The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1900-06-08
The Monetary Problem.


new conditions, and that the plan Of
relying upon the supply thus automat.
ically furnished will be infinitely safer
than RELOCATING the matter Of money
supply 10 the caprice of congresses.
Those who uphold this theory do
not contend that the system is per-
feet, and admit that it is conceivable
that managed currency, honestly
and wisely managed, might produce
more uniform results, but they in
sist that the public has not reached
that point Of enlightenment upon the
money question, and that govern
ments have not yet demonstrated
their capacity to deal honestly and
fairly with all classes of its citizens
sufficiently 10 warrant 80 hazardous
an experiment as is involved in de-
parture from the automatic system.
In support of their contention they
point TO the characterization OF silver
and the consequent shrinkage OF val
ues and prostration and arrangement
of business generally as the first
fruits OF a managed system. They
contend that although the supply OF
gold at the present time is large and
may for few years meet the re-
quiremcnts of metallic money, vet
| that a similar condition has often be-
fore existed, and that its periods were
of short duration. They point to the
fact that it has seldom happened that
the output of both gold and silver
was large at the same time. that
generally when one is being produced
| 1.sss rfh NJ
production of the other, and that ex-
perience proves that it has required
the free use of all Of both metals
that could be mined to give the world
a reasonable degree OF immunity
from the violent fluctuations that
have invariably attended the produc-
ton of either metal alone. They
point to the fact that the
money changers and creditors who
have been successful in forcing the
managed system SO far as it applies
to the metals by outlawing one OF
the metals are now insisting upon
the exercise of the sovereign function
Of controlling the issue Of paper
money, and are spending fabulous
sums to influence elections and bride
statesmen and congresses to confer
upon them plenary power in the mat
ter of issuing and controlling the vol
ume of paper money.
In other words, the contention OF
the republican party Is that so far
as the supply of paper money is con-
cerned there shall be no regulator ex-
cept the avarice and greed of the
banking fraternity; that the 10000
banking institutions of our own coun-
, try shall have no check upon their
power Of unlimited imitation. Under
! the recent currency law passed by
. congress the system of imitation has
been coupled with scheme to make
I the public debt perpetual, and the
banks are provided with the means
r to force bond issues. as fast and as
1 often as they desire TO do SO. in re-
Spouse to the unrestrained passions
of greed and avarice.
! The advocates of the automatic sys-
r tenn contend that such system OF
! paper money cannot be maintained
n convertible into coin, and that to
: maintain the excessive and profitable
s mutations of paper money by banks
q the banks will be driven to insist
I upon tremendously high tariff walls
e against importations in order TO
e cheek the outflow of gold; that gold
I cannot be kept in the country under
the high prices that will follow bank
a imitation without system of tariffs
e to obstruct its outward flow, ana
p that thus the value OF gold money in
J. the United States will be widely diff
T. ferent from the value of gold money
10 abroad, because the system OF free
n coinage of bank notes would destroy
n the convertbility OF such notes into
n coin IL the law OF the automatic dis
Is tribution OF the money metal between
g. the nations is not interrupted and
nullified by high tariffs.
ID They contend that under the sys
Of TEN of bank imitation and high tariffs
~ that this country would soon he
f. drained Of its entire stock OF gold. II
"a the law through which the precious
ne metals automatically distribute them
ut selves among nations was permitted
he to operate, and that its operation
n cannot be prevented by high tariffs
be alone, but that the concomitant o
ms high tariffs must be production con
y. Quoted by trusts who will be able to o
IT. control the labor market and depres
~ the wages that shall be paid to tn
he millions Of toilcrs 10 such point tina
the products of their toll can be sol'
ee in competition with the labor
he other countries in the markets
le- the world, while the products OF tn
he labor OF other countries will be pre-
ID vented from coming into our mar
ed kets by high tariffs, and that thu
20 American trust products will com
le- mand an extortionate price In thu
vs. country while undertaking the PROD
is ucts Of competing nations in IN
I'D worlds great marts OF trade.
le- They insist that the recent cui
Ter r>rcy INV nassed by the republca