The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1896-02-29
STRANGE FACTS.

The basic idea Ia Populism is that IL
is reform party, designed to inculcate
and elaborate certain fundamental
principles Of advanced political econ
omy. In assuming that position, it al
so assumes grave responsibilities of a
character closely allied to religion. It
condemns prevailing political condl.
tions and practices as utterly wrong
and holds out a doctrine which, if re.
duced to practice, 1t promises will cor
rect most of the evils suffered, and &C.
celerate the dawn of political salvation.
Its corner stone is the financial, or
money, question, and to this 1t is desir.
ed to direct some attention. The vast
majority of mankind is concerned to
have the problems of life solved cor.
rectly. Men may argue and contend
against theories opposed to their pre-.
conceived ideas and prejudices, but it
is folly to assume that they do not wish
a true solution Of every problem effect
ing their welfare. If the Populist
money idea is correct, then the existing
system must be radically and ruinously
wrong, ard there appears to be no safe
grounds for compromise. Money is
either growth, like civilization, or it is
creature which may be brought into
Existence or cxtinguished at the COM
mand of organized society. Being in.
despensable to civilization, it is of par
amount importance that its real char.
acter be known. Tie view taken by
the POpullsts is not new or novel, and
seeing that it is supported by many
distinguished authors and some notable
facts, It is surprising 20 witness so
cheerful disposition among Populists
to abandon it, Many strong arguments
can be adduced in support of fiat
money, and it Is much to be deploged
that its votaries, the POpulists, incline
rather to evade than urge them. That
greatest of ancient Greek philosophers,
Aristotle, more than three centuries be-
fore the birth of Christ, laid down the
POpulist money doctrine when he said,
''it exists not by nature, but by law"
The truth Of this doctrine finds strong
confirmation in the operations of the
bank of Venice during five hundred
years, throughout which time it issued
irredeemable notes. These were never
payable except by transfer on the books
of the bank; yet these notes were at
premium over coin. They were stand.
ard of measurement created by the
state, and were used for all large trans
actions, In fact, these notes were the
established money Of account and the
value of all other forms of money, in
cludiDg gold and silver coins, was ex.
pressed in them. In 1917, English,
merchants were unable 10 raise money
on silver coin, and in 1864, it was i'm
possible to purchase silver rupees with |
gold. At that time in India, silver was
legal tender only to tho amount of 40 |
shillinOs, and gold was not legal tender
for any amount. About forty years
ago Holland adopted silver as the only |
legal tender and fixed the value by law.
An attempt was then made to coin
gold at no fixed value. After coming
about $4,000. the demand for gold
ceased entirely and it lost It's money
function. Even the Supreme Court of
the United States has rendered decl.
sion to the effect that the dollar exists
independent of, and superior to, gold or
silver; and the select committee which
formulated the celebrated "BulliOn Re-
port" intimated strongly that bank
notes had superseded gold as stand
ard OF value and were at that time the
only actual money in existence. Then
in the eighteenth century the Africans
had an ideal mOney"-the
pure POpulistic stuff, to use q coarse
but expressive phrase. It was a sign
Of value without the substance. The
unit was called mGcOute and like our dol
lar was divided into tenths, called pieces.
The value and extent Of all commercial
transactions was expressed in nacoutes.
An Africans wealth aud happiness and
IOcial standing depended on gaaeoutes.
Wives were bought for mac0utes and
inherited macOutes, still there
vas not Niger In the bush who could
ell what a mGcOUte was or from !.
whence 1t originated. Such are a few
acts Of history which support the fiat
money theory. They might be multi
'lied indifnitily. They are cited simply
o show that Populists have no occasion I
o be ashamed of their cardinal doctrine.