Little Falls weekly transcript. (Little Falls, Morrison Co., Minn.) 1894-19??, 1894-08-17

is good thing; it is right; patriotism is
not dead here in the United States.
Honest men and women abound all over
this nation. Our country is full of people
who are striving to make this world bet
ter. 1t is right that such should be the
case.
The great majority of the religious peo-
pie of the world are sincere, are not hypo-
critics. They are struggling each day to
live pure and upright lives. That, too, is
quite right.
Mothers, as rule, still love and care for
their children as tenderly and as patiently
as they have ever done. 1t is we'll.
The majority of our business men arc
upright and honest in their dealings. Our
country is full of men whose word is good
as their bond. That is right.
Most men in this country believe in de-
cency, in law and order: Crime is not
generally approved of by the masses; and
meanness is not at premium among our
people.
The upward tendencies of civilization are
generally recognized by the sensible men
and women of the United States. This is
all as it should be.
IF wisdom struck the earth before the
Populist party was born, where did it
striker" asks Ignatius. answer:
It has been occasionally lighting through
all the ages past. Solomon had a touch of
it. Socrates and Plato would compare
favorably with Donnelly and Weaver.
England, France and Germany no doubt
had sprinkling Of wise men during the
last thousand years. Indeed; wisdom at
times may have taken up her abode even
in this republic of ours. This nation need
not despair. recall with little effort such
names as Washington, Franklin, Hamil-
ton, Marshall, Story, Webster, Clay,
Greeley, Douglas, Sumner, Chase, Fessen-
den, Blaine and Abraham Lincoln, besides
a host of others that might be readily
named.
If Jerry Simpson, Senator PETER, Gov.
Pennoyer, James B. Weaver, Calamity
Weller and Ignatius Donnelly are wise
men, then the men named above were all
fools. Honestly, prefer to be found train
ing with those old "fogies'' rather than
with these ''new lights" Mind you, the
question of finance was studied carefully
by most of these men. More than that,
the world has produced thousands of able,
studious men in the past centuries who
have given careful and lifelong attention
to financial questions. This entire army
have been all wrong if these Populists are
right. I hesitate to believe when men tell
me that only fools have heretofore been
born.
''What This Fool Meant"
Mr.. Donnelly seems to be angry because
attempted to Illustrate that money must
always be composed of some substance
which possesses value in itself, or, if it be
bat o1- 1,
promise to pay certain amount of some
substance. Hear him:
What this fool meant was that you can't
have money without it has intrinsic value.
Now everybody knows that 81, 900 United
States bond is not only worth it's face, but
commands large premium. It has no
intrinsic value. 1t costs about cents to
make it. 1t is not made of gold or silver.
1t simply represents the faith and credit
of the nation. No banker endorses it.
Now, if this bond was cut up into separate
bonds of S. each would they not be also
worth their face value?, And what is a
greenback but chopped up bond-a little
bond, a baby bond? And if the nations
faith and credit are good for 81 900 are
they not good for S., especially if the bill
is legal tender, which the bond is not?
And does not the history of those $60,00o.-
600 greenbacks demonstrate this?
Did any one ever find more financial nom
sense than is condensed into the brief QUO
tation above? Mr.. Donnelly tells us that
United States bond has no intrinsic
value, that it does not cost cents to make
it. He ignores the fact that the value of
the bond is not in the paper itself It is
IN THE PROMISE of which the paper is
evidence. That promise is and ALWAYS
must be an agreement TO PAY SOME-
THING WHICH HAS INTRINSIC
VALUE. The bond is not ''gold or sill
ver." True, but it is PROMISE TO
PAY GOLD OR SILVER, and it's value
consists in the fact that the government is
able to pay and does pay such promises at
maturity. The government might make
such promise and never put it into writ
ing or print it in any way. Yet the prom
ise would be worth the amount verbally
agreed upon, because such amount would
be paid on demand.
If the nations faith and credit are
good for 81 900, are they not good for s52,,
asks Il D." Most certainly they are.
That does not touch the point in issue at
all. If the nations faith and credit are
good for 81 600, does it necessarily follow
that they must also be good for $4,000.
100000? That is the real question at issue.
Indeed, that sum will not meet all the
purposes for which the Populists would
have che government issue paper money.
Will Mr.. Donnelly indicate whether he
believes that there is any limit to the
credit of a nation? If the government can
create money by simply running print
ing press, will it make any difference how
much of such money it puts in circulation?
Is there any point as to amount beyond
which a government cannot safely 90? it
has been conceded generally in the past
that such q limit does not exist as to ali
nations. That has been the notion az
fnanciers Of the world, before the world
was Illuminated by these modern Populist
lights Since the blazing glory Of their
wise teachings irradiated this planet. am
unable 70 state what the new refulgence
has revealed upon this subject.
# the credit Of an individual or nation
cannot be destroyed BY an overissue Of Oh