The herald-advance. (Milbank, S.D.) 1890-1922, 1894-08-17

me out in this statement. Let us trs
to be truthful about these matters.
1t is the threatened free trade leglsla-
ton OF the Democratic party when mas
paralyzed business, thrown people out OF
employment and cut down the wages OF
laboring men here in the United States.
| The fact cannot be gainsaid by calling
anyone else hard names. Epithets prove
nothing.
| MORE MONEY NOW THAN EVER.
quote again from the article in the
| Representative:
| Mr.. Horr said:
"They tell us that it is overproducllon,
when the fact is that it is lack ct con
sumption, because there is nothing to
/ buy with
What do you buy with? Money. Who
reduced the money of this country by
demonetizing silver? The Republican
party.
Again Mr. Horr said
'The Republican party plants itself
upon the position that we should make,
as far as possible, everything we need
right here at home"
Well, why don't you make your money
at homes Why should we borrow money
in England, and pay interest on it, when
our experience during the war. with the
first $6O,O00,O00 OF greenbacks, shows
that we can make just as good money
ourselves, anc pay no interest on it,
The statement which | actually made
was this, that the working people of the
United States could not buy articles as
they had done in the past because their
wages had been recently cut down OF en-
tirely stopped, and on that account the
workingmen had nothing with which TO
buy: Nowhere did intimate that sucl,
a state of affairs existed because there
was no money in the country with which
10 buy. The statement which | did
make is absolutely true. The wages
paid each day for work all over the Unit
ed States for many years past have been
the greatest distribution of wealth. known
any where on the face of the earth
The statement which this writer seems
to believe, and seeks to make me utter,
is not true. The money of this country
was not reduced III amount by the law
Of 1873. The money in circulation per
capita in 1878 was SlS04. In 1874 it
was $1Sl3 1t then fell little per cap
ita each year. chiefly in consequence Of
the population increasing 100000, up
10 1878, when 1T was SIS. 80, when the
amount began steadily TO increase, and
IN 1898 it hal reached the sum of S23.S0
per capita. TO-DAY 1T is NEARLY $o5 for
each man, woman and child in the Unit
ed States.
In the face Of this we'll known fact
why keep asserting that there is such
a lack of currency in this country?
What we need is revival Of business SO
as to moke the money circulate which
has all this time existed in the United
States.
WHAT MONEY REALLY Is.
Because l stated that we should make
as nearly as possible everything we need
right here ut home, this writer ask ) +:
well, why don't you make your money
at homer That question is founded on
the assumption that money is manu-
factured article like cotton cloth or WOOL
len blankets. 1t is nothing of the kind.
"Why should we borrow money aud pay
interest on it when experience shows
! that we can make just as good money
ourselves and pay no interest? quoth Il.
d. That question could be asked only
by person who believes in "fiat" mon
ey.
Experience shows this and nothing
more; That our government can issue a
limited am1unt Of notes, payable on de-
mand. and keep such note $ at par SO
long as it redeems them when demanded.
Experience also shows that when the
amount is so large that the government
fails to redeem them on presentation,
such notes fall below par. Government,
might issue 900 OF such notes ana
keep them good, when it could do moth
ing OF the kind with 10 times that
amount. A man worth 5000 might
issue prou.issary notes Of 500 each to
the amount of $1,000, and those notes
might all remain good. His well-known
ability ~ pay that amount would give
people confidence in his promise. Let
1t once be understood, however, that
there are $4,000 of such notes out
against him and those notes will instant