Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1894-09-12
WHAT IS THE BEST MONETARY
SYSTEM FOR THE UNITED
STATES?
By a. c. Fisk.

Prof. Jevous, in Money Mechanism
and Exchange" shows that in is65 the
value of gold between 1889 and 1909
fell in the ratio of 100 to ~ or 46
per cent. From 1908 10 1859 it raised
from 100 to a45, by i5 per cent, rem
dering government annuities and
fixed payments almost two and one
half times as valuable as they were in
1869. prostrating and para, a,yzing in
dustries in the same ratio that debts
and fixed incomes become more val
liable. and gold increased in value and
purchasing power. After 1916 gold
discoveries in CaliforL ia and Australia
increased the worlds annual supply
from SCI, ,0oO 700 that year to Sls1, ,OOO.-
oJ0 in 1851, diminishing its value 36
per cent.
1t Is contended that gold is a stan
dard of value 1t can not be a standard
of its own value, as it is subject to n
the changes ard fluctuations of other
products. Uniformity of general
prices is the only reliable standard of
Vdluc.
In 1857 ChevaIier in his work, Fall
of Gold" said: ''The quantities of
go d annually thrown on the market
makes in round numbers a millard of
francs $500. 001, 000). For long series
of years California and Australia
must pro1uce such quantities as to
render a market decline in it's value
inevitable" As gold increased it's
purchasing power declined, conse-
guently labor and the product of
labor increased.
Germany, Austria and other conn
tries demonetized gold. The Con-
gressional Monetary Commission says:
the movement in Europe for the
general demonctization of gold would
have become general but for the re-.
sistance of France. The change from
demonitizing gold to demonetizing
silver was more of form than of sub
stance. The object aimed at by both
was disuse of one of the money metals
to protect the creditor CLASSES, and
those having fixed income against Il
fall in the value of money and a rise
in general prices of labor and pro-
perty." The Fall of Gold" which
Chevalier lamented in 1857 was it's
fall IN relation to property. 1t was
not fa.l in gold in relation to silver
which caused Germany to demcneti1e
silver in 1851, nor was it fall in the
value of silver which induced several
countries of Europe and the United
States to demonetize that metal. The
object was the same in both cases. TO
decrease the volume of money, and
consequently enhance its purchasing
power.
Banks should not have the power to
increase or contract the currency, and
the right to regulate the currency
should be taken from congress and re-
ferred to the people. No legislative
body ought to be vested with the
power TO pauperize the nation. The
liberties of the republi are in danger
so long as the power to decrease the
money volume remains in the hands
of congress They can, by colluson
with the chief executive, cause 4 con-
hscation of nine-tenths of the prop
erty of the nation. All powers o;
congress are derived from the consti-
tuition, but that instrument should be
amended SO as to prohibit congress
from decreasing the per capita circu-
lation of money below given point.
say $50, without its being submitted
20 direct vote of the people. And
the taxpayers of all countries should
iederate together and pass an inter
national law holding any ruler re-
sponsible for any new indebtedness
except and with the unanimous voice
of the people expressed by the Aus
tralian ballot system
There is no doubt but that congress
and the national administration have
been unduly influenced by the money
power Of the world for many years,
lntil the liberties of the people and
The life of the nation itself, are in
danger If congress has not the right
TO delegate its control over the coin
age of gold and silver. where does it
OBJ ain its authority to delegate it's
control over coined substitutes? Con-
gress could not grant the substitute
prerogative TO the banks unless it first
poss sessed it. If it ever possessed it il
was held as trust 10 exercise for the
benefit OF the people as their agent.
If 1T never possessed the substitute
prerogative, it could not confer il
upon the banks. hence they exercised
usurped powe-. Congress has no
more right to delegate its powers to
issue one kind of money than another.
If congress has right to confer the
monetary function of sovereignty
upon an hereditary succession.
1T has right to dispose
Of any kind and all sovereign powers
in the same manner. The national
bank system is a step toward the
esta ablishment of a sovereignty based
upon hereditary succession and is the
corner stone of imperialism
The bank act conferred and perpet-
uating delegated power upon foreign
ers and aliens is a gross betrayal of a
trust delegated by the people to con-
gress by the constitution, and is trea-
son against the people. The national
bank act is usurpation of power
not warranted by the constitution.
The question arises, il bank notes
are money. where do they derive their
money functions, and if the govern
ment can create money for the banks
why not for itself and the people? II
the debts of nation are good security
on which to base its money, is not its
wealth better security? Why should