The Forrest City times., 1893-09-29
Hoods Pills are purely vegetable. 2s
MONETARY PRINCIPLES.

The following statement of monetary principles has been submitted to all the leading men in Washington, including several economists Of National and Euro pean reputation, who care opposed tU the single gold standard, and it has been agreed to make the fight in the future on the principles here enunciated,
 I. Money is not commodity or ma terial thing in itself, but material thing upon which the function of money-legal tender-heS been conferred. Money means, therefore, whatever is appointed by law to redeem all currencies and pay all debts.
 3. In the United States, by the organic. law, the function of primary redemH ion money has been conferred upon coins of F'slver and gold only.
 .3. Whatever circulstes as money is commonly termed currency ard may con- "sist of coin or4paper, and the paper may be legal tender, as greenbocks or Bank of England notes, or Hsay consist of forms of credit CT promises topay money which circulate because of the confidence of the people that upon demand, they will be re- deemed in lawful money. National bank notes are one form of credit money
 It is customary to refer to the whole vol- tune of outstanding money ana currency together as the currency or money in cir cu4ation.
 4. The quantity of credit currency which may supplement basic money, or contribute to the volume as a wlrcIe, or Incorporation which may exist between such currency and primary money, varies with varying conditions; but there is a limit of safety beyond which, if credit is carried, confidence is undermined and the system breaks down, which condition is | always attended with panic and followed by money stripgency, fai4eres and busi- ness stagnation.
 5. The purchasing power et money, or its value stated ill commodity price, de- pendsapon the. quantity of tnoney in cir culatton as compared with transactions l that have to be paid in money.
 6. If the purchasing power of money is to remain reasonably uniform in its re- lation to commodity prices, and with the tincrease in population and the extension of commerce, these conGiti0nS must be at tended by an equivalent increase of the money volume.
 r Since the demOniti2ation of silver in 1875 money of ultimate payment or stan- dard money has been more and more re- stricted to gold alone, and-as the supply of standard money controls the entire volume that may be based upon it, other forms of currency have necessarily been more re- Stricted than they would have been with both gold and silver as staniard money. In the meantime population and commer- cial transactions have increased far more rapidly than the supply of gold, cOnse- quently the purchasing power of gold has largely increased, which is equivalent to the fact that, since 1873. the prices of com modities generally have continually fallen.
 $. Indeed. it is generally conceded that the purchasing power of gold. has risen more than fifty per cent since 1873: that it is still rising and under present conditions must continue at an accelerated rate; that prices have fallen. that they are still falling. and must continue to fall as gold rises.
 9. To put out more credit currency re- deemable in gold, as some propose. will prove no remedy, but, on the other hand would aggravate the evil. Nothing will cure this disorder but more gold; or restore the function of primary money to silver. as it existed before 1873. More gold WE cannot have; it does not exist, but, on the other hand. is continually becoming searcer. What the world now requires theresore is more standard money to re- deem with and not more promises to be redeemed in gold.
 10. If bimetallism were re-established