The representative., 1901-04-11
WHERE IS HE ATT


In another column we publish q
| couple Of letters from Mr.. Maben, who
has sometimes afiliated with the Pop
| ulists, and for this reason we presume
occasionally asks recognition In these
columns.
His views on the money question, to
most of our readers, seem strangely
; mixed, although he claims they are
based on facts, history, experience,
science and logic, and several other
things that should place them beyond
the possibility of error.
Most of his logic on the money ques~
tion closely resembles that of old John
Sherman. Senator Jones, of Nevada,
cleverly punctured Sherman's logic
when he said: "He demands the
scarcest money and plenty of it,
Sc Maben demands money that
shall be stable" and at the same time
flexible" He places great stress upon
the necessity of our money being good
in Yurrup," lest some American mill
lianaires travelling should get caught in
a "h-ll of fix
Finally, hI declares he would de
! monetize both gold and silver and have
a purely scientific money secured by
or redeemable In something specific
and of a stable value.
This Is clearly unique description
of scientific money" Many Of our
readers will be strongly suspicious that
this phrase, scientific money" was
adopted from the Cincinnati platform
without any careful investigation as
to what the phrase really meant. Mr..
Maben should brush up little on the
question of scientific money" We will
act as prompter this time, but will make
no promises for the future.
Scientific money" is the money ad-
vocated by POpulists 1t is a purely
government paper money. 1t has no
commodity, instrinsic or commercial
value in itself any more than the yard
stick or bushel measure. 1t Is not re-
deemable in any specific commodity,
but is considered redeemed every time
it passes hands in payment of debts
or taxes, and when worn out rs replaced
at government expense by new bills of
same denomination. 1t is not secured
by any specific commodity or bottom
ed" on gold. silver or any other metal,
but its credit rests upon the aggregate
wealth OF the nation, supplemented by
the ability of our entire producing
classes to create more wealth. 1t would
be difficult to imagine better security
than this.
To use Maben's expression, it is
stable" It is non-fuctuating, fixed
In it's purchasing power over commodi
ties. As our bushel basket measures
every day and every year the same
quantity Of wheat, oats or potatoes, so
the scientific dollar measures up or
calls for at all times approximately
the same quantity Of commodities. This
is what scientific money advocates mean
by the expression stable currency"
They mean currency that does not
vary in it's purchasing power over
commodities. Now in securing this
stable or Interchangeable purchasing
power we come to the scientific" part
of the problem. The scientific" char
acter of this money and that feature
from which comes it's name, rests upon
the quantitive theory of money. None
tary scientists have laid down what they
term the Quantitive theory of money,
|. e.: "The purchasing power of the
dollar or money unit is always in in
verse proportion to the number of
dollars or units in circulation"
Scientists have deduced from this
proposition three corallaries:
First-The comparative purchasing
power of the money unit must always
indicate comparatively the number of
units in circulation.
Second-A diminution in the pur-
chasing power of the money unit indi-
portionate increase in the money circu-
latiOn, currency imitation.
Third-An increase in the purchasing
power of the money unit, indicated by
falling prices, marks prOpOrtionate
decrease in the money circulation, cur
rency contraction.
In briefer language, falling prices
mean contraction and rising prices mean
imitation.
Recognizing the truth of this guam
tative theory, and it's corallaries, scien-
tific money advocates have urged the
appointment of government bureau,
or commission. whose duty it should be
to keep a record of market quotations
OF 100 or more of the nations stable
commodities, and from such record
recommend periodically, at frequent in
tervals, to the treasury department that
the nations currency circulation be in
fated or contracted to a point that