The independent. [volume] (Lincoln, Neb.) 1902-1907, 1904-12-22

ways be enough money, OF some kind,
to enable the people to do all the bust
ness they wish to transact" which
would enable everyone to secure con-
slant employment: and (2) that 'AIl
money should be made by the govern
ment" To these | think it will here
after be added that everything that
actively does the work Of money. and
is used for no other purpose, should be
recognized and treated as money" This
will make necessary the substitution
of some kind of real money, made of
something that can be seen. by the
government 1.-THE whole people, for the
invisible hocus pocus money now made
by bankers. out of nothing
The gold standard makes it necessary
that nearly all business shall be done
with hOcus pocus money. The theory
is "gold money" but the practice is
"hocus BOGUS money" in constantly
and rapidly increasing proportion of
business transactions. Mr.. Bryan's
jack o'lantern panacea of bimetallism
would but slightly reduce the percent
age Of business done with it--and that
for only short time-but it would
make it possible to do more business,
and thus afford temporary relief BIZ
metallism and the single standard have
each been tried long and faithfully,
and the results have been unsatisfac-
tory in both cases-because there has
never been. and is never likely to be,
enough gold and silver for monetary
purposes, and reliance upon them ne
cessitates the use of some kind of ho-
Gus pocus money as makeshift.
Although populists believe that "the
intrinsic value" idea Of money will
ultimately be discarded. they are en-
tirely willing that all Of the gold and
silver brought to the mint shall be
coined into money. but they insist that
enough more money shall be made by
the government out of some substance
to keep the wheels of industry in con-
slant, unhindered motion; and they are
equally insistent that each dollar shall
be full legal tender, and shall be
made and kept as good as any other
dollar.
They recognize the soundness of the
generally accepted Gresham law that
the poorest money always tends to sup
plant better money. They are also
aware that the permission given to 49,
600 banks to make billions and bill
lions of dollars of hocus pocus money,
out of nothing. the willingness of peo-
pie to pay interest On which increases
as real money decreases-has hereto
fore enabled that institution to con-
troll the money market. and to induce
the government to keep the supply of
real money ruinously small. They
know also that expanding the volume
of hocus pocus money improves bust
ness conditions; that therefore this ex-
pansion is certain to continue during
good times" until the bankers them
selves become alarmed and begin to
contract it: that such contraction al
ways makes hard times. and often f.
nancial panics, and periods of terrible
depression and distress-which evils
never result from expanding the vol
ume of any kind of real money. 1t
may therefore be taken for granted
that populists will hereafter insist up
on the gradual elimination Of this
wildly fluctuating, panic producing
money-wnich is certainly the poorest
kind of money ever used by any peo-
plea and the substitution therefor of
some kind of real money.
Here, then. is basis on which near
ly all economic reformers ought to be
able to unite: more money, and sound
er money Increase the good and de-
crease the bad" Instead of allowing
a few thousand bankers to go on man.
ufacturing six, eight, ten billion dollars
Of hocus pocus money out of nothing,
primarily for their own benefit, let 3d.
100000 people, through their govern
ment, make that much (and more, If
needed) for the equal benefit of every
one, out Of whatever substance they
think best. The details are not now
material, and can be settled later. The
important points are: enough money,
of unchanging value, to make financial
panics and industrial deDressions for
ever impossible, and to put constant
employment, at good wages, within the
reach Of all.