davidaulloa/AmericanStories huggingface dataset:
The independent. [volume] (Lincoln, Neb.) 1902-1907, 1904-12-29
Indianapolis, Ind.

selves did not generally recognize the
fact that what is called bank credit"
is really money and must be recOg-
nized and treated as money by law
makers-just as it always has been
by the courts. Had they understood
this as we'll as you do-and have done
they could not have been SO mys-
titled and misled.
1t therefore seems to me that all
that is needed Is to add to the i've
populistic monetary propositions above
stated something like this:
CO. Everything that actually does the
work of money! and has the same ef-
feet as money and does nothing else
must be recognized and treated as
money
(7) AS expanding and contracting
the value Of bank credits has exactly
the same effects on business prices and
values as expanding and contracting
the volume Of real and recognized
money has. the government has the
right. and is in duty bound. to 50 COM
ltrol it as to prevent 1t from affecting
the exchangeable value of the diher-
ent kinds of money that maybe issued
by the government.
| (8) That as the contraction Of bank
credits at times when industrial con-
ditions really require expansion is .
principal, if not the sole cause Of COM
mercial panics and long periods Of In
dustrial. depression these bank credits
which have been rightly called hOcus
pocus money-should be steadily and
relentlessly contracted as the quantity
Of real money is expanded; and that
this elimination of the hocus pocus
money part of our currency shall be
continued at least until what remains
will not affect the exchangeable value
of real money
/ believe that your judgment will APP
prove of this proposition (for sell
dom find myself seriously disagreeing
with you). but I am aware that your
position as the head Of the Indepehd-
ent puts on you great deal Of -
sponsibility. It Is right for you to con-
] slider we'll the views Of the friends who
The independent. [volume] (Lincoln, Neb.) 1902-1907, 1904-12-29

money is a legal tender then the money
value is increased by the demand for it
as a standard of payment, and the
value of the material out of which 1t
is made will be increased just as the
value of lumber will be increased by
an increase in the price OF things made
out of it. The difference between lum-
ber made into furniture and silver and
gold made into money Is that in the
process the value of the lumber as such
is destroyed, but the exchange values
of silver and gold as metals are not de-
stroyed by coinage. When lumber is
converted into furniture it's market
value as lumber is gone. and can not
by any process be restored. When the
metals are converted into money their
values as metals remain subject to the
fluctuations occasioned by supply and
demand. because no difference what
form they take they can be restored to
their original form as metals. A silver
dollar when coined is the equal of a
gold dollar as debt-paying money,
but the commodity values of the metals
are not equal This presents the econ
omic difficulty. It is impossible to
make money out of metal SO that the
money value is not subjected to such
control Of the commodity value that a
fluctuation occurs in the exchange
value of money.
The best device that experience has
suggested to overcome this difficulty
has been the use of two metals at a
ratio fixed by law; treating them ex-
actly alike under the law, SO that when
the demand for one kind Of metallic
money increases the value of the metal
| in the market. that demand turns to
the money made out of the other metal.
AS might be expected, 1t has been con-
tinually observed that. during all the
time when the metals were, for money
purposes, treated most nearly alike,
there was always fluctuation in the
market value of the metals. Some
times one was higher and sometimes
| the other. but the use Of both, at a
ratio fixed by law. as maerials out OF
which to make standard of payment
debt paying money-resulted in re-
ducing the range of fiuctuation to the
minimum. 1t is this control over the
range of fluctuation that the financial
The independent. [volume] (Lincoln, Neb.) 1902-1907, 1904-12-29

sands of them have for six weeks been
catching up the Independent as soon
as it came. running over page after
page, as / have done. to see If the
issue of 1906-08 has yet been formu-
lated.
This issue should not be any of the
propositions that have been long be-
fore the country and continuously de-
cided in the negative. 1t should not
be any of the propositions heartily
approved by few but unalterably op-
posed by very many more. 1t should
not be something entirely new and
disconnected with those already dis
cussed. On the contrary. it should
be one that will appear to those we
hope to reach as of transcendental i'm
portance 1t must a1so appear to be
attainable and in reasonable time;
and 1t must not be something that
leaders in other part-es can not make
their followers believe can be secured
by putting them into power. Such an
issue is the populist presentation Of
the money problem-with an addition.
From its organization to the pres
ent time populists have insised that
"a All money must be made by the
government.
(2) That all money shall be full legal
ender.
co That no money shall be redeem
able in any other kind of money.
(H That enough of it must be pro-
vided to enable all the people to read
| lily exchange their services and prod
ucts, and
(5) That its value shall be kept as
unchanging as is possible.
Every populist in the land will heart
ily endorse each and all Of these prop.
ositions. Millions of members of other
parties would have done so long age
but for the fact that their leaders
made them believe that "this idea ol
money Is impracticable." The first
reason for this Is that the bankers
have with practical unanimity, Tough
this populistic idea of money NOR;
yirulently than they ever have any
thing else. But an even stronger rea
son is that the populist leaders them
The independent. [volume] (Lincoln, Neb.) 1902-1907, 1904-12-29

Editor Independent: There is no
doubt about it being one Of the pur-
poses of the financial group" to Sc
cure the complete adoption OF the gold
standard of payment by the destruction
of every Iorm CT legal tender except
gold COIN 1t is equally certain that
another purpose is to destroy every
other form of currency, and to supply
its place with bank currency that will
give the banks complete control OF the
entire volume of currency upon which
the business Of the country will be
compelled to depend.
Both purposes will be advanced by
the retirement of the government legal
tender currency. The proposition to
make silver dollars redeemable in gold
will, as I have already pointed out,
convert the whole volume of silver cur
rency into debt against the govern
ment (according to the view Of the "fi-
nancial group'') and will be followed,
as certainly as night follows day by the
demand from the group that it be
paid and retired. In the end this will
be done and the metal sold in foreign
markets. The retirement of silver dol
lars will, of course. destroy them as a
basis for the silver certificates, and
this form of currency will go out Of
existence.
At this point it is well to call to
mind the economic purpose and result
of bimetallism. There is an economic
difficulty that inevitably attends the
use of the metals as material out of
which to make money. Silver and gold
are commodities and are not in any
economic sense money. They are. un-
der law, materials out of which money
is made just as lumber is material out
Of which chairs, tables, etc., are made.
Lumber has an exchange value in the
market as lumber. but when it is con-
verted into furniture then it has San
other economic or exchange value as
furniture. Just so silver and gold have
an exchange value in the market as
metals. When made. by authority Of
law, into money they have another ex-
change value as money. The value OF
money, no difference out of what the
money is made, has the same economic
origin as the value of commodities. II
The independent. [volume] (Lincoln, Neb.) 1902-1907, 1904-12-29
The One Important Issue

race issue" and "the revival of Jeffer-
sonian democracy" The general trend
of the expressions that l have heard
from the populists Of the country gen.
orally during the past six weeks is
more hostility to the democratic party
than advocacy of any special measure
or policy. But no party can win by
mere antagonism to, and denunciatiOn
of, minority party. No new party
ever came to the front except as the
aggressive advocate of some vitally
important measure or policy not ad-
vocated by an existing parry.
Suppose that your feelings and mine
about Mr.. Bryan are very much alike,
but l submit that it will be best for
our party to discontinue making him
a central figure on the political chess
board, but to begin the vigorous agi-
tation and advocacy of the funda-
mental populist principles, pressing
them with such determination and per-
sistence as to compel attention. Mere
denunciation Of republicanism and
President Roosevelt will bring us nc
| CCi ulCo Al Jill tAC ACPuOAASoA poi ~
They will have no more effect than
water on a ducks back-unless it be
to intensity the present prejudice
against us. Mere denunciation of the
democratic party and of Mr.. Bryan will
in like manner repel more than II
attracts. Millions of people looking
anxiously to the future are asking, not
"Who and what are you opposing?'
but What are you advocating?'
What will you do if we give you the
power?"
No one is in a position to answer
these inquiries as you can. Your buglt
(The independently goes to more pop
ulist homes than any two or three
other periodicals. The people reat
what you say. and think over 1t. The,
have absolute confidence in your sin
cerity; and. they recognize your su
lperior ability. Doubtless many thou
The independent. [volume] (Lincoln, Neb.) 1902-1907, 1904-12-29

Your editorial in the last Independ
ent, New Party Alignments, seems
to indicate that you have but little
hope of accomplishing anything until
the democratic party shall have gone
to pieces-which is not likely to occur
until after Gabriers trumpet shall be
worn out. Parties of negation never
die. It is several times as likely that
you will live to see the republican
party go to pieces than the democratic.
If the plutocracy has as firm grip
on that party as / believe it has, Mr..
Roosevelt, La Toilette, ct al, will ire
vocably divide it during the next four
years, and still expect that the plu-
tocracy will fight it's last battle under
the democratic banner. AS you well
know, the plutocracy and proletariat
are generally found working together
in economic crises
What the populist party needs is
a bugle blast from real leader, sound
ing charge upon the enemy's works
at some point which appears to be
most vulnerable. For a year prior to
July last the Nebraska Independent
(and l have always supposed that you
are practically it, was such a leader.
But for the ability with which it was
edited, tne vigor with which it fought
the idea of fusion and the feeling OF
hope with which it reinsDired many
of us there would have been prac-
tically no populist party today. To
Thomas TibbleS is mainly due the re-
organization of the populist party on
q mo more fusion basis"
We are now at the threshold of the
campaigns of 1906 and 1908. have
been looking anxiously over every
issue of your paper to see if The Inde-
pendent is to be the leader in the COM
ing campaigns that it was in the last
one. The need Of the times is clear
cut issue. In the last campaign it
was mo more fusion" The issue pre-
sented by Mr.. Watson is mo more
The independent. [volume] (Lincoln, Neb.) 1902-1907, 1904-12-29
Financial Legislation
As Now Planned

greatly to their advantage. 1t will
not only enable them to profit by the
increased demand, but will enable them
to increase the demand, for the metal
out of which the debt paying money,
with which to pay their debts, must be
made.
At the same time they are planning
to secure for themselves a special privi-
lege under law by which. under the
stimulation of an enormous imitation Of
money equivalents, they can manufac-
ture credits. that must In the end be
paid by standard money contracted
to such volume as can be furnished by
the production of one metal.
The mistaken belief that some how
seems to have taken hold of the minds
of Mr.. Bryan and Mr.. Towne Is play
ing into their hands. Has anyone
heard of any effort on the part of the
financial group" to disprove the claim
that an increased production Of gold
demonstrates the triumph OF the
quantitative theory" of money? OF
course not. They are entirely willing
that the public should remain under
such mistake. as cover for their pur-
poses.
Bimetallism is but a mitigation Of
the inherent evil Of q metallic cur
rency made by law standard Of pay
ment, and the moment the volume +
increased, and with other demands)
increases the demand for standard
money until that demand exceeds, as II
does now. the volume Of money pos
sible by the use Of both metals to the
limit OF their production, then the evil
returns in spite of bimetallism, and,
to avoid that evil. the amount 81
standard money must be increased In
some other way. During the civil war
the demand exceeded the metallic sup
ply. and the volume was increased BY
government legal tender paper. It was
currency based on the faith and credit
of the nation. but it is now proposed
| to make q currency based on the a.
sets Of national banks. Let us examine
the asset currency proposition and see
what 1t really is. and what 1t really
means
! ITO be continued.)
| FLAvIUS J. VAN VORHIS
] Indianapolis, Ind.
The Minneapolis journal., 1904-07-29

Jamestown; Burtis De Williams, Fairmount;
Anna z. Mallough Wheatland; Eleanor Mallough,
Mheatland; Jennie Allen, Grand Forks; Marcia
Forks; Rev: and Mrs. Thomas E.. Green, w. W.
Fritch, Valley City; John B. Rack, Mandan;
w. r. Reiley, Medora; NJ G.. Lozell La Morire;
Il. +. Schroeder Larimore:: Mr.. and Mrs. H! G.
Parslow, Hankinson; E. c. Bates Grand Forks;
Fargo; Mrs. Mary Holzer, Fargo; Mr.. and Mrs.
]. NJ. O Bannon, La Moure; Mrs. H. E.. Butler
and party Jamestown; A. L. Knauf, Jamestown;
r. NJ Seller jamestown; Mrs. w. G. Butler,
Beal. Day; Louis Peterson, Dazy; O. R. Fisher
Denbigh; John Courtenay, Dunseith; W. H. Bo-
hannon, Bismarck; Mrs. L. A. Brainerd Souris;
chauneey BMrainerd, M souris; H. swalsted, Caledo.
Doyon; ]. B: sehiltz Ryder; George l.. Bonney,
Neche; ]. E. Goldsmith, Fargo; Mr.. and Mrs.
r.; W; Walker Webster; John Tracy. Valley
City; Mr. and Mrs 3. n. Nelson, Eldridge; G.
Head1and, Fargo; B. q. Headland, Fargo, a. 0.
Mrs. T. E. Lahart 3 New Rockford;
A. w: johnson. New Rockford W. L. Kinser
son, Leeds; John Dickson, Forest River; Mrs w.
L. Armstrong. Nell Armstrong. Fargo; Tolbert
Watson. Cashell; F. F. Vaughan Cando: Jennie
Hartwiek; Abercrombie; Mrs. George Hammer,
Holmes, Mrs. NJ. Z. Fitzgerald, Fargo; p w.
Lewis, Bismarck; E. P. Orner and wife, Steele;
A. 3. Haugan, Rugby; r. F. Tanning. Glenburn;
j. r. Harmon, Cannon Ball; j. B. Flint, Louis
ford; I. w. Ward, Pennington; Martin Ahern,
ton. Lenert: T. w. Baker Carrington Kate
Leake, f. w. Grant and wife, Annie Leake,
Emerado; H. Sorenson, Lisbon; A. F. Page,
Grand Forks; Myrna Sharlow, Jamestown: NJ. L.
lin; Kate Dorman, Hankinson; ]. ]. Sweeney,
Ardock; j. q. Dougherty, Park River.
The Minneapolis journal., 1904-07-29
PICNIC SUCCESSFUL
Girls Play Good Game and MethodIsts
.s Sqs &fsst Win

Girls Play Good Game and MethodIsts
Win.
The union picnic which the Sunday
schools Of Shiloh Presbyterian, Trinity
| Methodist and Bethany Congregational
churches held last Tuesday at Tonka Bay
was one of the largest and most success
ful picnics ever given by Sunday school,
and those in charge of the affair feel very
much gratified with the results. There
We're over four hundred in attendance, and
all were equally enthusiastic. Those who
went directly to Tonka Bay without tax
| ing the tour of the lake were entertained
with roller ska ating boating, fishing. wad-
! ing in the morning, while lemonade and
popcorn could be had in plenty on the
grounds, where the refreshrnent commit
1 tee served 1t.
+ The games were pulled off in the after
noon. Among other things, there were
two games of baseball, one played by two
mines of boys, and one by two mines of
girls. The most interest centered In the
latter, as the girls had been prac-
ticing for a week or more in preparation
for the event. The opposing teams were:
Miss Grace White. captain: Misses Flos-
/, Ter, Lucy Partridge, Blanche Saunders
Gertrude Reiner, Maud Johnson and Julia
Smith; and Miss Myrtle Grosvenor, cap
tain; Misses Maud Clough, Bertha New
kirk, Iris Newkirk, Rena Campbell, Emma
Lenner, Leona Harper, Emma Stephen
lsor, Irene White, Ivy Grosvenor and Ethe
Reiner.
The girls showed remarkable agility and
played with skill and knowledge Of the
game. The score was 8 to 2 in favor OF
the Methodist girls, who were headed by
Miss Grosvenor. The races were delight
and the whole afternoon passed pleasantly
and quickly.
The Minneapolis journal., 1904-07-29
BAND MAKES A
HIT AT ST. LOUIS
SOUTH DAKOTA MUSICIANS
LEAVE FOR HOME.
Reception for Them at the State
Building by the State Commission
Recent Visitors from Minnesota and
the Dakotas at the Big Show.
Special to The Journal.

Worlds Fair, st. Louis, July 20
The South Dakota State band, which
has been giving daily concerts in the
mining gulch near the South Dakota
building, left for home this week. It's
music has been much appreciated and
is particularly good wheh 1t is consid-
cred that the members of the Organi-
cation have practiced very little.
The band Of thirty-eight members
was organized In January by A. T..
Uland, the present director. The
necessary funds to pay the expenses Of
the organization were raised thru his
efforts by subscription, many Of the
leading merchants Of the state COM
tributing. The band will meet once
year for weeks recreation at some
popular summer resort, and will give
annual concerts. The musicians were
chosen from all over South Dakota,
and the intention is to make it rep
resentative of the state.
The band was rendered reception
at the South Dakota building by the
state commission. Harriet Driscoll.
a miss of 8 years, who formerly lived
in Deadwood, gave recitation
Vocal and instrumental solos were
presented by Mrs. l.. L. Jesteon of
Tyler and Mrs. e. A. Cooper of Iowa.
Mrs. George r. Farmer, Mrs. A. f.
Grimes and Miss Lillian Cooper of
the South Dakota worlds fair con-
tingent, received. Following the re-
ception, program Of informal
dances was enjoyed by members of
the band and invited guests
The Minneapolis journal., 1904-07-29
ST. ANTHONY PARK

Mrs. Oliver Baker and her grandson.
Harold Blodgett, have returned from %
three months visit on the Atlantic coast.
Professor and Mrs S. B. Green have
gone west for a short trip.
Mrs. Arthur Reeves and son, OsWin. are
visiting at Duluth.
Mrs. J. T. Stewart has returned from
Illinois.
Professor and Mrs. Snyder have been
entertaining Professor Schutt of Canada,
Rev. Mr.. Schutt of st. Paul and John W.
Alden of Boston.
Mr.. and Mrs. William Boss are enter
tanning their uncle, Mr.. Stamford, from
the west.
Professor and Mrs. Andrew Boss and
family are occupying the West cottage at
Lake Minnetonka
Mrs. G. S. MacIntire has been enter
tanning Robert DewartE Of Devils Lake, N.
Wis. : - : :
Professor and Mrs. WYE entertained at
dinner Monday evening in honor of Pro-
fessor and Mrs. Charles Taylor and Mr..
and Mrs. John Blair.
Miss Lois Hardy Of Waukegan, ILL.,, is a
guest of her aunt, Mrs ]. T. Stewart.
Professor and Mrs. Hummell are al
Lake Minnetonka.
Mrs. Charles d. Parker gave a garden
party and dinner Thursday evening in
| honor of Mr.. and Mrs. Harry Roe
Mr; and d5Mrs,.IiafTFyE Burgess, Roe left
DR.. and Mrs. Balcome and their guests
have returned from Buffalo Lake.
! The postponed picnic Of the Episcopa]
| Sunday school took place at wildwood
| Tuesday.
Miss Kueflne Of Milwaukee has been {
recent guest Of Mr.. and Mrs. William
Kuehne.
Mrs. Warner and children are visiting
relatives at Mountain Lake.
Mrs. Goldsbury has gone to Massa.
chusetts. ~x sfssr
The members Of the L. B. T. v. clut
and their chaper9nes have returned from
Miss Sadie Chase entertained the u. 3
T. V. club Tuesday afternoon.
Mr. and Mrs. E. p. McKown are enter
tanning Misses Ina and Jessie Sterling o
i Muscatine, Iowa.
Mrs. Fred Morgan OF Cedar Rapids
Iowa, is visiting her parents, Mr. ant
Mrs. McKown, Of Monroe street
Mrs. e. c.: Brimrmer is entertaining Mis-
Abbie Webster of Cedar Rapids, Iowa.
Miss Leona-aMcKMn entertained at .
luncheon Thursday AFTERNOON in honor o
the Misses Sterling Of Muscatine, Iowa
and Of Mrs. King of Canada.
The Misses Hattie and Bessie Bickings
Messrs. Clark and Fuller Of Cedar Rap
ids, Iowa, were guests of Mr.. and Mrs
day
Miss Maud Mason has returned from :
.| visit at Marshall.s ~ y
Mrs. Tisdale, Mrs. Piper, Mrs: lKenned,
and Mrs Villas attended the picnic Of th
Mankato club Saturday atslLake Como
The next meeting Of the club will be a
the home Of EIrs. .sEipsr. 3.... 49, s
The st Anthony Park Woman's asso
citation will give picnic early in August
Mrs. Wellington, Mrs. Hacker and Mrs
Erwin have charge of the arrangements.
The Minneapolis journal., 1904-07-29
A WORKING BODY
East Side Business Mems Association
Considers Paving Problem.

East Side Business Mems Association
/. Considers Paving Problem
y. If the East Side Business Mems asso-
ciation secures what it, has set Sout to-,
there will be a new pavement before long
on Central avenue. Alta meeting of the
association Tuesday afternoon, atsthe hall
of the Minneapolis Business college, the
matter was thoroly discussed Many East
Side merchants and businessmen were
present and 1t was the concensus of opin-
ion that the present pavement. was too
noisy and that a new pavement more in
conformity to the requirements of this
rapidly improving business thorofare
should be laid. Messrs. w. Y. Chute,
w. P. Washburn and w. H. Lawrence
were appointed to see what could be done
toward the accomplishment Of the desired
result S.sgJ
A uniform closing hour for East Side
merchants was broached, and commit
tee consisting of Messrs. George Rose and
A.. p. Eeklund was appointed to confer
with other merchants on the avenue to
secure an expression of opinion on that
subject,
The association is making constant
strides in its membership and efficiency.
Al it's last meeting there were eight new
applications for membership, all Of which
were acted upon favorably. The next
meeting will be held Aug. 26.