The Emmett index. [volume] (Emmett, Idaho) 1893-1925, 1897-02-20


back. he gently placed the end Of his
right index finger over her right nostril.
The effect was to impede her breathing.
and she brushed his hand away, saying
good-naturedly:
"Thank. you. John. will breathe on
the bimetallic plan"
And. mother" he replied. "the ef-
feet on you OF breathing on the mono
metallic plan is similar TO the effect
of gold monometallsm on the country
we are now breathing through one
nostril. We have two eyes, two ears.
two hands. two ventricles to the heart,
and two lobes to the lungs
How about two tongues and two
mouths?" asked the senior Wallace.
THE power OF articulation John re-
piled. is dual In construction and the
palette OF the mouth Is as much or
more important than the tongue; with
out Il the tongue would be useless.
The mouth Is dual In construction haY-
ing an upper and a lower Jaw; either
would be useless without the other"
How about the heady' came back
the man from the Union Club.
The head. too" replied the young
man. is double Ia construction; ike
the lungs, Il has two lobcs 10 the brain.
And" he continued. eve have one
body. but supported by two limbs, and
under blmetalllsm we had one imam
cisi system supported by two metals.
The nation walked on two legs. as u
were, from thirteen poor colonies to
thirty six grand States. and In 1913 II
began the difficult task OF walking on
one leg" This was followed by the la
dios clapplng their hands.
Good for you. John. Father try him
again" said Henry Wallace. but the
father looked wise and said nothing.
And now" said the bimetallist, 'un-
der q redemDtlon monetary system,
such a. gold monometalllsm or bimetal-
,ism. there are two kinds Of money
primary and representative money.
Under bmetailism gold and silver both
are primary money. and all other forms
Of money-copper, nickel aud paper
moncy-are representative money, rep
resenting primary money. That Il,
they represent gold or silver. either or
both. ms the Government may see ft 20
redeem them In either or both. Under
gold monomctalllsm gold money only
Il primary money. aud silver, copper.
nickel and paper money are all repre-
sentative money. representing gold;
that Il. gold r. the only recognized
pobey or hnaI payment"
WYATT . minute and repeat that"
aid Henry.
John did as he had been requested,
nd then continued; "Now follow
hat say and you VIII see where the
pches were 1T work on the blood or
viIixafion. There were Law already |
srs ting to encourage the boarding OF
ney. but the money changers were !
work to leech out one-half OF the \
,od by one act OF Congress. Under \
redemption monetary system there 4
D only be substantially as much rep O
entative money In n nation as there c
primary money. | do not mean OF $
latter that II should be In the treas y
J At Washington. but among the !
'opAe. " the Government needs ~ \
can get ~ from the peopie, but when
republic must 70 20 the people OF
oreign nation to Get us primary mon
~ n n only question OF time when VI
viii cease 10 exist m such. ~ said,
81 sound money, there can he about ~
much representative money I'm a nation
~ there Va redemption money. SO.
they could limit the supply OF primary
money by one-half, " would naturally
follow that the quantity OF representa-
dive money would have to be reduced. -
But has itY' asked his partner
NO" replied John. "'rhe silver men.
while not succeeding In restoring silver,
have INSTRUCTED the retirement OF
xreenbacks and other money thus far.
80 now" he continued. eve have gold
only as primary money and ms the
measure OF all values, thus reducing the
price OF all productive property by one.
half but In addition 10 that We have
confusion arising out OF dispropor'
tionate quantity Of money resting on
gold to the quantity OF gold supporting
a."
Are you right In that proposition
John. that there must Ice about an
equal quantity OF the two kinds Of mon
ey-primary and Representatives. ask
ed Henry Wallace. Jr
"Yes. aud aside from the reasons sus
talning A." was the reply. I'VE have
learned Il by experience. The owe
Issue OF paper money 10y the old stat
banks always resulted In a lack OF con
ndence In the representative monel
and was followed by a run ON thos
banks. And now we have about on
billion dollars OF representative mon
ey. and less than six hundred million q
gold In this country. followed 10y con
tlnuous run ON the treasury at Wasl
ington. and constant anxiety as TO th
quantity OF gold In the treasury. A
illustration OF our monetary system
this: Suppose the wheat elevators q
Chicago were to issue more wheat ce
tlncates than there was wheat store
In the elevators. Upon this fact bccon
ing known there would be immediai
confusion. | do not mean TO say ths
money cannot be made by the Co
eminent as II did make II during an
for many years after the war-out
paper based on It's function as none
But when Ia lieu OF this. you base It ,
a commodity. il Is the primary none
or money Of greatest commercial valu
that is wanted. and the money chan
ers watch cautiously the quantity
representative money issued aud crea
confusion by raidlng the treasu
when there is an overiSsue OF IT,"
"And now" said John. continuing.
want you TO again adjust those elect
glasses TO your eyes" When they h
done so he said