The representative. [volume] (St. Paul, Minn.) 1893-1901, 1899-08-10
FIRST PRINCIPLES
Even Populists Will Profit by an Oc=
CasiOnal View of First Principles
of Monetary Science.
First Read, Then Re=read and Then
Study Carefully.

FAYETTE. Iowa. Aug. 5, 1S99.-Editors
of The Represo ontative: 1t has occurred to
me that brief review of some facts in con-
nection with the organization of the Peo-
pies party might at his time be helpful to
those who are hesitating to where to
bestOw their party allegiance.
Although humble layman-not having
been present, except in spirit at any of the
conferences that eveltuatcd in the formation
of the party-I think 1t safe to assume that
a large majority of those who were chiefly
instrumental in it's organization and state
ment OF principles as embodied in the plat
form of July, 1892, were we'll convinced
that the industrial world is not dependent
on the coinage or use Of either silver gold
in the preparation and establishment of a
perfect instrument of exchange.
They were men Of affairs, acquainted with
commercial history and knew that very
large share Of the real business of the world
had been transacted by means of paper
the redemption Of which with silver or gold
would have been entirely inpracticable il
not impossible.
They knew that whenever in all history
the volume aggregate authorized circula-
tion) of money Of given Jurisdiction had
been in just proportion to the industries
end business OF such jurisdiction and in the
hands Of those who have a moral right to
its possession and use-though the volume
consisted in the main Of legal tender paper
py and prosperous and that the instance
did not exist where the producers of a coun-
try had taken the initiative in a movement
to retire or redeem their paper circulation
or had given any fntimation of a desire for
it's redemption.
It is not claimed that every delegate to
the Omaha convention Of JULY 4, 1892,
would have been able to state technically
the several propositions of monetary science
that lead to the inevitable conclusion that
money consists of expressions Of value borne
Upon tangible objects designsted hy SOW
ereign authority. But it is claimed that
those delegates as q body as we'll as the
great body of their constituents knew per-
fectly, both by the teachings of history
and by personal experience and observation,
not In the commodity that bears the none
!ary impress, but in those authorized ex-
pressions which by usage have come imme-
diately on sight to suggest to the mind the
degrees OF value respectively that may
tightly be ascrihed to the ever varying
quantities Of economic products which fur
nish the subjects Of commercial exchange
They knew what everybody might know
by the exercise of reason and Judgment that
It Is the authority Of law, which is simply
a general agreement among the people Of a
Jurisdiction, that gives to money it's DUR
chasing power instead of the value of the
physical object upon wlich 1t is impressed;
and that it Is the magnitude Of the sum en-
ployed in every purchase that determines
the measure of purchasing power possessed
by such sum.
They knew that, although the words
promise to pay" have appeared upon the
different issues of legal tender paper by the
government. the inclusion of these words is
merely form of issue that did not in
the least impair the monetary character or
effectiveness of this government paper, and
that nothing as ever been done by our
people in the preparation and issue Of legal
tender money either before CT during the
war Of 81 to '65 that In its true character
bore the least semblance to the creation of
q publ: debt, nor to create tho least neces-
rity to retire, redeem or supersede the pa.
per issue of the government by any other
form of money whatsoever.
Those citizens who, in 1892 organized