The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-04-30
THE COMPOSITE DOLLAR.
Great Scheme Evolved by q Farmers
Alliance Statesman,

> WARRINGTON CITY. April 29.-fSpecial. l.
The unique bill recently introduced by
Senator Kyle. of South Dakota, providing
for the establishment of a composite dol
lar has created considerable interest, if
not amusement, throughout the country.
Senator Kyle was today asked to thor
oughly outline his views on this question,
and in reply said:
This Is not dollar for circulation The idea
Of the author OF the bill is to introduce If pos
nble, an invariable unit or measure of value.
There is great deal of complaint today, both
upon the part OF the borrower and the lender,
because OF our variable unit The record of the
pas' has frequently proven disastrous TO
the borrower in consequences OF the con-
traction of the currency, and, I'M
Der certain circumstances might prove disas-
trous TO the lender, in consequence of imitation.
4 good example would be this: At the close OF
the war many obligations were assumed by the
farming population, payable a number Of years
hence. Before the obligation became due,
there had been a contraction of the currency by
which the farmer was compelled to pay
his mortgage twice over, if measured
either by labor or any one of
the farm products. If wheat had been dollar
sbushel at the time thousand dollar mortgage
was assumed, and there had been no variation
In the unit, a thousand bushels would have dis
charged the mortgage. But, II by imitation,
wheat had been reduced to so cents. IL would
have required 1900 bushels to satisfy the mort
gage The objects of the author oil this bill
stated clearly in sections two and four, which
provide.
Sec That the composite dollar shall be
established in the following manner: Desig
nate SO much OF wheit rye, oats, corn, barley,
oeans, potatoes, cotton, WOOL butter, cheese,
eggs, -four, sugar. lard, pork, beef, tobacco.
sast leather, hemp, lime, cement, cotton
seed meal, hay, brick, lead, pig iron, coal,
and copper as shall De conveniently near to one
collars worth of each in the New York market,
20 arranging quantities that the sum total of
the value OF the thirty articles shall be $50. ana
mat ouethirtieth OF the total OF the articles
oss,su2ted shall be termed the composite dollar
oil the United states.
See 4. That it shall be lawful for any person
OF CORPORATION to engage 10 receive or to deliver
composite dollars of the United States, aud that
contract shall be lawfully discharged by such
az amount OF legal tender dollars shall be
eqnsi TO the value of the obligation EXPRESSED
" composite dollars, according to the official
eeeisralion OF the value OF the composite dollar
VI the preceding month.
This means that the borrower may contract
On obligation payable in so many composite
Collars, which would represent the average OF
TIE principal comoditics in general use The
ZANE amount OF product or labor would dis
charge the debt as would have discharged IL AZ
The time the obligation was assumed There
much distrust anon ut all money LENDERS in
making mortgages payable in lawful money,
lest IN five ten years there may be
. variation in either silver or paper. They
therefore wish 10 have their obligations made
PAYABLE IN gold, but should be-metailism be es-
'aoslshed aud very productive gold mines be DIS
covered il IL just possible that gold would fall
below par and the money lender be the loser
debt, therefore. which is made payable by the
composite dollar in terms of legal tender is just
70 both borrower aud lender