Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1898-02-24
What constltutes Honest Money!

those OF our people who are buslly
engaged with individual offairs Of
life, and are careless and thoughtless
as to the financial affairs Of our coun-
try; and to cause more easily the
money of the country to flow in the
control of limited few, who are
sometimes called "Shylocks" or "us.
usry gatherers"
The real and ultimate aim and pur-
pose 10 to have the government coin
material of limited supply (gold)
and make such the only legal med
INN of deferred, or 6nsl payment.
They would have money coined Of
any other material, a non.legal ten
der for debte, but redeemable in that
limited gold coin, at a few chief
money centers of the country, or by
incorporated private banks. No bill
of less denomination than $40; that
is the scheme of the sound money ad-
vocates Considering the best vel.
fare of at least ninty.nine per cent Of
the people, would such a plan or sys-
tenn be honest, wise, or justY
The object of the government is TO
ensure the highest and best welfare
Of the people as body. Especial
privileges" granted to the few, can
never be justly admitted under that
object of government.
Any observing man who lived when
the Unconstitutional state bank sys-
tenn existed, or has read its history Of
terrible ruin, misery and desolation,
caused by the failure Of "bank prom
ises to pay coin," ought to shrink
with horror from the eestablish-
ment of such q system, or any pos
sible system involving coin redemp-
ton of paper money. Such system
places every debtor in the relentless
power of some soulless Shylock in
the hour Of their greatest need
There is absolutely no "honesty" in
such system, and no government on
earth, honestly administered, would
ever create or permit such a system
Of "coin redemption Of paper money"
to be created to burden and curse
wealth producers.
Then what constitutes honest mon
cyl The law and nothing but the law.
The material employed for the pur-
pose of its coinage has nothing what
ever to do with 1t. That is a matter
Of convenience, or liberty. Those who
say that twenty-three grains Of gold,
"pure," constitutes a dollar regard.
less of legal stamp upon it, are
falsifers, or very Ignorant of the
facts In the case.
The chief promoters of this Sound
money" scheme know they falsify on
that point
England fixed the market price of
gold in 1916, when Parliament re.
quired the Bank of England to pay
dollar for every twenty.three grams
of pure gold offered it.
The law coupled with free coinage
in several principal countries, made
twenty-five and eight-tenths grams
standard gold, ten per cent alloy, a
dollar. That law regulates the mar
ket price OF gold bullion. Thus it
IS the law and not the material, that
constitutes the dollar.
Previous to 1916, this commodity
gold, varied IN market value most Of
the time, more than most other pro-
ducts. Silver was much more stable.
Anyone can verify this statement
easily by the records. Space will
not permit 1t here.
As Senator Hosr said rec emily that
legal tender money is simply a ques-
ton Of legislation-a question OF law.
Many senators and congressman Of
equal ability and reputation, have
SAID the same thing. No political
economist worthy the name would
risk his reputation by a different
statement.
The United States supreme court
has recently said the same thing
while sitting as the highest tribunal
in the country. might with pro-
priety say in the world. Also in
every instance where the question
has come before the supreme courts
of the states, the decision verified
that same declaration Here is the
clear undeniable record, open to ell,
and not 10 be honestly evaded.
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