New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-08-01
MONEY WITHOUT INTEREST.

NOstrums for enrichng everybody were not
exhausted by the Ocala or Omaha platforms. or
the manifesto of the silver party Another highly
spced with lunacy is shouted out by the late lead
or of the army of tramps which marched on
Washington in 1893. through the columns OF the
Populist paper which Mr.. Coxey controls. Good
Roads and No Interest," is the war cry Of the
Coxey contingent, and it is only fair TO say that
his platform is superior to any other of Populist
origin in proposing TO do some practical good TO
somebody. The land boomers propose unlimited
issues of paper through loans on real estate, and
the Sub-Treasury plan through loans on crops,
but Coxey would put part of the money. at least.
into good roads. thereby actually benefting some
people. and would give employment in road
making to all the unemployed. Each township.
according TO his scheme is TO obtain greenbacks
without limit from Government by deposlting
with the Treasury It's bonds not bearing any In
terest, but promising to pay back the principal
in twenty-five years. per cent yearly. With the
legal tenders II would discharge any interest
bearing debt II might have, and then put the
rest into the employment of labor In road
making.
To a man Of the Coxey or Harvey state Of mind
this scheme has peculiarly attractive features.
1t would put unlimited currency into circulation
without doubt. first for the extinction Of State
and local debts now amounting 1t Is probable,
to $500 600. 600 or more, and then for employment
Of every body who Is now out or sees III to get
out of employment II any body OF men want
10 strike II becomes the first duty OF the various
municipalities and counties TO pay them wages
for road building and 10 that end TO get more
legal tenders from Government by dcposting
more Notwithstanding bonds. How many
farmers hands would continue 10 earn the wages
usually paid IN that occupation, instead OF doing
occasional work at road making with higher
wages. the farmers will have to guess II would
he safe to say that SlOOOOoO0OO would he put
into circulation almost at once, and s2,ooo.o~'
600 within a yeai or two. If the millennium
should not arrive then more money could not
bring it.
The man who has carefully trained his mind
never to think definitely about anything VIII, OF
course. be able to avoid all thought TO the
value or the buying power of the paper thus
issued. 1t might be worth as much as Confed-
crate money during the War, when man need
ed market Nsket TO carry his money ana
brought back his purchases In his coat-pocket.
The distinguishing characteristic OF the money
lunaiic Is that he considers value thing which
the Government has in pail. like some kind OF
ink which IT can put on piece OF paper by the
mere act Of printing. The bottom fact that
value is the concurrent state of mind about a
thing Of two sorts OF people. those who have 1t
and those who want it, cannot be put into some
heads even by surgical operation. Value +
nothing but the opinion Of men about something,
and as no Government. free or despoiic can ever
make Coxey or a Harvey think sense, so no
Government can ever force the opinions Of men
about the value Of paper. or silver. or gold, or
anything else What the people who want any
kind Of money are willing to give for II, which
others having II are willing to take, fixes lis
value. and nothing else under the sun does or
can As seashoye residents rarely have an in
tense desire for sand. and lumbermcn in the
North Woods do not pay much per cord for wood,
so an unlimited supply Of money might not be
highly valued by the cord or carload
TO get rid Of interest is ever attractive to the
people who want 10 borrow and do not want To
save But any kind Of money. which no one
need pay anything for the use OF. Is sure to be
a kind not worth using Make IT plenty that
nobody pays interest for 1t, and nobody will pay
anything else for IT, wheat, or cotton. or labor, or
breakfast Mr.. Coxey's unemployed, II paid
so per day in his kind Of money. would still
have 10 beg for their vlctuals after their day :
work was done.