The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1898-06-24
NATION AND MONEY POWER.
The Case OF the Creator Who Has 10
Borrow from His Creature.

To the Editor-Sir: The pro-
posed issue of $500, ,OO0, 900 in twen-
lty-year bonds brings forcibly trl
mind certain fundamental fact in
governm ent which should be better
understood by the people. 1t is
singular spectacle that is before us
one of the richest, if not the very
richest, of all the nations Of tie
earth compelled to incur a long
standing debt, and assume the OBJ
legation to ray vast amount in In
terest in order to meet present
need. The expense to the people
of getting this loan will be enormous.
The interest on the twenty-year
bonds at 3 per cent. will aggregate
S1S0,000, 0,00C. This enormous sum
is given by the people to secure the
accommodation of "A loan; and the
loan is made when the people have
the money in their pockets and are
ready and willing to pay all the
expenses of the war if they can have
an opportunity to do so. The gov
ernment will give to the money
lenders a sum sufficient TO build
and equip the finest navy in the
world; it costs half as much to Sc
cure the aid of the "money power"
as it does to carry OH the war.
Why this necessity? How does
it happen that all the nations of the
: earth are dependent on this 'money
power" for the wherewithal to meet
emergencies like the present. How
did the individuals who compose
the "money power" get the privi-
lege of supplying the world with
money? Who made the money
power?n From what source does
! it get it, power to levy such an
: enormous contribution from the
people in time OF need? Could
we get along without money pow
, er? These are questions that should
: be answered for the instruction OF
the people. While it would not be
possible t. answer them within the
| limits of this letter we may, never.
> theless lay down one or two funda-
. mental propositions.
/. The money power gets all its
powers and privileges from the gov
ernment. 1t cannot lend its mon
ey or establish banks until the gov
ernment makes regulations permit
ting and providing for the exercise
. of these functions; it cannot collect
its money when loaned until the
. government makes laws to provide
for such collections.
2 The money power will have nc
money until the government defines
money, designates the materials of
which it shall be composed and
makes it legal tender. Nothing
is money until its use as money has
been authorized by the government.
So the government creates the
money power. If the government
says that gold shall be the legal
tender, then the men who have the
, gold will constitute the money
power; silver be the legal tender
the men who control the silver are
the money power; those who con
troll the supply Of the money are
the money power. II a circulating
medium be chosen which no one
: can control, there will be no money
power, aside from the government
itself, which is the center Of all
civil power.
If the circulating medium be gold,
all who have no gold, including the
goverr ment itself, are at the mercy
of those who control the supply OF
gold, and must come to their terms
in every time of emergency or dis
tress, government itself becomes a
mere dependent on the power it has
created. The money power, there
fore, virtually becomes the govern
ment, debating terms and policies
alike to the people and theiroilicials
: by IS absolute power over their
necessities. To place the circula-
ting medium in the control OF a few
individuals is to place the govern
ment in the control of those indi-
'viduals in every time OF emergency
or need; and tie individuals will
have power at any time to create an
emergency.
In view Of these facts it is appar-
ent that the most important thing in
the selection of circulating medium
is to secure one, if possible, thai
cannot be controlled by individuals,
and so to avoid placing the govern
ment ard the people at the mercy
: of money power. The govern
ment itself is the original money
power and should be the only mon
2 ey power. No man or number o
men have god-given or inheren
u right to the privilege Of supplying
! the government or the people will
y a circulating medium. The func