, 1922-04-07

BILE men that tho government shall II
crcise its constitutional right and
most imperative duty of supplying the
country with an adequate medium of
exchange Like other mediums OF its
kind, the Post holds I the silly propo-
sfuon that II h government begun
to issue money II couldn't stop short
of the Russian extreme It couldn't
state the simple a C that in n money
law 1t Is just as easy to nx a limit
as It was in the silver coinage laws
President LAncoln's d~enunciation OF
contraction nB tho present situation
He said:
IF a government contracted a debt
with n certain amount Of money in
circulation, and then contracted the
volume of money before tho debt was
paid. IL is the most heinous crime a
sovernment could commit against the
people"
In ono OF his speeches TO SEN
ate, John C Calhoun said:
.PIace the money power in the
hands of a combination Of a few in
dtviduals. and they by expanding or
contracting tho currency may raise
OK 6Inh pIl1Ns ~ PACa
purchasing when at the greatest de-
preston and selling at the greatest
elevation, may command the whole
property and industry of the com
munity and control its fiscal opera
tons"
Mr.. widney, president Of a Los An
geles bank, said to The Commercial
Congress at Kansas City about 1885;
'sThe chief owners OF money do not
want the volume increased because
so long rs IT is limited they control
the prices of property n wages of
labor, the political and even the re-
ligious interests OF the people"
Senator Borah of Idaho. was the
only legislator to oppose the Federal
Reserve act when Paul WarburT. OF,
Kuhn, Loeb & Co. was advocating It
before the committee. Borah talked
as Albert Gailattn would have talked,
thus:
'By his act congress will turn over
to the corporations the sole right to
issue money. and to say how much
we shall have and how much we shall
not have. This seems to me an awful
power. When we realize that h de-
sire is for gutn, and h greed for
gain grows with what II feeds upon.
il is a fearful power" Borah's fears
were amply justified
Our has permitted and
justified the preparation of Lincoln's
heinous crime to a degree e
dreamed Of by Lincoln. and stil sus-
tafns the criminals. It did what Cal
houn recognized as a crime of magni-
tude IN placing absolute power over
the and over overy transac-
ton of the people, in h hands of
seven men. These were two bank
ers, two college economists, n law
yer, one Poughkeepsie newspaper
man, and the comptroller of the cur
rency. Only one OF h seven Oohn
Shelton Wfniams) evinced regard for
the welfare of thu people, and he was
unable to check h destructive pro-
gram of the other six. No seven men
could be found 1T for such respon-
sibfIity, even If honest No
men should be entrusted with such
power over n populous country.
Money is tho great instrument of
association: the vftalizing force of In
dustry; the protoplasm of civilization.
and as essential to its existence as IS
oxygen to animal life Without o
ely civilization could not have a be-
ginning, and with a diminishing sup
ply It must languish and ultimately
perish
Owing to drastic contraction Of
money and its modern diaphanous
! credit substitute in North America
and England. civilization perceptibly
languishes with increase of crime and
social misery, tho inevitable results
of enforced poverty. Why are we so
poor when so rich?
Carey, the economist, defined money
as THAT instrument Of economy that
saves its users billions of millions Of
minutes"
This fact was realized at h out
break OF war by every nation involv-
cd Knowing that by no other meant
could the fun efficiency OF tho peo-
pie be developed for working or light
ing or both, they Immediately author
lied copious issues or pape money
and an possible coinage Of metal. II
1t is well to bring out full efficiency
in wartime, it is no less so in time
of peace. Germany and Austria, with
excessive issues OF paper money. arc