People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1893-07-21
THE "BASIS" FALLACY.
Humanity Must Rid Itself Of 1t Pefor,
It Can BE Free.

Humanity Must Rid Itself Of 1t Before
1t Can BE Free.
IL Is wonderful what a large crowd
Of people are discovering how much
better it would be to base the national
currency on all commodities instead of
one or two as gold and silver.-Nstional
Spectator.
Humanity will never be freed from
the demoniacal fallacy, metallism, un-
til it rids itself of the idea that money
needs base" The idea expressed in
the terms "base," basis" and biased"
is expressed in the phrase 'basis of re-
demption." 1t means that money must
be redeemed; needs redemption, and
must have a redeemer. Money is re-
deemed every time it is received in ex-
change for labor and labor's products.
1t is redeemed every time city, county,
state or nation receives it in payment
of taxes, and when received by the ma
ton might be destroyed and none be
the poorer.
Money is certificate that the holder
thereof has performed a certain amount
of labor for, or parted with certain
commodities to the community and that
the community, individually and col
lectively, owe hin or her a like return.
Money is counter, AMI only a counter,
by means of the use of which all values
are differentiated The only manner
in which money can be based ION all
commodities" is for the people, one and
all, to promise to receive it in payment
of all debts, public and private, and in
exchange for labor and all commodities.
This promise is crystalized into law by
virtue of what are called legal tender
acts"
Again: The Spokane WASH Trib-
une Rural, speaking of the metallic
standard of value" says:
in place of this changeable, deStruc-
tible, removable, stealable, eXtinguish-
able, intrinsically valueless basis,
which is not even real property in the
statutes of all nations, the peoples
party proposes to have real property,
or ultimate security among all ma
tions. for the meter of values"
A standard of value" belongs to
commodity money, and to commodity
money only. A standard of value is a
certain quantity of some certain com
modify, such as so many grains Of gold
or silver. Money is not a commodity,
but simply counter to be used in ex-
changing commodities. The Tribune
Rural, continuing. says:
beyond all question the peoples
party land-based currency is the solu-
ton of this the greatest problem ever
presented to the human race. or ever
regarded by civilization. The change
must come by the characterization OF
gold. The change will doubtless be
gradual. therefore the partial demon
citation may well be accomplished by
sharing the legal tender function with
an actual value of real property, OF
land"
But how much land? Is half acre,
or one or two acres of land to be the
standard of value" or dollar" And
no matter how much may be decided
upon, with the constant appreciation
or rise in the value of land, there would
be steady increase in the value of the
dollar, just as you now have with the
gold standard.
Let us talk sense, brethren. If we
are to try to destroy metallism, let us
understand the nature and attributes
of money, and what the unit of ac
count really is. All money does but
represent the ideal and abstract uni
versal conventional denominant the
unit of account, " the figure 1. with its
several fractions and multiples AL
money is given its attributes and func
tons by legal tender acts and its value
is entirely governed by its volume in
circulation, which must be kept at the
same per capita amount to insure
steady prices.
You can issue money for services
rendered the government, or loan i
upon land, or any other good security
but you cannot base it upon anything
you do not intend to pay out for its re
demption, and if you expect to continu,
to have a standard of value, gold anC
silver are as good, or better, than an!
other for that purpose.
GEORGE c. WARD.