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

San Francisco. Cal.
| to issue money and thus control its vol
ume and, thereby, interest and prices.
David Hume says: Failing prices, mis-
| cry and destruction are inseparable COM
| panlons The disasters of the dark ages
were caused by decreasing money and fall
| ing prices With the increase of money
| labor and industy gain new life
Thomas jefferson said: Il sincerely be-
| lieve with YOU that banks are more danger
| Gus than standing armies Put down the
| banks and If this country cannot be carried
| through the longest war against her most
powerful enemy without loading up with
perpetual debt, l know nothing of my
| couHtis men. Bank paper must
| be suppressed and the issue of the circu-
| latinS medium restored to the nation, to
| whom it belongs
J henry Gay said: Il conceive the estab-
nshment of national bank dangerous to
| the SAFETY and welfare of this republic
! Andrew jackson said in his farewell ad-
| dress While crticising the national bank
| IT openly claimed the power of regulating
the currency throughout the United States
| IN other words, it asserted (and undoubted-
~ possessed) the power to make money
| plenty or scarce at its pleasure
John {. Calhoun said: place the money
: power in the hands of Il combinatio of a
| lew individuals, and they, by expanding or
| contracting the currency, may raise or sink
| prices at pleasure, and by purchasing when
| ''e tiiS SiedteSt oppression ana selling when
at the greatest elevation, may command
the whole property and industry of the
| community. The banking system concen-
uates ana places this power in the hands
| OF those who control it. Never was an en-
Slne invented better calculated to place
| the destnles of the many in the hands of
| the few
salmon r. Chase said: My agency in
procuring the passage of the national
banking act was the greatest financial mis-
take OF my life. 1t has built up a monopoly
that AFFECTS every interest in the country
| 1t should be repealed But before this can
| De accomplished the people will be arrayed
| on one side and the banks on the other in
contest such as we have never seen in
| this country
Abraham Lincoln said: LAS a result of
the wal corporations have been enthroned.
anu an era OF corruption in high places will
loilo", ana the money power of the coun-
| Try Will endeavor to prolong it's reign bv
working upon the prejudices of the people
untll all wealth is aggregated In a few
| hands and the republic is DESTROYED"
The monetary commission of 1876 in its
report, says: An increasing value of
| money and falling prices have been and are
more fruitful of human misery than war;
famine and pestilence. 4 shrinking volume
| of money and falling prices always have
mad and always must have a tendency to
| concentrate wealth, to enrich the few and
| TO lmpoNerish and degrade the many"
Inc owners of money don't want the
volume increased. While it is limited thew
can control the rate of interest and the
value of all labor and products and can
dlctate the price of all property.
corner on money is corner on all other
| corners combined. and can control the So
cal and political. we'll as the producing
| labor and property interests of the ma
tioh. Il NJ. Widney, President Univer-
slty bank Los Angeles, before Commercial
Congress, Kansas City 1917
NATIONALlZATION OF CREDIT RY
THE SUB-TREASURY PLAN.
Having shown that the system of con-
troll Of money by individuals and banks
cannot be permitted without destruction to
'he masses, we turn to the erection of our
| only alternative. viz: a system of national
credits to be extended directly by the COM
monWealth to it's members through its
treasury department. There are several
methods of issuing paper currency by
the government. The method employed
during the late civil war supplied a money
resting upon the faith of the nation
In a speech at Skowhegan in 1864 James
u. Blaine, taking sreenback out of his
! pocket and holding it UP to his audience
asked What is this? A dollar. And it is
good dollar-good for the farmer the
mechanic. the merchant the sailor every
pody. What makes it a good dollar?
because every dollars worth of property
in the United States is behind it, and the
| MES blood of every true and loyal Ameri-
it good dollar
Abraham Lincoln. writing to Col Dick
Iaylor who, in 1862, suggested the green
back to Lincoln and Chase, says: tChase
thought it hazardous thing, but we
finally accomplished it, and gave to the
| people of this republic the greatest bless
ing they ever had-their own paper to nav
their own debts"
But there was one element in that issue
of currency aside from the exception
S-r,1,
upon. Ihat issue contemplated the REDEEM
tioh IN com. 1t was a promise to pay, and.
IN coin; and the resumption act taking eff
feet in 1879 was the execution of that plan
or redemption. The greenback is treated
today as debt of the government payable
in coin.
No future issue of paper money should
have this future
REDEMPTION AND VOLUME OF
MONEY
The question of volume and REDEMPTION
arc considered together. Metal money
never has the words promise to pay
stamped on it yet they there in effect,
for it is the fact that goods, labor land,
or wants of human desire may be obtained
by it, which gives it value as money. It
is to be redemmed, therefore, by what
ever satisfies human want. But paper
money has generally contained this phrase
promise to pay meaning in coin, gold or
silver, or gold only. But as the coin is val
created or improved by labor this latter
is really the only redeemer of any kind of
money.
But all paper money which has a promise
10 pay IN coin Institutes a middle Internal
machine by which owners of coin or bnl
lion can control money, therefore no paper
money should ever contain such promise
How then shall it be redeemed? ask some.
for this idea of redemption seems to have
possessed the minds of men in connection
with money.
Why, the whole idea of redemption lies
IN the fact that the creator of thing will
receive it again. The redemption wrought
by CHRIST as SET up in theology is only that
He had induced the Creator to receive into
Himself the creature He created. The re-
demption of paper money issued by govern.
ment lies in the promise to receive and
to compel all others in its jurisdiction to
receive it as legal tender. Paper money
therefore should be made universal legal
tender. and contain a promise to receive
and never promise to pay in coin Such
money has effectual redemption in that the
holder obtains property of some kind Gre
ated or improved by labor, which is all that
coin obtain.
Henry Clay said: 'Whatever the govern
ment agrees to receive in payment of the
puDllc cues is money, no matter what its
form may be, treasury notes. drafts etc
Such bills or paper, issued under the an
thorlty OF the United States. are money"
But how will government receive it? saws
some skeptic. VIII it receive all that is
offered to it? Government will receive all
that is offered to it in the course of its
cooperation. The greater the cooperation,