The independent., 1903-12-03
THE VALUE OF MONEY

DR.. Clark Joins ME-. Patsn in Declaring 8
That Congress Can Regulate the VAL
ne of Money by Regulating In
tcrest Charges
DIR. J. w. Clark, one of the "Old
Guard of Populism" in Indiana, writes
The Independent letter commencing
MIR. Paton's aFixing the Value OF
Money" tpage 6, Nov. 81. enclosing a
copy of the Missouri World Of Sep
TENDER 16, 1896, containing an article
on similar lines. The Independent is
glad to reprint DR.. Clark's article. 1t
would, however, suggest that DR..
Clark confuses utility and value
in his Illustration. Cheap money
cannot be very valuable but it can
be very useful or of great utility" /"
Water has great utility, but its val
ue" depends upon a limitation Of the
supply AS a matter Of fact, the over
flowing of the tank at the well did not
affect the utility or usefulness of the
water in the street tank; but it did
render all the water valueless. The
supply was greater than all wants;
there was a free supply OF more than
all needed; no one would give any
thing in exchange for gallon of wa
ter; hence, it was valueless.
THE AUTOMATIC SYSTEM OF
FINANCE.
The way to settle the money ques-
tion is to knock the devil out Of the
dollar, and when that is accomplished
it will not be SO hard to knock him
out, and keep him out, OF the hearts
of the people. We will venture to
suggest plan, and the people can
have it for just what they think it is
worth. But we wish to state that be-
fore adopting the financial system we
are about to suggest that there should
be first, some preparatory legislation,
such as a. land limitation law, or
graduated land tax; graduated in
come tax, and government ownership
and control OF lines of communities
ton and transportation
Then when that is done let us adopt
a medium OF exchange that is in
keeping with an enlightened, civilized
and Christianized people, by the gov
ernment issuing a full legal tender
paper money and put it into circula-
tion by paying off its obligations and
lOaning 1t direct to the people on
real estate security, to an amount say
not to exceed One-third or One-half
its actual cash value, and at a tax
not to exceed the average net gain OF
labor, and let that tax go to the gov
ernment instead Of to banking cor
pOrations. Congress can regulate the
volume and that carries with it the
value lbecause the value of dollar
depends upon the volume that is in
actual circulation) by just simply reg
ulaung the tax the government
charges the borrower for the use of
money.
And in order that we may be thor
oughly uhdCisLood, we Will illustrate
The matter. Some years ago we saw
in a western village a public water
tank stuat.G III the main street of
the town hat tank was supplied
with water Though an iron, pipe at
tached to tncther tank, situated at
aid supplied by we'll of inexhaust-
1ble water that was run by a wind
pump. The tank in the street had
valve in the center of the bottom, and
to that valve was attached one end
of cord; the other end was attached
to a block OF wood which served as a
buoy and liOated on the water in the
tank. The length of the cord was so
adjusted that when the tank got SO
full the buoy tblock OF wood rose.
OF course, and the cord became taut
and closed the valve in the bottom OF
the tank, and IL the wind pump was
not stopped, the tank al the we'll ran
over Instead of the one In the street.
And as soon as the water i'm the tank
In the street began To be consumed.
the cord became lax, the valve dropped
and In came the water aud in this
manner was made self-adjustlng.
Now, then, we want congress To 20
TO work and establish a tank in ev-
cry county feat In the United States
In The way OF government loan Of |
I've, and let these tanks be supplied
With full legal tender paper money.
Ike the postoflces are with stamps,
and let the people protect the people
by loaning To the people. on the terms /
and conditions stated above. Well"
says one, what viii prevent an un.
tue imitation Of the currency" Our \
answer IL that III congress- will so adj i