea the lali
I viii not be aceumuIated by corpora
I tioUas but by government
] In regard % flexible cure CT theU
is but one class Of property & hat coulC
I be used for security The expansion iz