Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1896-07-22

listing monetary obligations. This pro-

fISlOn, together WIN tne@ TACT that a
government could increase. the volume
of currency by undertaking. special i'm
provements would tend to prevent the
boarding of money and effectually de-,
stroy speculation in it. The result
would be that individuals would use
their surplus money in private 'enter-
prises, giving employment to Others
and increasing the material wealth of
the country. Every enterprise under
taken by government would also add
to the common wealth, and the expense
of such undertakings could betprovided
for without appealing to the sShylocks
of this or other countries. Some honest
critics may object to this currency
scheme, because, in their opinion, it
would possibly be temptation to,
especially state and municipal govern
ments, to undertake extravagant i'm
provements and enterprises No scheme
of finance can be devised which Will. in
itself, make rogues honest, although
our present financial policy has un-
doubtedly tended to increase dishon-
esty. Unless the currency provided for
W lhO oShCIlC is
dishonesty disbursed, the improve
ments and enterprises undertaken by
government will add to the common
wealth of the people and strengthen
their ability to sustain taxati pn-
Let us look at the principle involved
through a simple illustration. Say the
government of Illinois undertakes the
construction Of great ship canal to
connect the waters of Lake Michigan
and the Mississippi River. The esti-
mated cost is $1O}OO9Go0 An issue of
paper currency to that amount is au-
thorized, but the money is issued only
as the purchase of land, material and
labor require it. Thereafter other is
sues OF money are made annually TO
cover the expense of maintaining the
canal in operation. Taxation is levied
in the form of toll, fees on vessels using
the canal, and the. money paid into the
state in these fees is cancelled until an
amount equal to uhe cost of construc-
tion plus the operating expenses is
cancelled, after which the toll fees
would be reduced to approximately.
equal the cost of operating and main
tanning the canal. The result would
be that the common wealth would be
increased to the extent of the value of
the canal with really no cost to the
people.
To build the canal today it is neces-,
sary that the state borrow money, and
the interest paid to the lenders in,
creases the taxation of the people with,
out adding to the common wealth.
1t should be kept in mind, in consid-:
ering this proposed currency scheme,
that the money issued by the general
government is the only kind to whichl
national legal tender quality is given.
The legal tender quality of the other,
money is confined to transactions be-
tween the citizens of the states andf
municipalities of it's issue, and its ac-l
ceptance by citizens of other states ands
municipalities would depend upon conf
tldence in the governments of issue. Ini
the majority of business transactionss
of today checks on banks are used in-t
stead of money. 1t is undeniable tflats
the people have more confidence ins
state and municipal governments than
they have in private individuals andl
banks. Were this not true, there wouldt
be no foundation for patriotism and moi
confidence between individuals. 1t iss
certainly safer to trust our governs
ments than our selfish bankers, whoE
are today seeking to destroy govern!
ment money.
One effect that the currency schemea
proposed would have would be to maket
our government Independent of thes
Shylocks of Lombard street and Wall.
street, and it is from this class and5
their emissaries that the strongest op-j
position to it would come. :
G. L. McKEAN.