The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-05-06
STRONG POINTS WELL PUT.
e. Gerry Browns Discussion OF
Money at New England
Town Meeting.
A REMARKABLE LITTLE BOOK.
tContinued from last week.l

[Continued from last week.
The veteran who had spoken on the
greenback, said, Government didn't
raise money by taxation and pay off the
soldiers. 1t created the money, and
when created and paid ont. the money be-
came a claim against all wealth, and
at once affected all wealth impartially
and inequitably. What is the objection
to system whereby the government
should create the money it needs for i'm
rrovements and expenses, to replace the
present system Of borrowing money and
paying interest, and then taxing the peo-
pie for the interest, principal, and the ex-
pense of cOllections?"
IF you ask me to answer that Ques-
tion," said the editor, ri should answer
by saying, that the obstacle to so meri-
torious system is the privileged class
which the law has created and so
strengthened that they now practically
own the government. They refuse to
contribute part of their wealth, either
by income tax or otherwise, to defray the
expenses of government The system
you outline would deprive this class of
the interest they now charge government
for loans; but it would lift the burden
from the overtaxed people. The pluto
cratic class will nominate candidates,
pay for brass bands, red fire, and politi-
cal meetings to inspire the people to vote
for the existing order of things by sup
porting the candidates thus named by
monopoly. Perhaps as the bankers say,
we may be able to educate the people and
save the republic. Educate the people,
trust the people, said Jefferson"
when it comes to having money
based on labor, then gold fills the BILL
said the banker. Gold represents the
labor Of the man who took it from the
mountain. God secreted it, that the la
Dor of man might bring it forth as
money!
'The word Of God mentions silver fire.
quently, il remember correctly" said
the editor. God made gold and man
made money. A man labors three min
utes, three hours, three days or more,
as chance and his intuitive powers may
determine, and finds piece of gold. It
is mans law which says he is entitled to
the stamp Of the mint for one dollar for
every 1922 grains Of pure gold that he
may find. The man gets the stamp and
takes away both the stamp and the gold,
which is the product of his labor; but
Under Gods law the product of mans
labor for gold would exchange for the
product of the labor of other men by
the economic law of supply and demand
Mans law says that the result of labor
in the gold mine has fixed value, ex-
pressed in money, at the mint; and it
has claim to this extent against the
labor of others. BY the other system
the stamp of the people exchanges for
labor at it's market value. which is a
more honest standard
"That's fiat money" said the banker,
money by force"
"All money is fiat money" answered
| the editor. "Fiat is an act of the law;
and it is only by law that money is Great
| ed. The law forces you to take the stamp
| that is placed upon gold; but the law
does not force you to take the same guam
tity and the same fineness of that gold
which does not bear the stamp
Said the merchant, Legal money, by
your teaching, has certain debt-paying
power, and performs an Office defined by
law; and the stamp is the emblem of the
law. Is that right?"
eyes," answered the editor; land it is
this emblem Of the law that commands
the respect of all foreign nations, and
| Ss
be accepted at it's full face value, If it
is in good condition. It is not legal ten
der there. no one is obliged to take it;
but they do receive it, whether it be gold,
silver, or paper, at its face, minus the
small rate of exchange-fve-eighth of
one per cent. That is par, less freight,
insurance, and interest, to New York
| Our dollar emblem, stamped on 4121A
grains of standard silver, is worth SO
cents in London; while the emblem of
Mexico, stamped on 420 grains, is worth
| nothing. The silver in Mexican dollar
as commodity has commercial value
of 60 cents as bullion, one per cent more
than that in coin, because in coin shape
it is a little more valuable than bullion
for export to China, where they will use
the coin as money. Our money, like the
American flag, commands the respect OF
all nations; not because of the bunting
Of which it is composed but because ii
is the emblem Of the will of all the
wealth possessing, tax-producing capaci-
ty of seventy million of sovereign, intel
ligent people, who, if need be, stand
ready, in all their majesty of power, to
defend either the flag or the money
against the world
"Hooray"! shouted the veteran; chats
the stuff. Some of these chaps who are
shouting for America and voting for q
gold basis that places them in bondage tt
foreigners, so that we can trade with
them,' will soon suggest that we also
adopt the foreigners flag, so that we car
trade with them better. The American
flag, the American country, American
destiny, say; but the keynote is Ameri
can money!
"But if government should fail" sale
man in the corner, then, if had {
gold dollar, wouldn't I have the goll
anyway"
That's it, nodded the banker
IF government should fail, then the
value Of all property is unsettled Ever
life itself is endangered. But the fac
distinctly presents itself that the money
instrument you now use, under the pres
emit system, is not representative O
gold; it is substitute for gold It drive.
gold out of circulation, and into the DOS
session OF the bankers, so that you owl
none of it. It shuts the door to silver al
money, and depreciates it's value. In tn,
meantime the increase in business ant
population demands larger volume O
money tools, and gives value to banl
credit by the law of supply and demand
The superstructure of credit grows larg
er; and the foundation, which is sup
posed to be the redeemer grows smaller
The credit of the banks is CONSTANT,
earning interest to be paid in money
the title to wealth. Every dollar now il
issue in the United States has string