The representative. [volume] (St. Paul, Minn.) 1893-1901, 1897-12-29

decided aversion to taking any steps
towards putting an end to the granting
of special privileges by our railroads
that has been SO potent in building up
trusts and monopolies, to find that
many of these leaders were ready to
drop even the advocacy of free silver
coinage where they judged that such
abandonment would promote party
success.
1t is this disgust with the Democratic
party and the fact that the Republican
party offers no place for believers in
equality, the fact that men who hold
THE RIGHTS OF MAN TO BE AS
SACRED AS THE RIGHTS OF PROP
after their eyes are opened to the enor-
mites that are perpetuated in tn,
building up Of the mOneyed oligarchy,
with the federation of Democratic and
Republican leaders alike. that makes
the opportunity that opens before the
Peoples party today.
AN HONEST MEASURE OF VALUES.
Much of the present power of the mon
eyed oligarchy has been built by TAM
pering with the measure Of value, even
to the extent Of prOstrating enterprise.
The wrongs of this tampering must be
undOne, in order to encourage prosper
ity, by giving men the honest and full
fruits Of their toll. To accomplish this
more Is needed than to restore silver to
it's place as money. That would be
one step towards justice. The acct
dents diminishing the supply of one
might offset, the one the other. That
is, the chances of fluctuations in the
measure of value are minimized by
resting such measure on two commodi-
ties instead of one. But to suppose that
the restoration of bimetallism would do
away in toto with the fluctuations In
and equitable measure of value, that
would guarantee to all men the fruits
of their toll is unreasonable. To get
such just and honest measure of value
We uluSI UdS0 IL IlOI Ou lWO CO1uIuOUl-
toes, but on all. That Glen can iusure
truly honest measure of value,
measure of value as much more per-
feet than one based on two commodi-
ties as such measure of value is more
perfect than one based on one. So we
would welcome bimetallism as an ap-
proach to a more honest and Just meas
ure of value, not as the accomplish
ment of all that is to be desired in
the way of an honest measure Of value.
not as fulfillment of the end aimed
at. namely, not an approach to hon
esty but honesty ITSELF an end that can
only be attained by a measure of value
BASED ON ALL COMMODITIES. To
attain this end is of the supremest i'm
portance, for money is the life blood
of trade.
The question is how to attain this
desirable end. AS the value Of money
is dependent on two factors, namely,
the supply of AND DEMAND FOR
MONEY AND AS THE DEMAND FOR
MONEY IS REGULATED BY THE
PRODUCTIVE ACTIVITIES OF THE
PEOPLE it is evident that the govern
ment can only maintain control over
the value of money by regulating the
supply. And if the government is not
free to regulate this supply if this sup
ply is dependent on the accidents affect
thn % fhn ato1t>
it is clear that the government cannot
control the value of money, cannot in
sure an honest measure of values. To
be able to insure such just and equita-
BILE measure of values the government
must have the power to increase the
volume of money in response to in
creasing demands, to decrease the sup
ply in response to decreasing demands,
though it may be remarked that with
an honest measure of values, insuring
to all men the fruits Of their toll, The
production of wealth would constantly
increase and Herewith the demands for
money.
And it is only an absolute paper cur
rency, legal tender for all debts, ac-
ceptable for all debts and dues to the
government, but which the govern
ment should be under no obligation to
redeem in coin, that could be SO regu-
lated liz volume by the government as
to insure an honest measure Of value.
So the honest measure of value must
grow out of a paper currency If it is
asked: How is such currency to be is
sued? the answer is obviously it must
be paid out to the people by the govern
ment for their labor given in return.
II it is asked: How much of it? the
answer must be enough to keep prices
stable, not indeed at the present dis
honestly low level. but on a new level
high enough to release debtors from
that crushing part of their burdens
arbitrarily and unjustly thrown upon
them by the appreciation Of gold and so
release industry from the deadening
weight, the grievous tax that now
chills the wheels of trade and industry.
If it is again asked how is the issue
Of currency to be regulated so as to
accomplish this, 1t must be answered
that establish just, a reasonable mon
etary system and the isuse will regu-