Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1898-10-21

When the Volume Is Limited
or Its Circulation Impcdcd the
Vital Ccnters Arc Affected.
Number One by Hans Hansen.
During the last Presidential cam
paign public speakers as well as the
public press gave the money question
a prominence which it has always de.
served, but never attained in this
country until now. After the repeal
of the silver compromise measure of
1870, the money power would not con-
sent to either halt nor retreat.
When that step was taken it be-
came doomed to win or die. 1t is
proud aggressive and tyrannical. The
money shark knows no north, south,
east or west; he cares for no nation
ality or race; he regards nations only
in the light of "business," weighing
and measuring them by the single
gold standard. To him the whole
world is an interest-bearing bond.
And SO the money power aspires to
dominate all governments. 1t OPP
presses and claims the right to OPP
press all people, and there is no limit
to its aggressions or to its greedy de-
mands.
The money power docs not seize the
man in person. 1t idly speaks of per-
sonal liberty; but it seizes all the
means of life and the agencies of COM
merce and then bids men to live or die
as best they can. 1t has established a
slavery less merciful than chattle
slavery, containing all labor regardless
of sex, race or color, condemning all
to death, or permitting life on the
hardest possible terms. This is the
money power, and the dangers which
confront the people and constitute the
mighty Importance of the money
question in civilized society. With a
contracted currency and millions of
men now willing to study the money
question, we must begin our discus
sion at the bottom OF the subject.
When mechanic makes a machi ne
for a special purpose, he must have all
the parts in their proper places, well
fitted and fastened, as the purpose OF
the machine requires. Not bolt
screw or crank can be omitted or mis-.
placed without peril to the value Of
the machine, and perhaps ruin to il
entirely. This is a law of mechanics
and nature which can not be violated
without punishment.
So money being an important de-
vice of civilization, has its laws and
conditions, which must he complied
with, and any system Of finance which
is constructed in want of the necessary
conditions must, to the extent of that
neglect, prove to be q failure. None.
tary laws, like the laws of nature, can
not be violated with impunity. The
question then arises, what are the
required conditions for sound money
system? The existing government
must issue money as an act OF sover
eighty. The government must be in
practical operation, collecting and
disbursing revenues and perform.
ing the usual monetary function Of
civilized government. Then the
money issued must be receivable in
the revenues of the issuing govern
ment; it must possess the quality OF
legal tender. and the quantity must be
in reasonable proportion to the reve.
nues collected.
In nature of the thing itself money
is not a material substance, but a
check ON society for services rendered
in other words, money is function OF
Office which may be attached to any
proper material by law or by accepted
custom.
The value of money is measured by
the cost of obtaining it after it has
been produced, and not by the cost
of its production, and this value is
indicated by the general range OF
prices. Further, it must be borne in
mind that money is valuable in pro-
portion to limitation, and unlimited
money is worthless money.
There are two dishonest moneys
When debts have been incurred on a
given volume or basis, initiation cheats
all creditors; it compels them to take
money of less value than they have
agreed to; and it may be said that the
creditor classes have wearied the world
with their cries against initiation,
against a "dishonest money" and
"cheap money"-money that is over
issued. But on the other hand, the
contracted money-money that is toe
much limited cheats all debtors
compelling them to pay all debts and
taxes with money of greater value than
they agreed to pay. This is the
money which the great creditors and
bond-holders call "honest money" 1t
makes them rich at the expense OF
debtors and taxpayers. Thus, in their
view the costly and scarce dollar is