The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1895-05-24

England, and that is what we are doing. That
means more interest; more gold annually to be
paid to England Where will it endl 1t means
the dismal swamp" and '"hell's half acre. be-
yond. This is what having gold standard
means, money that is easily cOTnered. But
how are we to pay these debts to England7 1t
is in this way: Restore silver, put it in compe-
tition with gold on a ratio of 16 to repeal all
laws allowing a discrimination between the two
metals; stop gold notes from being taken. Put
silver in competition with gold as soon as posi-
bic. The extra demand for silver viii raise its
value. When our silver advances and prices Of
all our products advance and wheat and cotton
go back to their old price, we viii be more able
to pay out debts. The only way to pay England
is to advance prices permanently, not spasmOdi-
caIly, as is now being done on few articles.
We can show gold we don't depend on it for
money 1t will then be our slave. 1t is now our
tyrant.
Our trade with foreign nations is only per
cent of our business, and our domestic business
is Sc per cent of all our business. Which do you
want legslated in the interest Of the So per cent
OF the 4 per cent? If an undue and unrighteOus
influence by schemers and tricksters abnOrmally
enhances the value of gold so a commercial
parity of 16 to 1 cannot be maintained, then do
as our forefathers did, change the ratio and
make the change in in the weight and size of the
gold coins. Monroe and jackson did it. They
were not called dishonest for doing so.
This is q question Of capital on one side and
- A. n eov7uH v1orav--fhn
sound of clod on the cofin-on one side, and
sound money-the sound that has the honest
ring of the peoples money in it-on the other
side. 1t is a question of an English policy or an
American policy. Which shall it be-
Professor LaughIin's Reply.
Professor Laughlin. replying in the
negative, said:
Apart from the well understood use Of money
as a medium Of exchange, money is used like
common denominatoF of value with which other
articles are compared. As measure Of value 1t
serves in a similar way as quart cup may serve
as a measure Of capacity; and as there is not
needed a separate cup for every quart OF milk
ii existence, 50 there is no need Of an amount Of
money equal to all the goods in existence. Goods
are neither exchanged at the same time nor are
they offered IN comparison with the standard at
the same time. What is important to point out
is that goods when expressed in terms Of a com
mon denominator Of value are daily exchanged
in enormous quantities mainly without the use
of money. For the exchange of these goods,
therefore, money is not needed in proportion to
the transactions. This function is that Of the
medium of exchange. The necessity of an in
creasing quantity Of money is growing less i'm
pertant with the Development Of this system Of
exchanges. From 81 to IS per cent Of transac-
lions are performed by this machinery without
the use Of money and recent Investigations made
by the comptroller Of the currency show that 81
per cent Of the retail transactions are similarity
performed without the use Of money.
We express the value Of goods in terms Of
money, but then We really exchange them al
most entirely by means Of the DEPOSIT currency.
Tie transactions expressed in terms Of money
are based not upon coin. but upon the goods
bought and sold. The system therefore, is as
bread as the transactions and Is ultimately re-
solved into goods and is based upon goods
Prices since 1873 have not fallen because OF the
lack Of money. Silver has fallen about 50 per
cent as compared WITH yery modest iali "A the
price OF commodities. Silver doe not haze tss /