Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1899-05-24
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The Issue of Paper Money.
Every honest man insists on the Gov
eminent carrying out all of its pecuni-
airy contracts. There is some difference
IN opinion us to repaying some of the
paper or in coin; but this is not the sill
yer question. 1t is impossible to drive
the idea out of the heads of some people
that paper money is the only common
sense money and that metallic money,
made of the precious metals, Is a relic
OF barbarism. III it is barbaric to be-
lieve in this kind of metallic money, I
have Inherited the belief from my bar
barrie ancestors and hold them respon-
sible. A post-mortem examination OF
my brain may possibly show why this
belief sticks to me so tenaciously.
want to see the restoration of silver to
lts Old place. as an agent of valuation,
at Its existing coinage ratio of sixteen
parts of silver to one of gold. For the
convenience of the people we sound
money bimetallists advocate the issue
and use of abundant paper representa-
tiyes, but always redeemable in coin
by the Government at the option of the
people; but we insist that the Govern
ment should always be allowed to exer-
else the commanding option of debtor
and decide as to the kind of coin. gold
or silver, they must use for redemption.
look upon paper representative money
simply as an evidence of debt. 1t is
indispensable and fills an exceedingly
important position in civilized life.
The issue of paper money Is one of
the most commanding and powerful
functions of a civilized government. 1t
should be most strenuously held by the
Government alone. The Government
has the taxing power to obtain coin
when necessary for redemption; this
power will never surrender to any cor
poration. Surrendering the issue of
paper money to partially private cor
porations would, in my estimation, be
one of the most pernicious of economic
plumbers A powerful organization,
backed up by almost unlimited means
and the most influential of the metro
politan press, is in existence for the
purpose of deprlving the Government
of this duty and giving it over to our
lenders of money. The dangers that
seem to menace this nation from this
cause are probably now as great as the
dangers that threatened us for other
reasons i'll 1860. In 1865 our people
knew more than they did in 1850. They
were taught by sad experience. In 1850
1T was easier to fight than to think. 1t
seems to ME that the Almighty par
alyzed the brains of the American peo-
pie in 1860 for some inscrutable pur-
pose. Is there not IL terrible mental
paralysis evident to-day? The choice
of gold alone in 1873 rather than silver
as the sole money standard is an i'm
material question. The choice of silver
alone rather than gold would have put
US in similar financial position and
would probably have been just as mis-
chievous. We must, for stability and
safety, stand on both metals as debt
paying standards. Civilized society
must have money or it's representatives
IN abundance. and the real center of
battle today is the effort to take away
the power to issue this representative
AiAoAiSS Aioid thS pcOple VI JUL repre-
sentatives, the Government, and hand
over this powerful agent to small,
select class of people whose sole func-
ton is to loan money. To drive the
Government out of the banking bust
ness, as they falsely describe it, is the
potent force actuating the single stand
ard leaders. who advocate gold alone.
1t is the gold standard question in
nut shell.
The average bimetallist has no objec-
ton whatever to the Government issu-
ing bonds. If necessary in order to get
coin TO liquidate coin obligations; but to
issue bonds to purchase gold to liqui-
date coin obligations is most empl,at-
ically condemned. One of the strongest
evidences of want of craftsmanship
is the condition of our national fiscal
affairs and the low prices and hard
times among the people. Neglecting to
deprive the Secretary of the Treasury
of the privilege of borrowing gold,
which privilege he has so VIGOROUSLY
abused. is an evidence of national men
tai paralysis. such as afflicted our ma
tion In 1860. We have millions of coined
and uncoined silver in our vaults which
can legally be used, and should have
been used. to liquidate any coin obliga-
tion against the United States. Must
we wait until 1900 to awake to a reali-
cation of our situation? is the question
for our statesmen to investigate, and
for the plain people to decide. Let us
use every reasonable effort to reach a
wise conclusion.-John A. Grier.