Cottonwood report. [volume] (Cottonwood, Idaho) 1893-1901, 1894-12-28
HON. WILLIS SWEET TALKS.
An Interview Published
In The Bo kiln Eegle.

| oeo ~
Personally, am bi-metalis'.
| may lie wrong, l.ut | sincerely
believe that given amount OF
gold is limited in its credit pow er
just as surely as any individual,
business firm. corporation or
company is limited by the b,si-
ness world to the amount of
credit to which the laws of busi-
ness entitle the individual or
eompGny. Their is an average
limit 10 the amount Of gold in
stock in the United Staets and
there isa limit, which may be
calculated with reasonhle certain
ty, 10 the amount which may he
bought. No matter how
strong and stable our cred
it may be, it cannot buy that
which is not for sale, much less
that which does not exist. Ii
seems to me that the limit of credit
to which our share OF the worlds
stock ofgold is entitled, is passed.
That our credit money no longer
performs the functions of money
is demonstrated by the fact that
no class of securities and no kind
| Of property is valuable for col
lateral or security at any bank
between New York and San
francisco except at actual gold
value of the security rendered.
This evident fact goes far to es-
ttblish the claim of bi- -metalists
to the effect that when the limit
OF security to which the basis OF
money is entitled is passed, that
thereupon the promise to pay il
that metal cease to perform the
functions OF money which meas
ure6 values, and that all property
is scaled down until the actual
gold will measure it. This is
the exact opposite Or saying
that the enormous demand for
gold and the limited amount
with which to supply that de
mand, has go appreciated its val
ue as to take from it every ele-
mcnt of honesty. No dollar can
| be "honest" which is not a just
and equitable measure OF value
over long periods Of time. Time
contracts cannot be made upon
any other basis and a dollar
that is constantly appreciating
| in value fails in this absolutely y
essential quality of ''honest'
money.
Believing these things, it be-
comes evident that the Baltimore
plan or any other plan which
proposes the issuance of more
credit money will fail. A re-
viyal Of business would to some
extent increase values, but il
would not bring them back to an
equitable relation between gold
: and property 1t is ccmprehen'
sible that from the president
down these gold men are ready
to resort to any and every schm'
suggested, or trick Of finance
rather than plant themselves up
on the safe basis of a broad ant
!, abundant metal foundation TO
our money. 1t can only he &C
Il counted for in one way and per
haps an illustration will max
this way clear: The oil bushes
has been turned over to the Stan
dard OH company: the suga
business to the sugar trnst: lea
the lead trust; coal to the raj
road companies owning COS
: mines, and now, perhaps, it
fitting to make the chain con
!, plete, that the banking systel
and the control Of our tinanc'
shall be turned over to the banl
ers, But do not believe tina
however. much the peop
}. may have borne in Il
directions, referred to, they "
submit TO the plan of turnil
of cur financial affairs over
the men whose sole business it
! to lenl money, and whose ch