The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-06-14

1898.
the average interest rate to less than
the average rate of annual increase
in wealth by establishing postal
banks of issue where the people can
get money on real estate security at
la rate of interest sufficient to defray
the expense Of maintaining such
banks-say two per cent-and do a,cay
10Th share holders and their profits.
During the latter part of every
year, agriculture presents to the ma
tion the fruits of it's toil,-a contri-
button to it's tangible wealth equiva-
lent to four or five times the whole
amount of money in circulation. The
pressure of debt forces almost the
entire bulk of this wealth upon the
market at the same time. Here the
inadequacy of the money in circula-
tiOn to represent the wealth Of the
people, falls with runious effect upon
the farmer. The discrepancy newt
ably tends to enhance the value of
the money and cheaper the price of
the produce, again enriching the
creditor class by taking from the
| debtor class without returning an
equivalent. The inflexible volume of
the currency admits of no provision
for an exigency that is of annual re-
currence.
The common sense of the people
should arrest this dangerous ten
dency by providing government ware
houses for the storage of produce un-
der government supervision and the
issuance by the government of cur
rency based upon the security of
these warehouse receipts, just as is
done to-day by the cold storage
warehouses in thousand cities upon
more perishable products. This
would give us circulating medium
whose volume would be perfectly
adapted to the public need, and the
usurer would be deprived of another
way of expressing the people by
means of the country's money.
The injustice of the "intrinsic
value' theory of our monetary sys-
tenn is illustrated in this fact. The
metal stamped by the government is
supposed to have commodity value
equal to it's legal tender value if it is
''honest" money. No other COM
modify but gold is to be endowed
with legal tender function. Hence
we have the spectacle of the total
product Of the agricultural Glass;
the basis of the nations prosperity
forced into the market to buy COM
modify of which there is only one
fourth enough to supply the demand.
Isn't it perfectly obvious that this
means increased power for one COM
modify and diminished power for the
other?
A Challenge.
E. w. Fish denies that he wrote
any of the plimentary passages
of "Donnelliana," and alleges that
Mr.. Donnelly is himself the author
of them Now we challenge any
friend and supporter Of Fish to make
plain and simple test of his veraci-
ty.. We have in the safe in our
office some of the original manu-
script in Fishs peculiar and we'll
known handwriting. We will show
them to any one who calls In them
we. find the following passages, which
reappear in Donne1liana:
It is true that even at this time
Mr.. Donnelly's love for the Man as
against the privileges of Power,
began to awaken hostility. An ex-
animation of the news papers of the
day distinctly foreshadows the fear,
on the part of the incipient million
aires of the West, that this young
giant would yet prove a thorn in
their sides. Already the slowly
forming agencies of political destruc-
tiOn began to shape themSelveS-and
a newspaper man can readily detect
the hand of the schemer laying cut
the grave-diggers task, should Mr..
DOnnelly continue in his independ-
ent course.
[Exactly:-E. w. Fish is engaged
in the grave-digger's task now, at
the order of Plutocracy.-ED. REP. !
And hence, the promising and
reasonable entrance of Ignatius
DOnnelly into state and national
politics was but the natural devel-
Opment of fair morning into the
nOOntide. However, the Eruption
of such an intellectual power into
the great maelstrom of political in
trigue, alarmed the scheming politi-
cal forces of the northwest, and be-
fore the sun was halfway to the
zenith, combination of those who
were spreading their robber-tentac-
les out over the great state was ac-
cOmplished; and the policies of the
then formative plutocracy of the ma
ti0n begun to exhibit some of that
tremendous power to crush which
has since extfnguished much Of the
noblest and best brains of the great