The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1908-01-17
No. a. Money--What II Is
Some conclusions--or Guesses-
BY Charles E. Russell.

II
ITI1 wo may theorize or pretend
about these matters, nopody
knows anything about cur
rency. or how best IL can be
provided and regulated. In the twen-
tieth century the world is still cropping
about such matters, nearly as mucn In
the dark as IL was at the beginning or
civilization.
So-cailed experts and financial wise
men know as little as anybody else.
In 1896 there was not an expert nor
wise man nor a solemn owl OF the
colleges that was not perfectly sure
that the single standard OF gold was
the correct policy for, nations. and
now, behold. the experience Of the last
few years has refuted everything they
said on the subject.
Nobody knows anything positive
about currency, but in the midst OF
the general muddle there are few
conclusions that seem TO be fairly well
estabhshed-for reasonable minds.
lin the last dozen years the civ
/ ilized world has adopted the single
standard OF gold.
Meantime the world supply OF
gold has been enormously increased
by new gold discoveries in Alaska, the
Klondike. Cape Nome. Nevada and
elsewhere, and by the development OF
the mines In South Africa and New
Zealand.
S-Just as the supply OF gold has
been increased, the price OF gold. as
expressed in commodities. has fallen,
and the prices OF commodities. as ex-
pressed in gold. have risen. That has
sfah hnRQnSQ
there has been nothing else but gold
In which the prices OF commodities,
could be expressed. and the supply OF
gold has greatly increased.
4-This increase in the prices or
commodities has affected the entire
world. and increased correspondingly
the cost OF living. for wages have not
I kept pace with the increased prices or
commodities: they never do.
! lit seems to be quite clear that
one result of adopting the single
standard OF gold has been to create a
| practical monopoly of the money sup
ply. and in our country and In some
others. place this monopoly In the
| hands OF a few men.
Elm our country. at least so long
as we have our present wretched, fool
ish banking system, the present cur
rency system works to produce exact
ly such financial disasters as shook US
In November.
TT seems fairly certain that the
| safety of business and the continuance
OF productive industry absolutely de.
mand much large supply OF circu-
lating medium than we have at pres
ent. because the volume OF business
4 4. anvt lty f-
too great for security. Somebody is
certain some day TO tire OF honoring
promises to pay, and insist upon hav-
ing the promise fulfilled. And IL there
Is no money TO fulfill the promise with,
down comes the house.
Sit also seems certain that the
banking system will have to be chang
ed. so that il shall be easy and not
difficult for honest solvent men TO get
money TO do business with. and diff
ficult and not easy for banks to hoard
tho circulating medium for their own
huge profit. For 1t Is useless to talk
about the per capita circulation In this
country being very large so long as the
bulk OF IL does not circulate at all.
but is locked np in nsnrers' vaults.
9--We shall probably have to make
some venturesome experiments about
money and circulation, because we
cannot possibly go on this way, and all
the wise men. experts, professors and
doctors of finance are hopelessly fud-
died about 1t.
The only men that are not fuddled
are those that induced the nations to
adopt single monetary standard.
They sit on their bags of gold and
take their profits exactly as was FORE
told when we would not listen.