The Idaho recorder. [volume] (Salmon City, Idaho) 1886-1927, 1907-12-19

'hUeIest 10 Induce its return AT an
early period, and furthermore, as
TINS emergency currency woul1 be re-
oeemaole In gold, there is no reason
why such an emergency currency. is
sued by the governu ent, should not
solve the currency problem and pre-.
vent absolutely any recurrence of n
nnancial panic. II we don't have
an elastic currency measure passed
oy congress, and have 1t at once, 1t
means still greater condition of
financial and Industrial chaos than |
nave heretofore prophesjed, and the
accumulation Of the unemployed prof.
ien. While | foresee that the end
Oh the present capitalist system is
near at hand, at the sane time, |
am not so foolish as not to wish the
Introduction OF any process, which
VIII help out the present system in
the interim when we are transform
ing our Competitive system into the
cooperative system, and therefore
strongly urge the adoption OF sys.
ten OF elastic currency. All Euro
pean counties and Canada, have
elastic currencies, America alone is
behind.
AS TO the question as TO whom his
currency shall be issued, and the rate
OF interest that should be settled up
On, the broad question that anybody
can have 1t who will take sufficient
quantity to pay the government to
investigate his security, and the m
terest should be sufficiently hign to
induce very speedy retirement OF
THIS merely emergency currency.
Gold Is unquestionably the hest basis
Tor our medium OF exchange, and in
ordinary times there should be no
necessity of any other medium. But
there Is no question that an emer-
eency currency should be issued by
the government TO meet such de.
mands as we are now having, and IL
Is most important that congress pass
an act at once, providing for such a
currency.
Such emergency currency would
not be fiat currency, that Is, currency
which Is merely the promise OF the
government to pay dollar at an in
definite period and without any guar
antee that the owner of this govern.
ment certificate will ever get the dol
lar that is promised Emergency
currency, which l have proposed,
should always be on an equality with
gold, and exchangeable for it. | rec
ognize as fully as anyone the fact
that any depreciation of the value OF
the medium Of exchange Injuries the
working man more than any other
individual, and l would be the last
man to favor it.
But the introduction of emergency
currency to give elasticity to oul
medium of exchange would, in nj
sense, debase the value of the dollar
as most certainly would have beer
done by our following the men or Of
Bryan and his free silver. Elastic
currency such as l advocate Is adyo
Gated by prac tically every sane bust
ness man and banker in the United
States, and the only reason we hav,
not had it long ago is because on
politicians have net had the brain
to foresee that financial panic lik
we are having today would inevitabl
be the result OF their ideas OF eithe
the old.time greenback neglect an
stupidity.
However, even with the most per
feet system of elastic currency W
never could avoid the final collaps
Of capitalism, owing to overproduc
tion and unemployment. The pres
ent financial panic has merely accel
Grated the industrial breakdown by
few months. The people of Americ
have not yet commenced to fully re
alize the extraordinary nature of til
terrible industrial crisis which is fas
approaching US. Most business me
think that the financial crisis, whic
Is now with US, Can be cured by til
issuance OF an elastic currency fc
the government, and that when "
cure our financial disorder that TIL
industrial disorder will automaticall
set itself Alright. Those who al
familiar with what / have been wriI
ing in this magazine for SO ma q
years, know that have continual
prophesied that the industrial stru'
ture was bound to collapse. A yea
ago, last November, stated pos
lively that we must have the collap:
for November, 1907. My prophec
has come only too true. l said I'll
industrial crisis would precipital
the financial crisis and the two u
gether would bring US to industri
chaos. Shortly, my theory is, thi
owing to the fact that the ~orkir
classes, and for that matter lar.
number of other people, the sma
business men the farmers and mo
of the professional men, only get 4
their services the minimum OF su