The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1896-12-23
A STORY



ment. Their united labor produced all
the wealth enjoyed by the inhabitants of
the island. All hands being employed
in useful labor, reasonable degree Of
comfort and happiness,
Bot at length two Of the men, Stephen
and John shrewder, and more cunning
than the others persuaded the inhab-
itants OF the island to adopt as their med
ium of exchange certain yellow metal,
which they discovered on their part Of
the land.
They convinced their brethren that
this yellow metal was an honest and
stable measure OF values and finally in
duced them to adopt 1t as their standard
From this time forward John and Steph-
en- loaned this yellow metal to the people.
They we're to return ITO pieces for every
100 borrowed and they pledged their
houses and lands as security for the loan.
John and Stephen employed clerk to
do their writing and recording of pledges
for them, and pursued their investigs.
tons along the lines of securing even, if
possible, still more safe and stable
medium OF exchange for the people.
From the day that they got the inhab-
itants of the island to adopt as their
medium Of exchange their yellow metal,
they received besides the products OF
their own labor one-tenth of all the prod
ucts OF the labor of the other ninety
eight families, or IS much OF The good
things OF life as any other ten families
on the island. John and Stephen were
doing now two.one. hundredths OF the la
Dor and receiving twelve-one- hundredths
of the wealth produced Different par
ties began to compliment them for their
business capacity, foresight and good
management.
John and Stephen were not satisfied,
however, with what they had done for
the people. They continued to meet
each other frequently to talk over ways
and means OF perfecting the peoples
medium Of exchange. AT last John hit
upon scheme to advance the interest
OF the peopls materially and, as he said
to them in public meetings, give them
as sound and stable circulating medium
as it YVES possible for the ingenuity OF
man to devise" He and Stephen dis
cussed the matter at great length and
finally decided to recommend their
scheme to the people.
In brief they decided that the people
did not really care to actually handle
their yellow pieces Of metal; all they
could demand was that the yellow
pieces should b. safe in JOIN aud Steph-
ems keeping when wanted They de-
cided to write pect of paper promising
to deliver to tbs holder of the paper as
many pieces OF yellow mt cal as were
named on the paper whenever the paper
should be presented to them at their
chests, and lend them 20 the people in
stead Of real pieces Of metal. Stephen
explained TO the islanders a. length the
beauties and aGyautageJ of he new sys-
tenn The pup r C, ruff, ates AOuld be far
more conyeniei for III, people to handle
ia their busintfs; and since the popula-
ton OF the island was growing and BUSH
ness increasing, they would need lager
volume of circulating medium than their
limited number OF pieces of yellow metal
ldsupply.
Accordingly they would issue three
pieces OF paper for every piece Of metal
they had in their safe. While the paper
was far more convenient, and so long as
they knew the metal was there for them
whenever they presented their paper
and demanded it, why, they would never
present their paper for redemption.
They said this was the browning glory Of
their system. So long as the metal re-
serve was maintained in their vaults, con-
tidence would be preserved, and so long
as confidence II mained undisturbed, bus
mess and trade would go on without dis
turbance. They would utilize their aug
mented capital in developing the re-
sources OF the island and opening up
new opportunities for employment.
The new and improved system OF
finance was submitted TO the inhabitants
for their approval and, needless TO say,
was adopted by large majority. Only
two men, Edward and Henry, had the
temerity to vote against the improved
system.
II wss soon apparent In the affairs OF
the island that John and Stephen were
right when they said the islanders need
ed larger circulating medium, for loans
now increased rapidly. Their clerk was
kept busy writing pledges Of houses and
lands given by the people to secure the
leans, The rate for loans still remsint d
the same, ten for 100.
AS time pissed on John and Stephen
prospered exceedingly. 1t is true they
did not work now so bard as formerly.
They had much more leisure. They
had loaned on safe security three
pieces OF paper for each piece OF the yell
low. metal they had in their reserve.
They were now receiving very large
part Of all the wealth produced on the
island, or as much as any other twenty
families. Stephen and John in time be
oan IN ava aarvanfa and earria0Qa and