The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-09-18

brain of the Populist party, and they tried
10 control capitalism by changing the
money system-not the financial system.
but the kind of money in use. The IDEAS
of the greenbackers were the ideas OF me
future. and greenhackism would only OBJ
tain when socialism became triumphant.
The idea running through Mr.. Gronluno
discourse was that the rich. who now rule,
would never permit the realization OF NAT
money. and the only way 10 obtain tndt
result would be first 10 natonaIlZe all the
wealth for the benefit Of all the people.
Government today had not the power 10
make fiat money-he meant the physical,
not the moral, power. our plutocrats
would veto all efforts in that direction.
Another mistake made by the greenoack-
ers was that they failed TO distinguish De
tween legal tender for debts ana Iesal
tender for purchases He admitted that
the government could enforce the legal
tender for debts. but denied that a gro
ceryman. for instance, would he compelled
TO take the money offered him tor MS
goods. Mr. Gronlund COntended TOR gov
eminent banking as the proper measure.
Under this scheme the government would
assume all the functions now exercised by
the banks: private banks would be abol-
ished and all banks would simply be agen-
cieS OF the government. With a plank IN
their platform for such a banking system
the Populist party would be triumphant.
old idea Of fiat money which the gentle
man had been attacking was an exploded
theory not now advocated by the party.
Mr.. Gronund had erected and knocked
over man of straw. There was time
when men had sat down and figured how
much per capita was coming TO them. That
they might live in idleness. but such no.
tons had given way 10 reason. and the
demands Of the Peoples party were based
on sound ideas OF political economy. john
Stuart Mill was read from to enforce this
position. Money was a medium or eX-
change. prices of products were determln-
Cd by the amount of money in circula-
ton among the people. High prices and an
abundance of money went together. The
honest money was that money which in its
volume represented dollar for dollar the
exchangeable wealth Of country. The
Popuiist demand for a per capita OF $50
was modest when compared to the per cap
tia of S97 Of bank circulation $1,000 0o,0O0
when all the money together amounted TO
only 81 800, 900 000. The volume of money
necessary to the uses Of commerce and
trade could be as definitely established as
the census Of the people. 1t had 4 scien-
tifc basis in political economy. and this
demand for $50 per capita circulation
was only tentative until the true ratio
could be determined by the next census.
As TO the contention of Mr.. Gronlund that
Il was physically impossible TO do this.
he declared that II the people delegated
70 the Populists the power at the polls.
they would see to it that it was done. As
to how this money should he gotten among
tho people il would so out in the various
channels Of government expenditures and
come back I'm taxes This would dispense
with Rothschild loans, every dollar would
represent honest labor and not the bank
cr's fat
The single takers got in some Of their
ideas by wcll-directed questions at Mr..
Gronlund. but the lateness Of the hour
prevented extended discussion.