The labor journal. [volume] (Everett, Wash.) 1909-1976, 1916-03-10
The Truth About the Nature
and Function of Money
Three Easy Lessons: LessO
By c. B. HOFFMAN,

ton and the return of barter lie, ex-
change of commodity for commodity
in the place of commerce.
Power Only in the State
The issuance of money--a medium
of exchanges a purely social func-
ton, to be exercised exclusively by
the state. This principle is universal
ly recognized, our own national con
stitution making this an exclusive
function of the government.
Practically, however, through the
criminal connivance of government
with the prope rty- owning class, money
is issued by private bankers and cor
poratons for pay and at the expense
of the producers and consumers of
wealth.
Credit money is liquid credit Ma
tional bank notes, grain tickets, legal
tender notes, gold, silver, nickel and
copper coins, pawnbrokers' tickets,
bank checks, bills of exchange, let
tiers of credit, drafts against ship
ments of grain and other goods, in
short all forms and tokens that rep,
resent value are "credit money"
All legal money is credit money"
the credit of the nation-but not all
''credit money" is legal money An
equitable, scientific financial system
would supply a uniform legal credit
money for the expensive makeshifts
of today.
Belongs to Society
Credit is the fruitage of organized
society. 1t has its ROOF in human ma
ture, in sociability, in the trust and
confidence we have in each other TIC
monopolize it and tax the people for
the use of it is like cornering the all
and paying private freed for the priv
ilege of breathing. To monopolize
credit is to impose upon the noblest
trait of human nature 1t is to coir
an inspiring impulse into private
profits
individually man is weak. Collec
lively, he is strong Through fellow
ship he has conquered the oppugnan
forces of nature, trained them to be
his tireless helpers Love thy neigh
Dor as myself" is not an arbitrary
law imposed upon him by some eXter
iOr power. 1t is vital impulse of his
heart. To it he owes the progress o
the past In it slumber the promise.
of his future.
All Must Be Happy
The individual often loses sight o
this principle, or perhaps has neyet
, recognized it, and turned his magnifi
: cent organizing powers against hi'
fellow man. He attempts to enslavt
his brothers instead of helping to frei
: the race. Under the stress of unfa
, vorable environment blinded by ig
: norance, mised by false teachings
selfish, ant-social TRAITS are devel
) oped. In his egotistical fury an(
Z blind obedience he commits wholesale
murder-witness Europe and Ludlow
) Colorado-he attempts to justify hi
! crimes by asserting his individual
rights, forgetting that all individual
rights are secondary to public we
fare. 1t is through the well-be1ng o
f the race that the individual cal
: reach his highesr development an
happiness. No individual, no class
| can be permanently prosperous an
happy as long as some are pOVert
! stricken and wretched. The old doc
l trine of eternal heaven for a few an
S eternal hell for the masses is falls
t in economics as we'll as in theology
. 1t is through the blind, narrow, Sc
fishness of the owning class, and tn
a stupid ignorance of the working elias
e that credit, product of society, ha
:, been monopoIized and is used to ia
r untold millions from the consumer
y and producers of wealth.
/. (To be continued next week.