The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1894-08-16

uen. .1iillns aud a. Flshanil lincoln, Dcsides
. host Of others that might b readily
named.
II 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 s'new lights.n 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 II these Populists are
right. hesitate to believe when men tell
me that only fools have heretofore been
born.
| s'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
paper money, that 1t must always be a
promise to pay certain amount of some
substance. Hear him: a
| What this fool meant was that you can't
have money without it has intrinsic value.
Nov everybody knows that a 81 900 United
States bond is not only worth its face. but
commands a large premium. 1t has no
Intrinsic value. 1t costs about cents to
| make 1t. 1t Is not made of gold or silver.
| 1t simply represents the faith and credit
OF the nation. No banker endorses it.
Now, il this bond was cut up into separate
bonds of s. each would they not be also
worth their face value? And what is q
greenback but a chopped up honda little
bond, baby bonda And if the nations
faith and credit are good for $1,000 ara
they not good for IS, especially il the bill
is legal tender, which the bond is not3
And does not the history Of those S60,0O0,-
600 greenbacks demonstrate this?
Did any one ever find more financial nom
sense than Is condensed into the brief quo
tation aboves Mr.. Donnelly tells US that
United States bond has no intrinsic
value, that it does not cost 3 cents to make
it. He ignores the fact that the value of
the bond is not in the paper itself 1t Is
IN THE PROMISE of which the paper is
evidence. That promise is and always
must be an agreement TOsPAY 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
Use would be worth the amount verbally
agreed upon, because such amount would
be paid on demand.
eff the nations faith and credit are
good for 81 goo, are they not good for $5s"
asks II. D." Most certainly they are
That does not touch the point in issue at
all. If the nations faith and credit are
good for s., 900, does it necessarily follow
that they must also be good for $1O, OOO,-
5000? That is the real question at issue.
Indeed, that sum will not meet all the
purposes for which the Populists would
have the government issue paper money.
Will Mr.. Donnelly indicate whether he
believes that there is any limit to the
credit of nationf If the government can
create money by simply running print
ing press, will it make any difference how
much of such money it puts III circulation?
Is there any point as to amount beyond
which government cannot safely go? 1t
has been conceded generally in the past
that such a limit does not exist as to all
nations. That has been the notion of
financiers 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 to state what the new refulgence
has revealed upon this subject.
If the credit of an individual or nation
cannot be destroyed by an overissue of OBJ
legations It will be news to me. TIL
world is full of business men who may be
''old fogies" and yet they will hesitate to
believe such foolishness as these Populists
teach.
Some Fatheriy Advice.
One'wo more address directly to M.
Donnelly himself. am somewhat famil-
lar, Ignatius, with your efforts to abolish
Shakespeare. l meet some people who
doubt your success in that effort. Your
present effort to abolish all the we'll known
laws of finance may also prove a failures
l beg of you do not try to do too much.
Did you ever contemplate trying to abolish
the law of gravitation? Why notS That's
an 'oll fogy" institution. Suppose
you try your hand at that next. just set
the planets to running wild through the
realms of space. They would not become
worse tangled up, be more ef'ratic in their
courses or more likely to go to smash than
the country would be if the Populists
could regulate it's affairs
Permit me just one suggestion. What
ever you attempt in the future try and let
your efforts be governed by rules which
are recognized as proper among all gen!
tlemen. Never write and publish any
thing, the second reading Of which will
make you ashamed of yourself.
According to the philosophy 80 aptly
stated by Gen. Garfield, you are compelled
to live and associate with Ignatius DON
nelly 365 days of each year of your natural
life How important, then, that you retain
your own self-respect. Read over again
your ''screed" in The Representative and
then tell the world candidly if It's perusal
has q tendency to make you feel proud of
yourself. If it does, then it will enable the
people of the United States to determine
the kind of meat on which you feed, and
on which you grow so great"
People may have honest differences in
this world. They may state such differ
ences in incisive and impressive language,
Men Of sense never object to clear cut and
telling sentences.
That, however. never gives man the
right to indulge in vulgar invectives. Men
OF genuine culture never demean them
selves by descending into the mire
r. G.. HORR.
ANCIENT QGHT!CC5ES