The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1898-04-29
MOST VITAL ISSUE.
THE AMERICAN PEOPLE MUST
UNDERSTAND 1T.
We Have Grown Rich and Prosperous
in Spite of the woTst Money system

Ever Devised but Wei Can't Go
On
Nothing is more important at this
1uncture of our affairs than correct
understanding of the elementary prin-
clples of monetary science. We are
now at turning point in our history
where action must be taken, and a
mistake now made will, be fruitful Of
evll In future years Just such case
occurred when congress in changing
the ratio of our coinage in 1S34-37 in
stead of making it conform TO the
French ratio of 15h to /, which pre-
dominated in Europe, changed ours
from 10 to 16 to l. 1t was a mistake
which has been felt for half cen
fury. Now, when there is public de-
mand Tor "a fixed policy and a sound
currency, large and growing body of
the people demand, with every
snow OF reason on their Side, that the
creation of money, being sovereign
power, its issue is sovereign right to
De exercised by the government only;
while another, less numerous but more
powerful in wealth and privilege, in
sists that the government shall dele
gate Its powers in this important mat
ter to private corporations, and still an
other body Of men actually wish to
have the old system of state banks Of
issue revived. The latter appear to be
utterly unmindful of the lessons of the
past.
Our country has grown great, pow
errul and rich, in spite of the most
faulty financial system ever devised by
the wit of mana system which has
devastated the country with periodical
panfcs more destructive than warfare,
involving in wreck and ruin it's tens Of
thousands in each case-and yet the
country has survived and recuperated,
and our people quickly forget, and go
on repeating the same ruinous policy.
1t is the part of wisdom for nations
as we'll as individuals to be guided by
experience. For a great and wealthy
nation like ours to so utterly ignore
the lessons of the past is not creditable
to our intelligence, yet very many who
ought to know better are advising that
very course. To now talk of reviving
the false and fatal system of ante bel
lum days, of red dog" and wild cat
paper money, with its varying and UNI
certain value, requiring a constant
study of the list of broken banks and
OF the latest counterfeit detector to
minimize losses, is the feast which its
advocates invite us. to.
Let us have none of it. but get back
to first principles instead of re-adopt--
ing the old and exploded notions hand-
ed down to us when colonies OF. :tthe
king. Why, England herself will have
none of it now. She permits no banks
of issue in private hands except few
under old charters, and they are un-
der severe restriction.
When Thomas Carlyle described the
British Islands as inhabited by 30,0OO,-
600 of people, mostly fools, he did not
say that they were not honest, nor will
we say that the advocates of shin
plasters-our fools-are not honest.
We can say that they are not safe adj
visers. They cannot lead us to firm
ground in our finances. Men who at
this late day talk of elasticity as an
essential or as even desirable quality
in money betray an ignorance that dis
qualities them. The same may be said
of those who so far sin against light
as to talk of intrinsic value as applied
to money. We venture to say that
there is not q recognized authority in
the world today who will sanction
either proposition. All authorities are
on the other side. Jevons said: There
is no such things as intrinsic value"
Prof. Mcleod says: This unhappy
phrase meets us at every turn in eco
nomics.' He most effectively exposes
its fallacy. Any number of citations
could be given to show this. Ask any
of it's apologists If they can conceive of
any value in money not directly con-
necteds.wit something external to, it.
self? Its value lies in what it will do
for its owner, what it will fetch. or
bring in exchange. Its value may,
therefore, be termed extrinsic rather
than intrinsic.
Now, then. one might as we'll argue
for flexible yard stick or surveyors
chain as for flexible money. 1t has
been long the custom of false reasoners
to compare money as measure, in its
Office, with the standard measures of
space and weight. OF value, there can
be no standard. for standard ts fixed