The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-08-01

wherever IL pleaSeS; and this brings up the
whole question Of
VOLr"ME OF MONEY.
That volume of money is important is
nowhere among thinkers denied. No one
would say that one dollar is enough cur
| rency, or one hundred millions, or even
one thousand millions, for the United
States. There is therefore such a thing as
proper volume of money
The total paper issue of redeem
able paper of the Bank of Rus
STA, Bank of Spain, and Bank
OF England .......................$S 25 600 900
1otal gold reserve to redeem it,. 293, 600, 900
Paper resting on faith 1892 OOO 900
IL is fact that France, having the larg-
est circulation per capita, has the least
proportional concentration of wealth in few
hands,
The American Cyclopedia says: THE
presence of a large supply of money in a
country must therefore exert an important
influence upon its advancement in pros
| perity, by furnishing the means wherewith
labor can be paid and thus preventing it's
waste Now in the United States in 1866,
when prosperity was very general, there
was a circulation of $50 per capita, or
| SlS63, PIG for only 5,719281 population.
me contraction caused by the Seven FL
nancial |onSpiracies," so we'll defined by
| Mrs Emery, has left us aside from the re-
| serves locked up), as Judge Widney in
| 62OOO,OOO population, little over Sill per
| capita with which to transact yearly
| volume of business amounting to $780, 600,
| 100000
There was in the banks in the United
| states, state and national in 1890, due de-
| positors &6C9, S4i, l57, and those banks had
| only $47S.316564 to meet it, and of this
| only $l2S622, 4S9 was in gold and silver coin.
ms terrible contraction, aggravated by
demonetlzation of silver, has reduced prices
| to farmers alone $1,000, 600 900 in a single
| year, While the loss to labor was at least
| AloW,UO,OOO per year. Further details are
not necessary. The volume of money in
| the United States is far too small Who
| shall fix upon the volume? Heretofore all
| such matters have been without any uni
form rule; in fact without any guide ex-
cept the caprice of bankers and money
lenders.
Money being but a mere tool imple-
ment, its volume should be sufficient to
ERECT exchanges employ labor and extend
necessary credits in such manner that none
can justly complain that their efforts are
wasted or at a disadvantage because of
insufficient currency, or usury. The neces-
sary volume will be best determined by
results. 1t is certain to find their money
paid in very rapidly by the mortgages,
who would hasten to transfer their loans
to the ub-treasu at the per cent
basis.
This being done such private savings
banks would most of them go out of bust
ness, because they would have to drop
their interest rate on deposits to per cent,
and then their customers would all prefer
the absolutely safe postal savings bank at
tached to the ub-treasuries. which can
never fail. Should the government desire
greater deposits in its postal banks, it may
easily affect such results by the of the
taxing power against private institutions
receiving deposits for interest
Mr.. John Locke said: 1T is in vain to
go about effectually to reduce the price of
interest by law
This means ordinary usury laws of states
where private credit only exists. Such has
been the experience under those laws
There remains but one effectual way to
crush usury. That is to nationalize credit
and thereby bring the ma ton into the mar
ket as the greatest of all lenders of money,
with the unlimited taxing power it pos
sesses to aid its purpose.
Such is the system of naturalization of
credits proposed by the Omaha platform
1t is proposed to commence upon this alb
solute safe basis. If money shall flow to
the sub-treasuries in greater quantities
than can be utilized by the credits there
dealt in, there is no doubt but that the plan
can be extended largely, in the light of ex-
perience and careful experiment.
Never before was presented a plan at
once more feasible. which has in it so
much of hope for the ensaved people
Without disorder or undue imitation it will
stimulate every industry. employ infinitely
more labor at good wages, open up new
helds of enterprise, lift the burden from
agriculture. cheer the heart and hope of
toll. and more than any one step, hasten
the day of public ownership of public utili-
ties coal mines, etc, and advance a eenu-
inc cO-opera ton.
1t is for congress upon due discussion to
prepare the details and make the start. 1t
is thought the sub-treasuries may be
started for $50, 1000, and the expense of
conduct be not to exceed $6,00O 900 per year.
Out of the $500, 00o 900 per year expended
now, this is of no import and with the tele-
graph the exact accounts Of every sub
treasury can be balanced in Washington
each day.
NOT CLASS LEGISLATION
This is not class legislation. 1t is the duty
OF government to provide a system of cur
rency. The national banking act pretended
to be for the purpose of providing a cur
rency for the United States but it was in
effect currency provided for bankers, to
loan to the people upon usury. Now we de-
mand that the government perform it's duty
to the people All it can do is to provide the
best which the conditions admit of Under
the competitive system of industry exact
equality is not now attafnable. If the pres
en- system of money were the best that is
now feasible we could not complain. 1t is
not. That proposed is. We must therefore
accept the best system which can be safely
devised or obtained within present limita-
tions That proposed at Omaha is of enor-
nous advantage over the present. 1t traV-
els a mighty step in the right way Every
man is helped by it except the usurer. 1t
is capable of extension and improvement
by experience. 1t deserves universal support
1t does not, and for the same reasons can
not instantly abrogate all interest on
money. Great disease and disorders in ma
lions as in men, must amend gradually
The government proposes las to the
money flowing in from depository, to pay
per cent and receive 2 per cent and very
largely nationalize credit upon that basis
for the present. This cannot properly be
accounted interest. 1t is a system of prem
iums given and received by government
in order to establish the best system of ma
tiOnalized credits which the present Compel
tive order of industry will permit Striv-
ing ever for better day, feeling ourselves
bound in morals and justice to construct
system of finance which will, to the great
est extent now possible Danish interest We
erect, by these premiums given and re-
ceived. the system now feasible, as the only
alternative to universal and ruinous usury
This is a moral duty, imperative upon ma
tions-and herein, jeremiah says 1.-THE
Lord hath controversy with the nations"
Let us take up this controversy. 1t is
against old and giant wrong. In this strug-
gle we are upon firm ground and cannot
be shaken. Let us give our best efforts to
the cause of justice and humanity The
light is far above the mountain tops. The
sun of hope and truth advances steadily
The hosts are gathering for the moral con-
f1ict
HE has sounded forth the trumpet that
shall never call retreat
He is sitting out the hearts of men before
his judgment seat
Oh. be swift my SOul to answer him. Re