The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-12-27

!
have told us, is the only honest dollan
Well, suppose, for the sake of argu-
ment, that we grant it. 1t follows,
then, that gold dollars are the only
dollars we can have to measure values
with. And it follows that we can't
make two or three dollar measures out
of one. Two or three dollars made out
OF one dollar will be worth but one
dollar, according to intrinsic" meas
ure, and such currency imitation or dol
lar depreciation is dishonest. The
gold dollar oracles will of course
hasten to inform us that the so-called
dollars are not dollars, properly speak
ing, but silver or paper notes. promises
to pay (gold) dollars. But we answer,
how can government honestly agree
to pay more dollars, twice over. than it
has or than its people have, or than it
can coin? Every dollar note or silver
coin in circulation must have gold
dollar held in the treasury to redeem
it, or it is dishonest dollar, fat
imitation of the currency. The
gold basis men informed us that
the continued coinage of silver,
the 'dishonest sixty-cent dollar" was
destroying confidence, and that the
collapse of credit, the dreadful panic
and paralysis of business which has
come upon us, was all caused by silver
currency imitation. Why, in the name
of all consistency, then, do not the
''honest dollar" men stand by their
creed? Why do they not insist that
6011 hor O. -
gold reserved in the treasury to make
it honest? According to the published
report of R. E. Preston. director of the
mint, we have 624, 900. 600 of these dis
honest, part fat, silver dollars in cir
culation, and $469 900, 600 of uncovered,
fat paper We are also said to have
661. 000 900 actual dollars, gold dollars
But the gold cannot be increased by
exchange. If honestly stored and used
as money of final redemption it can re-
deem only its own face value of paper
or silver. and therefore the idea of
money of redemption is dishonest
financial trick, invented to cover the
fraud of currency imitation, currency
built on gold that we haven't got.
The fact that all the commercial ma
tions of the world are using not only
gold, but silver in more than equal
amount. and the farther fact that they
all are using two-thirds as much
covered paper as they have of either
gold or silver, for money, is a universal
concession and complete demonstration
that gold is not equal in amount to cur
rency needs, and that gold and silver
together are an insufficient money.
Uncovered paper, fat money, no mat
ter by what blockheads and hypocrites
ridiculed, is being used by twenty
three nations, including Great Britain.
twenty seven hundred million dollars of
it, and if it were not tied dishonesty to
unowned, unreserved gold, to gold that
belongs to private individuals, it would
not itself be honest.
All money is fat money, money of
decreed value, gold as we'll as silver
and paper. And what we need is money
which cannot be cornered and loaned
at a premium. Money should be in
creased as wealth increases, and credit
money, money based on ample security,
should be obtainable without interest
by all who need it to furnish employ
ment and further increase wealth.
Money should, by the legal tender law,
be redeemable ALWAYS not in one thing,
which may be cornered by the few, but
in everything which is bought and sold.
And the money issued by the govern
ment should be deposited with the gov
eminent for perfect safe keeping by
those who earn more than present
needs require
The populists declare that there can
be no ample supply of currency if for
that money we must pay usury or in
terest. We have more money now than
the people can afford to borrow. There
is, at the same time not enough money
now, which can be borrowed, because
the people who need it to use cannot
pay the rate of interest demanded. If
the rates were reduced one-half by the
government or a private corporation
which could do unlimited loaning on
good security, the demand for money
by those who would produce wealth
with it would be greatly increased.
And it credit money on ample security
could be obtained without any interest,
then and only then would all the
money be put to use which could be of
service. But no more money would be
borrowed on good security than could
be used to increase wealth, and the in
crease of wealth and money being thus
tied together the dollar unit of value
could not fuctuate. Money SO issued
would be our servant instead of rul-
ing tribute-enforc;ng power.-Lincoln
(Neb Acknowledgment
THE UuTIMATUM,
The Peoples Party Will Never Consent to
he Swallowed by Another New Party.