The independent., 1903-12-03

son can borrow money from the gov
ernment and make margin over and
above the tax the cord, so to speak,
is lax, the valve swings open and the
currency, keeps flowing from the gen
eral government into the channels OF
trade.
When person in any particular
line of business cannot make margin
over and above the tax, then the cord,
SO to speak, has become taut. and the
valve closes. or, in other words, he
returns the money and the mortgage
is cancelled When A can no longer
invest his money in active productive
ness and make a profit equal to, or
above the average net gain of labor
tor national interest), 1t is fair to
presume that he will loan to B at the
same rate or little less.
While this is the case 1t IS fair to
presume also,- that but little IL any
money will be borrowed frem the
general government. Under this sys-
tenn no one can get a corner ca mon
ey any more than he can on postage
stamps. Money can be made very
cheap, yet very valuable. The over
flowing of the tank at the we'll did not
render the water in the tank in the
street any less or any more valuable.
As it is with the unused postage
stamp, so it would be with the un-
used money in the government banks.
That which would be In circulation
would not be rendered any less valua-
bic by there being q surplus
1 We are sure that some one would
like to know what we would base this
money on. We are not going to have
any base, only this government and
the fullness thereof. We are not 60
ing to base 1t, as at present, on John
Bull and his little lump Of gold.
Well" says one, how are you go
ing to balance with foreign countries?"
We do not believe that under this sys-
tenn, with as glorious a country as we
have, there would be any balance
against us, but in the event there
should be. let us balance with COM
modities, and let that be beef, pork,
corn, wheat, cotton, silver or gold;
but not with money, which would de-
stroy the equilibrium of our circulat-
ing medium.
We have been asked, what would
become OF your paper money IL we
should ever be subdued by some for
eign power?' Our answer is this: AS
all could not have gold let us all fare
alike. Besides, it would prompt ev-
cry one to be loyal to his country. But
The way it is now, "give me gold and
the devil can take the country We
have at this time great deal Of ras-
,ality in this country, and it is likely
to continue as long as we keep
premium on it, or, in other words. as
ong as we keep money more valua-
Bile than that which it was designed
20 honestly represent.
Under this system congress would |
De coming money and regulating the
value thereof, as the constitution re-
luires them to do. Let congress do |
ne coming and regulate the value |
tax and the volume will adjust it. |
self to the business requirements Of |
he country. But for congress to 90 |
o work and just simply coin dol |
ar with SO many grains of gold or |
silver in it, without any reference to |
ne number of dollars or units there |
should be in actual circulation to |
transact the business of the country
IN cash basis, and without devising |
ome plan, also. to prevent them from
)elng manipulated and monopolized
or the purpose of reaplng exorb bitant
ates Of interest, does but little more
owards regulating the value of the
lollar than they do toward regulat-
ne the wind or the weather.
While 1t Is true that the value of
he dollar depends upon the volume,
IT number Of dollars or units there
You'd be in circulation, yet it would
llso be true that that volume would
lepend upon the rate of tax the GOV
rnment would charge the borrower
or The use of money. So that To reg
late the tax would be In reality reg
ilatine the value and al the same time
would allow the volume at all times
9 more accurately adjnst itself to
ne business requirements OF the conn
rv than to restrict 1t to certain
mount per capita. And II In my
reetest desire above all thinrs tenn
oral. To live 10 see the dav when all
ble-hodled peonle win have to eat
read iu fhp swami gxf thai. ss..... f.s. |