The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-06-07
POINTS FOR THE PEOPLE.

Gold is the last stronghold of COM
mercial barbarism. Is it impregnable?
The most prosperous period, both
in England and America, was when
large amounts of legal tender paper
money was in circulation. There is no
gainsaying this. Have we wit enough
to profit by the lessons that times of
trial teach?-Iowa Farmers Tribune.
Nearly 1925, ZOO, 900 of gold has been
exported during the past sixteen months,
says the New York World, and in the
same article says: 'From every quarter
comes the complaint that money is
tight and that nowhere is there any
satisfactory explanation for this tight
ness.'"
1.-THE public faith of nation,
alone, is not sufficient to maintain a
paper currency" said John Sherman.
Sherman knew, as we all know, that
the public faith of nation is far supe-
rior to that of few individuals, and
yet he talks about the public faith not
being adequate enough to accomplish
that which he would turn over to a few
NEUTRALITY-SUSPICIOUS. Farmers Tribune.
If all the nations would demonetize
gold the amount of that product that
now passes for 100 cents would proba-
bly, not be worth IS cents 1t is esti-
mated there is enough gold to supply
the trades for seventy-fve years. With
seventy-five years supply all ready for
use of any article, what would it be
worth? Is it not plain that gold gets
its main value from law?"-Missouri
World
According to the Yankee idea,
''sound money" means dear money;
money that is hard to get; money that
it takes an unreasonable amount of la
Dor to buy; money which goes into hid
ing and is not to be had at any price
when it is wanted, and which must be
borrowed at usuriouS rates, even dur
ing times of comparative ease in inan-
cial operatiOns-North Dakota indie
pendent.
The great fnanciers'' are talking
of state banks free silver, repeal of the
Sherman silver law, a revival of the
Bland-Allison act, ETC., etc., but never
q one of them thinks of letting Uncle
Sam issue his own money, without the
Intervention of national, state or pri-
vate banks. The ''great fnanciers"
must have axes to grind, but we hope
that sometime or other Uncle Sam will
take the ''grindstone" away from them.
Chicago Free Trader.
Grover Cleveland, and his advisers,
after long bordering, have decided to
recommend to congress an income tax
ho has Of iciv Id
revenue. This is deliberately stolen
from the peoples party. The demo-
Gratis had no such plank in their plat
form and have to resort to the Omaha
declaration to find what is best to do.
If they would go to that document for
their whole programme they would
fare much better and learn some sense
-Nonconformist
When the bankers set up that
whine of unsettled confidence" as an
excuse to refuse loans, how long before
a full-fedged panic will be upon the
country? What means of relief does
our government offer to the commercial
interests in such an emergency? None
whatever. The most sacred functions of
OF government are delegated without
condition to serve the cupidity and avari-
ciOuS instincts of small class whose
prosperity alone depends upon the mis-
fortunes of the mmunity.-Noncon-
fOrmist.
Let us suppose two great nations
of equal population have and are using
both gold and silver, as much gold as
silver. Now, we will suppose that one
of them demonetizes gold and the other
silver, and they exchange their de-
monetized metals. Then each will
have the same amount of money as be-
fore and prices will be undisturbed.
But suppose they both demonetize sill
yer, or both demonetize gold; then the
money supply will be reduced one-half,
prices will fall one-half, debts and
taxes will in effect be doubled, the
masses will be impoverished and the
rich made richer.-Missouri World.
Money is valuable according to it's
purchasing power. It's purchasing
power is regulated by it's volume.
When a dollar has large purchasing
power prices are low; when it has
small purchasing power prices are
high. Its purchasing power may fuc-
tuate, and will if it's volume fuctuates,
without its going either above or be-
low par. 1t matters not what kind of
money, it is volume that controls it's
purchasing power. If by some magic
the gold and silver of this nation were
by some means destroyed and instantly
paper money appeared in it's place
prices would remain unchanged.-Mis-
souri, World
The democrats have decided to re-
peal the tax on state banks as feature
of their financial budget, and Cleveland
VIII so recommend in his message to
tn extra session. The revival of wild
cat banking as means of remedying
the financial situation is like setting
fire to the house to get rid of the rats.
If the democrats have got nothing bet
ter than this as an antidote for Sher-
manism they might as well call in re-
ceiver for their party. This country
wants no more wildcat bankruptcy, it
wants banks that are national in fact,
protection to the depositor as well as
the note holder, convenience for the
public, the same as the post Office
Nonconformist
Governments have followed the
theories of stwiSa, financ;arS +;roo ~,,4