The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1895-11-28
Department OF ECONOMICS
Discussion of the Vexed QueS-
ton of Finance
+. GREED OF CORPORATIONS
I. Domestic Economy in the French
Metropolis
GREED OF CORPORATIONS
municipal Reform Discussed From the Point
OF View of a True Economist-CiviS
Clubs; Civic Virtue
Conducted by Miss NJ. NJ. Fette)

(COnQucleQ by MISS M. N. fettD
1t is plain that money is the basis OF
business, but what is the basis of money?
The tinanciers of the world who are IN
power say it is gold. But business de-
mands silver money also, as there is not
enough gold for the com m ercial transac-
lions of the world. We are told by men
that money is the medium of exchange;
it represents the value of comm ODDITIES to
be exchanged and by means of which
com MERGE is carried on. This is theory.
In practice the position of money is con-
Trajectory; il was first coined by indi-
viduaIs, and its basis was then personal
property and is so today.
The first property rights were vested in
focks and herds; trading was the first
business engaged in. 1t became incon-
yenient to drivs about the animals, CIV
ing horses for sheep or cattle for goats.
1t was thon that people took bits of
m etal and made picture of an animal to
stand in place OF the animal as pledge
of redemption.
The redemption of coin which has
always been an underlying sentiment
ana the use of money with no redemp tive
feature, have largely caused the present
state of affairs.
The exaltation of gold to represent a
DOM binaton of the three factors in the
medium of exchange-namely real values.
money and credit, is the anomaly OF the
present business condition. The present
standard is saying to the people that
about ons.sixteenth of an ounce of gold,
stamped, is the only basis of credit and
upon this basis all our money and values
rest.
If it has no basis, no possessions but
gold money for its currency, it has out
lived its usefulness as base of money
supply for the people. 1t would be safer
for them to Guy their own gold and ST.
yer from the miners and put their own
stamp on the metal; this as representa-
tive OF the valuable property of the indi
vidual, would be an honest pledge. Metal
money is after all remnant OF barbar-
ism. our advanced civilization requires
simpler method of exchange, based upon
the real values OF our country, and the
question for the American people to ask
is this. What are real values? Until it
is answered there will be no safe adjust
ment OF monetary affairs.
Our laws denominate as real property,
the lands, real estate and movable goods
rs personal property; yet our Medium
uf exchange is based upon the most fleet
ing and meIcurial class of personal prop
eTty-gold money, and this property is
IlIullcu ia NY per
capita are needed in circulation to trans
act our business; there are now only
eighteen dollars, possibly not more than
ten and for this ten dollars there are one
hundred dollars OF credit. Plainly then
some other substance is absolutely de-
manded to aid gold in serving as a me-
dunn OF exchange, GOLD being totally in
sufficient in volume to relieve congestion.
Where there is a panic 1t is caused from
fear. Our people withdraw their coin
and have a credit which no one will res
pect. The people at large demand their
money from the Dancers. The govern
ment issues the country's money, and
the bankers are the helpless go-betweens,
with no power to control either the peo-
pie on the one hand or the government
on the other. The governemnt is so I'M
wielily, being "of the people," it takes
y long time to act or come to the rescue.
No man is wise enough to point out a
way of simple adjustment. Then may not
women think and study this question of
finance? Theif point of view being con-
sidered imper.onal might be impartial.
They can see clearly enough that some-
thing is wrong hich sends our gold
across the sea to pay for imported lux
uries, and leaves our people without
money to buy bread. They note with
anxiety the fact that tho wealthiest ma
tion in the world, with the products of
the soil never more abundant, the out
put OF our mines nver more plen tiful, our
storehouses filled with cuin, We are still
poverty stricken and forced to 60 q. beg
ging and borro wing for that to pay our
daily eXpens eS aud increase our revenues
BY the issuance of bonds,