The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-08-09

money power, ION demand, the United
States promises to pay" but rather
should the inscription read: 1--WE, the
people Of the United States,
severally and collectively promise to
receive this bill, at its denomina.
tional value, in payment of all debts,
public and private" A promise to re-
ceive. on the part of the whole people,
il the essence of legal tender. Legal
tender is the statutory enactment Of q
national promise to receive. Securely
based upon the peoples promise to re-
ceive, as individuals, for labor and COM
modities, as a community, for taxes
and dues, this money would freely cir
culate as a medium of exchange, and
none would care to inquire if it's stand
ard of value was ass grains of gold, a
dozen eggs, or fifty cocoanuts.
This can hardly be termed economic
heresy, because all through the writ
ings of the leading political economists
runs the conviction, dimly expressed,
that commodity standard of value"
is pernicious and useless fallacy. The
Encyclopedia Brittanica says: 'The in
trinsic value idea of money has been
abandoned by the best writer's and
thinkers. Coin is not safe basis for
money. The base is too small"
But if we must have a standard of
value, why not establish scientific
one and in such establishment forever
unalterably esta blish just and equitable
wages of labor? Labor is moneys true
redeemer. The true, just and equitable
value of all wares, commodities and
products is labor cost in the hands of
the final purchaser, for use or con-
sumption. The true money unit, or
unit of account, is some certain guam
tity of labor, as the whole intent and
purpose of money is the exchange upon
equitable terms of one individuals
labor for the labor Of another individ-
ual Broadly speaking, one individu-
ais time devoted to labor is worth as
much as any other individuals time.
Strictly speaking, however, the true
standards of value of labor are time
and ife-force expended, either in the
labor itself, or in preparation for it,
and the average duration of life in the
various occupations dependent upon
dangerous risks and hygienic condi-
tions. This is the basis of computation
accepted by life insurance companies
in affixing policy premiums.
How would it do to establish as the
standard value of the dollar two, three
or four hours labor expended in the oc-
equations in which the laborers enjoy
the longest average duration of life? In
FIT, lo 1o -, 4
to more fully elaborate this idea
Now as to modes of issue and distri-
button of money. The peoples gov
eminent should issue this money and
pay it out upon all current appropria-
tions, including those to be made for
comprehensive system of public i'm
provements, until the total volume in
circulation is sufficient to properly
transact the business of the country.
We should have in this great and grow
ing nation, with it's vast extent and
sparsely settled territory, not less than
$50 per capita. This is only 50. A per
capita more than France has with her
restricted and densely populated do
main. In this direction lies the proper
solution of the ''good roads, problem
more money; work for all and good
roads.
In all proba bility there will never be
devised better or more perfect system
of distribution of the peoples credit
money than is already provided in the
routine details of the present banking
system. The trouble is that it's bene-
fits do not inure to the community, but
to bankers and banking corporations
only. We often hear of ''bank credit"
but in reality there is no such factor.
The credit is the peoples, not the
banks Almost the entire resources of
the entire banking system consist of
the item "loans and discounts" which
are but debts against the people, Sc
cured by the peoples credit. The
people furnish the credit and the banks
get the credit of furnishing it.
Let the peoples government national
ize the banking system and establish
peoples banks in every city and town,
which shall do a business of loans,
discounts and exchange" Let these
banks receive the deposits of the peo-
pie, guaranteeing absolute security and
SCA Oe1AA AOCuA IL, OuV pay Ing III 1CSO,
or, at the most, ~ or 2 per cent. to
time depositors and loan such deposits
to borrowers, upon ample security, at
a rate of interest sufficient to defray
the expenses of the peoples banking
system about 1 per cent? and the in
terest due time depositors.
Then will Shylock be dethroned and
the curse of usury be forever destroyed
from the republic of the United States.
Then there would never be any "change
in the interest rate" except in cases
where the security offered was such as
the peoples banks could not safely
loan upon; but the people, as a COM
munity, would loan to themselves as
individuals, their own credit at a fixed,
unvarying interest charge. So mote it
be.-George C. Ward, in Farmer and
labor Review.
The Greenback.
There is little doubt in the minds of
those who have carefully watched the
course OF the money owners during the