The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1892-02-05
TIE "HoNEsr MONEY! FRAUD.

CsoId-..uz Curreuov aud the rspor Is Sc
cured Ily the Peoples Weulta.
The honest ,Pl money system.
which IS the chief cornerstone Iu the
platform of the republican party, is a
system OF m ney based upon paper,
The money enters circulation as a loan,
secured bT "a mortgage on property
either directly or indirectly Gold
money is no exception 10 this rule Tt
does not enter circuLa tion and perform
the functions of money until au later
est bearing debt is created All pro
ducLve securities which are taken as
security by the banks, derive their sole
value from their 70 1yver to extract usury
in some form from the owners OF proper
ty. Every dollar of this money passes
through che banks % number OF times
and uu interest bearing debt is created
every time, sinus adding lsbr upon debt
and usurF uison usury with no Increase
In the mum Der OF dollars by which
these debts can be paid. This process
has been Continued ultl all the money
in the nation is only sufficient TO pay
fraction Of one years interest,
This burden of interest bearing debt
Is the basis of the so-caIIed honest
money" system advocated by the old
parties. There is nothing honest about
it. 1t is merely q piece of machinery
for creating debt. the principal of
which can never Ge paid It's sole value
consists i'm its leEat power to exact
usury from productive labor and lcEiti-
mate business As long as the people
sustain this system by their votes and
strive TO pay the interest, 80 will con-
tiuue TO be the source of enormous
profit TO the money power.
This iutercst-beari8g debt rests upon
property and forms the basis of gold
bug money. The peoples party holds
that the property which gives value 10
than the debts the principal of which
can never be paid under the present
monetary system. The property is the
only uctual 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 luw-maziug power, just as soon
SIS they choose to express their will
through the ballot box. Tho people
create these actual vulues 10y their
labor and as citizens and voters they
have the right 90 create the legal medi-
um by which actual values are eN-
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
q medium by which that property can
be bought and sold, labor employed
and more property create .. The i'm
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
To illustrate A farmer needs money
In order to make necessary improve
meuts that will enable him - iuCrsa sase
his power % create wealth by his labor.
Under the present system he goes 20
the bank, places "a mortgage on his
farm for s., 600 bearing ten per cent
per auuum, running i've years. The
a- d HH
with $500 added for interest or 81, 500
The money is worth to the farmer
81, O0O-less the $500 paid as interest
or only $500 clear loss to the farmer.
If he is very shrewd he may be alb e to
shift the loss ou-tHs shoulders OF others
aad save himself but so any event
productive industry has been % loser OF
all that the banker realizes ont of
he operation TnC only real value iu
tn s. transaction Is the property pledged
.or the payment of the 81, ono borrowed
end this property belongs to the farmer
Now, If the only actual Va.ue Is in the
farm. why not establish a system nm
der which the farmer could convert that
value into "a convenient f1rm-tJ be
used as medium to enable him TO
make the necessary improve mCuts-
instead of turning IL over 90 the bank
/ as security for loau1 and then paying
ten per cent for the privilege of using
I the Uaua GItallr .IIAlr I-lH attFlat F
owns the only credit In this kind Of
trausactions that has any real value
Under system by which property
could be converted, at cost into O.
medium by which property MAJ Je
changed, labor employed uui more
I property created, money would become
I the representative of actual value
pledged for its redemption in such
actual values as the holder OF such
money desired e purchase, ana the
/ producers OF these actual values would
save all that they now pay us interest
/ q ugn-producers S-ch monetary
system, based on actual values. would
be honest in the ne sense aud would
always be eqraI 20 the demu1d.
/ Every dollar would bs secured
by actual values, the use Of
vy yhich the world cannot afford TO
I dispense with. Tauics would be uu-
/ known, AS the neausoi payment yyorII
be equal t. the value of the yvea th
created by the people There is moth
] ing more scusstess than the charge that
| th s. would be O. system of unhealthy
] imitation The imitation iu the volume
of the currency, under this system,
would be but "a small fraction when
compared with the inhatiou of thc
volume of interest caring debt under
I our present system Of dishonest money.
which Is but promise that we viii do
something that never can be done.
There IS just as much danger in our
/ creating too much value as there is in
our having too much money based on
Fahue.-IouelE Advocate