Potosi journal. (Potosi, Mo.) 1894-1929, 1897-09-01
The Noble Art OF borrowing.


The Noble Art OF borrowing.
Now that the PopulistS are get
ting back to their original fiat
money platform, and dropping the
pretense that free silver is more to
them than first step toward GOV
ernmcnt issues Of paper unsecured
by coin, their purposes may be
considered without the Democratic
entanolenent. An examination Of
the PopuIist platforms adopted this
year clearly reveals the old green
back programme, with some addi-
lions to make money abundant by
law. First Of all the Populist de-
mands that tie currency snail be
'.iiexibIe." The indefinite elasticity
Of the word pIeases the Popnlist
mind. In addition to the flexible
feature the currency desired must
be extremely abundant. 1t must
consist entirely Of paper printed By
tie United States and be redeem
able in nothing except a new note
when it becomes ragged. The
United States is to receive il tford,les
and proclaim ii a legal tcnde: for
al. debts throughout the country.
Thus the currency will be kept
flexible, abundant and arbitrary.
and can be kept 50 as long as the
stock of paper holds out.
But enc highly desirable property
Of currency is still lacking, and
that is its get-at-ability. The Pop
uiists arc net overlooking this essen
tiaI point. Their key TO unlock
the door to the stacks Of green
backs is a political corporation,
such as Il state, county, township,
city. town or village. Any one Of
these. according to their scheme.
may issue bonds based on taxable
wealth, and require from the GOV
ernment 10 per cent of their value
| in grecnbacIls. This money is to
be disburscd for public improve
mcnts carried on by unemployed
| laboa Tie presumably honest
officials of the village or the county
will handle the grecn'aclzs. No
interest will be paid the government
and the principal will he returned
at tie rate Of on Y > per cent 4 year.
! What Is to be done when the money
is gone and the unemployed ash
again for work is not stated, bu.
! Of course the ready suggestion l.
more "reenbacks. Ii tic state
county, township and village Il!
borrow there will be Il duplicatio:
of the basis Of wealth. bat it vii
all mean more GrcenhachS
Should Il state fail to repay the
per cent installment Il year there i
no remedy. The government cal
not sell it under the hammer.
\ village, and liz some cases ;
township. consists of only fev
voters. but iust the same they viii
have the right to their "rcenbach
pull. The individual will not b'
permitted to ''touch' Uncle San
, for loan on this basis, but he cal
accomplish it by Joining with a few
kindred spirits in some sort o
political organization and DRAWN:
up return of their wealth. Ih
estimate is not likely to be too low
Oar large cities would roll in green
backs. The valuation Of st. Loui
this year is S:3}39, ,oSS. $50. Thi
city would call for s'33, ,O0n.0 900 i,
grecnbacks to be expended by on
municipal authorities in behalf O
the Unemployedand public improve
mcnts Missouri's valuation for iS4
is s@76,341 ,32o, which would EMIT!
the state to over so., 900, 900, i
oreenbacks. all to be used withol
interest and to be repaid in install
ments covering fifty years. Ih
counties. townships and munici
palities would have the same priv
, lcee. If the Populists say no du
pIication is intended, then at lca>
they propose grecnback issue O
s.. 547, 100000 as the assessed val
uation of the United States in 1so
was ten times that amount. Ih
conception in the art of borrouin
reaches the sublime. Globe
Democrat.