The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1896-07-31

government received ~ il for faxs
Tor money 0fa fts own Issue i fhe NV
money Of Its own issue obtained ~
such exchange shall be immeIiatelv
cancelled. For the money received ~
the general, state and municipal row
ernments in payment Of taxes and can
celled there shall be no new issue 81
money in lieu thereof.
The general government to coin all
gold n silver bullion brought to It
for that purpose, at minis conveniently
established throughout the country,
into disks of standard size, stamped
with words and figures certifying to
the number Of pure grains Of gold or
silver in each disk. The general gov
eminent to collect a fixed mintage
charge from the owners of the bullion
sufficient to cover the cost Of coinage.
All the expenses of a government
must be provided for either by theft
from the people of other nations or
by taxation of it's own people. The pol
icy of the general government OF the
United States is the antithesis Of the
policy of Great Britain and that of
nearly every other European govern
ment. An honest government, like an
honest a always pays i~ts#e1penses
out Of it's own pocket. The annual or
binary expenses of the governments of
this country and all their undertakings
must be borne by the people through
taxation. Therefore, a volume OF money
equal to the expenses and enterprises
of a government must be also equal to
the revenue of the government derived
through taxation.
The scheme proposed in this article
provides the people with money suffi-
Gent always in volume to pay the gov
ernmental taxation without depriving
any commodity of limited supply of it's
utility. The present trade utility of
gold n silver in International ex-
change would not be adversely affected,
for only the bullion value of these
metals is now considered in such
transactions, and not the fiat or dollar
value. The cancellation of the cur
rency returned to a government in pay
ment Of annual taxes would approx
mately equal the annual issue of the
government through it's payment of or
binary expenses. Issues of currency to
pay for improvements enterprises
undertaken by a government would be
cancelled as the taxes levied or ac-
count of such improvements and en-
terprises would fall due. The inyalida-
ton of all money after ten years and
three months from date Of issue. ex-
ceEt that deposited in the government
banks, and the cancellation and re-
issue Of all deposited money at The end
of ten years would enable a governs
ment to keep we'll advised of it's ex-
listing monetary obligations. This pro-
vision, together with the fact 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 a government would also add
" Tie CUl1LiOu WEALTH., anu I1e expense
of such undertakings could be provided
for without appealing to the Shylocks
of this or other countries. Some honest
critics may object to this currency
scheme, because, in their opinion, ii.
would possibly be a temptation to-
especially state and municipal govern
ments, to undertake ~extravagant inn
provements and enterprises. No scheme
of finance can be devised which will, in
itself, make rogues honest, although
our present financial policy has UNI
doubtedly tended to increase dishon-
esty. Unless the currency provided for
by the scheme under consideration is
dishonesty disbursed, the improve.
ments and enterprises undertaken by
a government will add TO the common
wealth of the people and strengthen
their ability to sustain taxation.
Let us look at the principle involved
through a simple Illustration. Sdy-tie
government of Illinois undertakes the
construction Of a great ship canal to
connect the waters of Lake Michigan
and the Mississippi River. The esti-
mated cost is $1O,O 900, 600. 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
| rNylr tho ~ Si.0n2o Of MOI -, - ;,,. ~