People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1896-07-30
1.-THE Honest Dollar"

AuNOCdUto VI Oue cluSlt BOlu SUdu-
dard claim that gold is the only hon
est redemption money, and national
bank currency, the only honest paper
money. They demand that all gov
ernment paper money and that silver
should be used only as token money
or as subsidiary coins.
AT the commencement of the rev.
olutionary war, gold disappeared and
our heroic forefathers gained their
Independence through their devotion
to the cause of freedom, and through
the use of continental paper money
issued by people in rebellion and
with no recognized government.
When the first gun was fired on
Fort Sumpter gold deserted the
people and the government, as would
a coward and traitor, and it never did
service as money during that terrible
struggle for national existence, but
was ALWAYS ready to take advantage
of any defeat Of the government and
would speculate to the disadvantage
of the government.
When peace was restored and the
nation had no particular use for gold,
it, gold, insulJingly demanded that
the obligations which were then pay
able in paper currency should be Paid
in coin, and by act of congress July Is
1869 that demand was granted and
thus added thirty per cent to all obli-
cations, national, state, municipal
and private. The interest bearing
national debt being at that time 81
O46, 455, ,S22.39 there was added to the
value of the bonds S6l3,936, ,Sl6.1
which accrued to the interest Of the
bond holder. and it required that
much more of the products of labor to
pay. One would have thought that
With that mighty victory gold would
have been confetti, but not so, it next
demanded that silver be denied free
coinage at our mints, and securing
that, it next demanded that our obli-
cations be paid only in gold, and Sec
retary Foster under Harrison's ad-
ministration acceeded TO that de-
mand. The same policy has been ad-
hered to by our present administra-
tion, thus reducing US to single gold
standard, aud destroying for use over
one half of our available metal as re-
demptiOn money, and thereby reduc-
ing one half our ability to pay those
obligations.
Is national bank currency honest
money? A has $4,000 and invests it
in $4,000 government bond drawing
Al per cent interest; the bond is not
taxable. In 1890 the average taxation
in this state was 1857 per hundred
dollars. A therefore has made a very
paying investment. He desires how
ever to engage in the banking busi-
ness, so he deposits his bond and
draws $4,000 in national bank cur
rency, the payment Of which is secur-
ed by the government. What amount
has A then invested in the bond?
Only 5000, yet he draws on that in
vestment 81, go annually in interest,
being Al per cent on the bond or As
per cent on his actual investment.
The bank currency which A received
would be redeemaole in gold and the
government must necessarily main.
tain gold reserve, when capitalists
desired more bonds they would pre-
sent bank currency for redemption,
this would deplete the reserve, there.
by neCessitating the sale OF more
bonds. Under this system the people
pay interest on the bonds, loan the
banker money securing the payment
In order that he may loan it back to
them at high interest, They also
relieve him OF ali taxation. and Place
it within his power to contract and
expand the currency for speculative
purposes. and to force the issuance Of
bonds when he desires.
History teaches that gold used as
redemption money is unreliable in
times Of danger Or panic, that it is
then used not as money but as a com.
modify for speculation, and thereby
becomes unsound and unsatisfactory.
Give US the free coinage Of gold and
silver and paper currency issued
direct by the government, all being
a full legal tender. We will then
have an "hoDest" currency and leach
dollar will be as good as any other
dollar" LYNX EYE.
Perth Local Union.