The Princeton union., 1894-08-16

obtalned Tor paper money without any
kind Of redemption. have tried for
years to get some one Of them to send me
sample Of such wonderful paper money.
] am anxious to look at it, to examine 1t.
SO as to find out what it is like.
Few Things Are Right.
Why wonder, then, that should have
said to my St. Paul audience:
You've got to meet a new party. a
party that believes that everything was
wrong and that everything is still wrong;
that thinks that wisdom never struck the
earth until a few years ago, when the
first Populist was born.
II. D. virtually admits that, my claim
as to the belief of his party is correct.
Hear him:
And the new party, he says, believes
that everything is wrong" Well, isn't it
| wrong? Will Mr.. Horr tell us what is
right today? Now, even the money-lend-
ers are not happy, for their securities are
turning into chaff And if wisdom
struck the earth" before the Peoples Party
was born, where did it light?
I assure this Populist writer that the
world is full of things which are right.
To name for him all such things would re-
quire volumes. To enumerate the bless
! ings that know about myself would be
to write book. For example, patriotism
! 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 s
| Mothers, as q 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 are
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
mean ness 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- 81
IF wisdom struck the earth before the
Populist party was born, where did it
| striker" asks Ignatius answer:
1t has been occasionally lighting through
all the ages past. Solomon had touch of
it, Socrates and Plato would compare
favorably with Donnelly and Weaver.
England, France and Germany no dou BIT
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 We're 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
I attempted to illustrate that money must
always be composed of some substance
which possesses value in itself, or, if it be
paper money, that it must always be a
promise to pay certain amount of some
substance. Hear him:
What this fool meant was that you cam
have money without it has intrinsic value.
Now everybody knows that S., 900 United
States bond is not only worth it's face, but
commands large premium. 1t has no
intrinsic value. 1t costs about 5 cents to
make it. It is not made of gold or silver
It simply represents the faith and credit
of the nation. No banker endorses it.
Now, if this bond was cut up into separate
bonds of IS 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 81 600 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 100000,
600 greenbacks demonstrate this? !.
Did any one ever find more financial non
sense than'is condensed into the brief quo
tation above2 Mr.. Donnelly tells US that
! a United States bond has no intrinsic
value, that it does not cost 5 cents to make
it. He ignores the fact that the value o1
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 'tgold or sill
YER" True, but it is a PROMISE TC
PAY GOLD OR SILVER, and its value
consists in the fact that the government is
able to pay and does pay such promises al
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 verbal,
agreed upon, because such amount would
) be paid on demand.
"If the nations faith and credit ar
good for 81 1,000 are they not good for s5?'
. N 49,. L1-