Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1897-06-24
AN ELASTIC CURRENCY
IS NEEDED BEFORE WE CAN BE
PROSPEROUS.
soIon Chase Of Chase'S Mills. Me-. Writes
ON the Nv of the "GPOwlng Dollar
16t Would Cause Hogs Rise and
the MOBey I.oaner's Interest to Fail.

a dollar that takes streak OF fat from
year to year.
A currency that is worth more to
keep than to part with cannot be elias
tic. Our currency that was elastic in
1880 is now like cast iron. Since 1880
the "best money in the world has
been growing better and better from
year to year until now dollar that is
the equivalent" of gold is worth more
to keep than dollars worth of any
thing else. The money lender has all
the confidence in the world in the
equivalent of gold" but has no conf
, dence in houses and barns The
money lender now demands two or
three times as much property security
for money that is the equivalent Of
gold" as he did in 1880 for money that
was then the equivalent of gold.
The existing gold standard" grinds
slow and grinds fine, but the producers
share is the bran, and the flour goes
into the money lenders bag. Under
the effect of the "existing gold stand
ard" the dollar that is now paid for in
terest on fifteen-year old bond has
doubled in purchasing power since the
bond was issued. The gold dollar has
the same fineness and weight as fifteen
years ago, but you have got to hang
twice as much hog on the hook to bal
ance the beam as fifteen years ago.
More money of the sort we now have
would not mend matters so long as the
blood-sucllng gold standard is main
tanned. More silver or paper money on
gold basis would only increase the
strain on gold and shrink the assets Of
the debtor. The producer, who for the
last fifteen years has paid his debts
with rising money and sold his goods
in falling market until bankruptcy
stares him in the face, would be sold
out for song, and the savings OF a
lifetime wiped cut from no fault of his
own. More credit or token money that
appreciates along with gold would only
add to the idle millions that are now
seeking investment in securities that
are backed by the power to tax the
people. In 1880 the "best money in
the world" was elastic; now the "best
money in the world" is seeking bonds
or held in idle boards, because the peo-
pie who own the productive property
of the country are not regarded as SOL
vent borrowers The producers prop
erty has shrunk so much that the
money lender don't want to touch it,
When the dollars the honest producer
owes have grown so large and his as
sets have shrunk so much that he can
not pay his debts, the finger of scorn is
pointed at him. The money lender
jumps on, and the Shylock who can
get what little the debtor has left for
the least money is considered the smart
est Shylock.
If when the business of the bank
rupt producer is wound up, the money
lender don't get so many dollars as he
loaned he feels that his loss is greater
because dollars have 'growed" so much
since he loaned his money and now he
has no confidence in houses and barns
or in cattle and corn, and seeks invest
ments that are backed by taxes. In
this line Shylocl1 has fair field. The
American cities under the effect of the
'existing gold standard" have increas-
ed their debts during the last seven
years 80 per cent and there are plenty
of city bonds in the market and they
go like hot cakes because the city bond
holder has lien on the multitude and
expects to get the growth of the dol
lar When the farmer feeds out hay
to his cattle he expects to get the
growth of them "steers." Dollars don't
eat hay, but when dollars grow your
city bondholder lays in the shade while
the farmer sweats in the meadow be-
meath July sun and the city bond
holder takes the hay after it is housed
in the farmers barn.
Is 1t any wonder that our currency
is not elastic? The wonder is that any
body should expect that an elastic cur
rency can be devised based on dollar
that is taking on streak of fat from
year to year. When there is confidence
that the dollar that is borrowed on
time will be as good as the dollar de
manded in payment when the debt be
comes due our currency will be elastic.
/ have no confidence in four cent hogs
but have too much confidence in the
four cents. The Western farmer has
no confidence in ten cent corn. The
owners of the great print mills of New
England have no confidence in two
cent calico but they have confidence in
the two cents because two cents will
command more of human sacrifice to-
day than one year ago.
There is no confidence in ANYTHING
but money, because money is rising.
and that is the reason our currency is