The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1899-07-13
THE MONEY QUESTION.


The thing of fundamental Importance
In money is stability of exchange val
uc or purchasing power. Any system
of finance that fails to give us a unit
of value, which, during long periods
of time, measures off approximately
the same quantity of staple commodi-
ties as its equivalent, is essentially a
dishonest and unsound system. We
hear much about money that is
sound, safe, honest, the best at a par
ity with gold, that will stand the fire
and hammer test, worth 100 cents on
the dollar" etc. and also much about
''depreciated, dehased dishonest fifty
cent dollars" but rhose who prate loud
and long on this matter utterly fail to
grasp the true and complete conception
of money, viz that ii is not merely a
medium of exchange, but also it Is Il
standard of value for deferred pay
ments. In the words of Engand's
great statesman, Mr.. Balfour, money
has to serve not merely as Il medium
of exchange but also as fair and
permanent record of obligations eX-
tending over long periods of time. This
is the great and fundamental require
n,ent." And. he further says here the
gold standard totally and lamentnbly
fails" If money was simply medium
by which products were exchanged
and there was no such thing as credit
in the business world, it might fuctu-
ate in purchasing power without work
ing any great havoc, but 1t so happens
that the great bulk of business is done
on credit, that progress, industrial de-
vclopment and civilization are impossi-
bic without it. BY means of it the seas
have been covered with commerce, the
continent cobwebDed with transporta-
tion lines, and the wilderness turned
into mighty cities, fruitful farms and
happy homes. They who have built up /,
the world, been the pioneers of civiliz-
alton, cleared up the prairies and
founded our workshops, churches and
schools have done it with borrowed
funds. They are the ones who, above
all others, should be appreciated, up
held and encouraged. 1t ought to be
evident to the dullest mind that any
system of money that compels these
borrowers to return Il better dollar, one
that requires more labor to get, than
the one borrowed, is an unjust and dis
honest one, and strikes a fatal blow ut
the very foundation of the social and
business world. Judged by the SUI
preme. rational and righteous tests of
stability of purchasing power, the gold
dollar has grown to he Il 200cent dol
lar measured by the honest 100-cent
dollar of twenty-siX years ago. 1t was
such dollar then because it had kept
comparatively stable for many years
in exchange value over commodities,
owing to the fact that silver had
equal rights at the worlds mints, and
shared with it equally the worlds de-
mand for redemption money. Every
man who has entered into any time
contract to pay dollars since the
worlds mints We're shut to the unlim-
tied coinage of silver has been forced
to pay dollars worth from to 100 per
cent more, according to the age of the
debt, than the ones he borrowed, and
that he ought to pay This is a fact,
because the dollar has grown 100 per
cent. since in command over stable
commodities To the extent that dol
lars have thus grown, the unfortunate
debtors and all others subject to fixed
ehargeS have been robbed Since 1873
the governments of the world have
been in league with bond and mort
!H"p holders and the receivers of fixed
incomes TO plumber the worlds toiiers
without redress. Through the efforts
of the scheming villains, who have
tried to coil the contracting folds of
the gold standard around the necks Of
labor. the output of the mints has been
lessened till ii requires double the la
Dor and products of labor to earn the
dollars due OH the mortgaged homes of
millions of poor men that it would
have required had the worlds output
OF dollars been allowed to keep apace
With its output of products.