The representative., 1901-03-14


Now, the question of a redeemable
money is fraud, a delusiOn and snare.
This law was made at the dictation of
bankers to trap and oppress the great
mass Of wealth producers and business
men Of the United States. and to crafty
the avarice and greed Of the bankers.
The laws making those provisions
should be repealed Immediately and the
disgraceful discrimination and class leg
islation should be Immediately repeal-
ed. If the circulating notes, which are
a legal tender issued by the government,
are made better by having a coin re-
deemer, then the bank notes that are
not legal tender for private debts,
should be compelled to keep constantly
on hand a coin redeemer to make them
equal to the treasury notes, but the law
does not compel the banks to redeem
their notes in coin, nor does the law
compel the banks to ever redeem their
notes over their counters in any kind of
currency or coin.
Now, what sense or fair reasoning can
anyone use that compels the holding of
gold reserve by the government for the
redemption OF treasury notes, that would
not apply to the national bank notes in
ten-fold greater force and equity to the
people?
If the coin reserve held by the gov
ernment is all that makes the treasury
notes good, and protects the community
that receives them from loss, why are
not the same community, who handle
bank notes, entitled to the same protec-
ton?
If the bank notes are good because
they are based on government bonds,
then why is not the treasury note, which
is full legal tender, better currency,
just as safe, without maintaining the
coin reserve for it's redemption?
The bankers secured the passage of
the redemption and gold reserve laws
for their own especial benefit, to main
tain the gold reserve. 1t was necessary
to perpetuate the civil war taxes. This
serve or redemption fund.
Among other things provided by law,
is that the government may select cer-
tain banks in the several states as re-
serve as they may elect, and this large
gold reserve the treasurer boasts of in
his reports, is scattered among the ma.
tional banks, and the banks give not one
cent for its use, but the government
agrees to give several months notice be-
fore they call on the banks for this de-
posit This explains why the money
changers make such howl when the ex-
penditures of the government approach
anywhere near the reserve limit.
And it also explains why all money
changers insist on the government S
maintaining a gold reserve for the re-
demption OF treasury notes; also that
bonds should be sold for gold to main
tain the reserve. Who wants to ex-
change treasury note, legal tender, for
gold? No one but money changers for
speculative purposes. =
Can this nation afford this luxury for
those gentlemen at such expence to the
balance of society? That is the ques-
ton.
intended to pursue this line of thought
to the extent l have, but intended to deal
more directly with the objects, nature
and uses of money, but as the trend of
thought has taken the course it has, I
will have to limit the discussion along
that line in this issue, and continue it in
our next.
The object of money is to have a con-
venient legal representative of all wealth
of the nation that expresses, represents
and measures all values of the nation in
legal units, SO that whoever presents
those units to a fellow citizen, or his
government, to the extent it is agreed
he or she is obligated, the parry to whom
these units are presented, and the credit
ors, are compelled to accept them and
release the party of the first part from
all further claims upon them. This ends
all litigation and closes all accounts to
date.
The nature of money is legal one.
It's power and nature are derived from
the sovereignty of the nation the high
est power extant, and it is a fraud for
one unit of the same name to pretend it
has greater and more power and is the
redeemer of the other, because it's clothes
have different hue, or texture from the
other. This is the kind of fraud one
would naturally look for from a tramp,
or one claiming royal blood but would
hardly expect it from a liberty loving
American citizen.
AS this article is now as long as l de-
sire to make any of this series, will not
discuss the uses of money until our
next.
A. H. NELSON.
Cooperation and consolidation are