The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-06-13

wealth Of theAcountry increased, three bill
lion dollars. That would make per capita
of somewhat less than $50. But many cities
are, at present, in condition which would
make 1T impossible for them to exceed pres
ent Indebtedness, they having already
pressed the limit. 1t is probable that by
this method, with a per cent linlita ton,
not more than two billion dollars could be
issued. This should be sufficinet to show
that imitation would not result from it's
adoption
But what is the value of the money thus
put In circulation? Gold men contend that
no dollar Is valuable except it be redeema-
Die IN gold. If dollar would not buy any
thlng but gold what would it's value be?
Extremely small, l suspect. But the public
debt dollar, here proposed, is redeemable
IN gold or anything else which is valuable.
IL Is based, If you please, gold silver,
copper, coal, wheat, cotton beef, corn or
any valuable commodity. If man wants
soid with which to travel abroad the gov
eminent guarantees that he shall have it,
at the market price. So. of the commodi-
Ties. Moreover, the security for such money
IS ample. 1t is more than ample-it is alb
solutely sure. If a man desires to borrow
sum of money equal to thirty per cent
vi the value Of his porperty, and secures it
ny a mortgage on the entire property such
security is pronounced by the most consery-
atlve banks to be "gflt-edged." Here how
ever the money is issued on bonds which are
HrSt mortgage on property valued at ten
or twenty times their aggregate amount
II banks will pronounce a loan of 30 per
cent or the value of the security safe it
certainly does not lie in their mouths to
pronounce such money as is here proposed
unsafe.
1t would be impossible to present this
SUBJECT in all it's bearings in such a letter
as thls. l woul like to say, however in
closing, that the credit money of the United
/ fbo Of
the United States to pay in gold merely
must be very unsafe, inasmuch as there
happens to be only about $50 OOO 900 in gold
at this time at the disposal of the govern
ment Ihe money proposed by this letter
IS secured on it's face by all the wealth of
the country. 1t is national currency and
Will pass in all parts of the United States
1T is superior in that respect to the state
bank issue clamored for by many of the
states. Moreover, it is eminently patriotic
When the security of our money depends
on the security of our government the
Union is assured, and the republic will be
sustained by the best thought and blood of
the people. The inventor of this plan does
not insist that his plan solves all social
questions. 1t Is not "cure-all." He be-
neVeS, however, that it is a fair solution
OF the money question, and if it would be
adopted would simplify the business of the
country, and rid the public of that mon
strosity which has enslaved all countries
and made them pay tribute to England and
Germany, as did the conquered kingdoms
or old to ancient military Rome. He be-
lleves that some financial system must be
adopted which is fair and right as distin-
guished from the gold system, which has
proven to be and is the curse of modern
civilization. Gold may have been good
enough to enable the patriarchs to deal
with one another in those primitive ages
at the dawn of history, when the best mode
OF conveyance was an OK cart a camel
With the advent of the locomotive, we need
a financial system fitted to rapid paces
and gold is much of an incongruity
in the splendid procession of progress, as
an old OK cart numbering up from the
plains of Hebron would be. The change
must come and it surely will Either hui
mainly must be freed from the curse of
gold and move on and up to higher and
better plane, it must turn back and
through disaster and misfortune to resume
its primitive condition, shorn of it's glory
and grace. In such a condition, only, is
gold a sufficient standard
FRANCIS H. CLARKE,