The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-07-22

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inally written for another journal. Ed.
Rep)f
Editor of The Kingdom:
While not desiring to encroach on the
courtesy Of this forum by detailed crit
icism OF the long article on the Cur
-rency Question" in the issue of March
goth. the boldnes sof some of the state
ments and contentious therein should be
considered.
OF course as an attack on fiat money,
It is not an issue in the coming political
contest, but the covert stab at b:net-
alism or free silver bmakes it of general
public interest.
Wrong deductions from false premises
are Inevitable and expected. but 1t is most
unfortunate that people will be 30 care
less, to say the least. in their statement
Of acts. that would put to blush the wri-
ers of the plutocratic secular press How
ever, your correspondent may believe It
well to make to yourselves friends Of the
Mammon of unrighteousness, that when
We fail, they may receive you into ever
lasting habitation.' Blu, this is not rec
ognized as the rule of human conduct by
our beloved. Doctor Heron and others
that are preaching the Fatherhood of
God and brotherhood of man; less Of the
letter and more Of the spirit of the teach
'ings of Christ. Champions of rec silver
and full legal tender paer money, based
on the nations wealth and honor, do not
advocate unlimited issue Of fiat money
unredeema ble." Will this sound money"
and honest dollar advocate refer us to
some instance Of unsound full legal ten
Does he think Increasing our public debt
by issuing bonds, chat will take $500. 000,-
600 to nquidate) to maintain an unau-
thorized gold reserve. will tendance the
credit of our government and ability to
maintain it? He states: There Is too
uIch fi2ffcr1o in reduce tn
a sound basis instead of imitation at no
time during the history of this great ma
ton has the supply of money been so
large as during the recent panic
government is i'll fitted to maintain paer
money in circulation"
per Is fiat" True money must be redeem
able in all things, whether services for
hire or things for sale. Redemption by
changing one kind Of money for another,
II simply swapping horses. Aristotle said:
money is creature of law and not ma
ture" Walkers Political Economy says:
Money Is medium of exchange What
ever performs this function, does the work
is money no matter what it is made Of
Cernuschi the ex-banker of Paris, and
most eminent Of French writers on fin
ance says: II all nations should demonet-
lie gold 1t would be worth more than cop
per, but 1t would not be worth much
more And our own cours hold 1.-The
gold dollar is not commodity
having an intrinsic value but mon
ey having only statute value"
Money is not value in itself but repre-
sentative, good for all product that hui
man desire commands. 1t Is the high
est attribute Of sovereignty and no other
authority can create 1t.
The original intent and purpose Of mon
~ seems to have been lost sight of, in the
value basis. The object of this is manifest,
such currency being under private con-
troll, IS made speculative commodity,
and fiunctuated and manipulated at will,
at public expense. The purcha sing pow
er of money, like everything else, is reg
ulated by its supply and demand. 1t meas
ures value not by the value of the SUBJ
stance of which 1T is made but by its
volume. So called primary or redemp-
ton money has been contracted one half
by the act of 1S73 and repeal of the Sher-
+. man law.
At the close Of the Civil war there was
over sixty dollars per capita circulation
tn the United States, and according to
Secretary Carlisle's report of 1894, we had
only $24.H and $22.72 in 1895. But these
reports make no allowance for reserves,
etc., and the CONGESTION of circulation in
eastern banks, leaves no doubt the per
capita is less than SO. Saving banks
alone owe depositors more than all cur
rency in circulation, and the total amount
due from banks and trust companies to
depositors is three times the entire cfrcu-
nearly the $4,000. 100000 worlds supply of
gold, to pay a years interest at four
per cent on the worlds bonded Indebted
ness. One would think Mr.. Crane a bank
er, from the zeal and profundity of his
dissertation. The very evils he cries out
against. are the direct result OF individual
issue and control of the prime functions
of our government, which never should
have been farmed out to agents.
The logic OF his argument is, that in
8 dividuals and bank corporations can give
greater stability to our Gu rrency system
than the government, but it is too weak.
and there is no basis upon which to found
the contention. In Russia bankers do the
4 bidding OF, and their policy is dictated by
the government and here the government
does the bidding Of and Its policy is
dictated by the bankers of Wall street and
their English COHORTS Our late Garfield
said, THE. power that controls the issue
and volume Of the currency is the abso-
lutte dictator of the business and finance
Of the country" We frequently hear,
and we have had evidence of the extreme
patriotism Of bankers and brokers. When
Lincoln called for funds to help our coun-
try In the throcs of Civil war they offered
to furnish gold for Is to s. per cent Again
when asked by congress to help fund the
preme court servants and creatures of the
government, they denied 1t, and said II
they were forced to do 40, they would
create panic, and did so on passage of
the act. The refusal of these patriots to
come to the governments relief without
Shylock's pound OF flesh, resulted in the is
sue of $50 DOT, DOG in fnl legal tender green
backs in 1861. (Which circulated at par
from time Of Issue and at one time were
at rrrniuinl and many subsequent linz
tied legal tender issues.
Prof. I4aughlin. of the Chicago Univers-
ity. Mr.. Rockefellers man Friday, and
piusocracys champion. says: From 1861
to 1873 green backs were full legal tender.
and appreciated until they were
worth only 35 or 40 cents on the dollar"
He did not distinguish between the limit
ed and full legal tender issues; nor did ne
mention the fact that bankers bought
them at such discount and exchanged for
government bonds at par, then got con-
greHs to redeem them In gold.
We have only two instances, believe,
! OF Jesus seeming loss Of temper: Once
when he drove the money changers from
the temple with q scourge Of cords, pour
ed out their money and overturned the
tables. and again, like thousands of our
prolctaire he was an huneered, and cursed
the barren olive tree. 1t 10 this latter day
! class of money changers, barnacles on our
body polite that cur friend Crane and
g other goldttes. advocating kindred doc
trines, seek to justify and maintain In
their supremacy over the masses
Again deploring the misfortune Of our
!. government issuing paper money. Laugh
& I'm says: From the foundation Of our
government to 1852 the United States gov
ernment never issued any paper money
ma the Chicago Herald. rsiterates the
&tlfAm0mt. Az = matter OF fact about