Vernon Parish Democrat., 1922-02-16

resources, and we then must pay in-
terest to the money brokers for the use
of our own money.
THAT is to say, under the old way
any time we wish to add to the nation
al wealth we are compelled to add to.
the national debt.
Nov, that is what Henry Ford aims
to prevent. He thinks it is stupid, and
so do |, that for the loan of $30,000,-
1000 of their own money the people of
the United States should be compelled
to pay $66,000,000-that is what it
amounts to, with interest People who
will not turn a shovelful of dirt nor
contribute pound of material will coli
lect more money from the United States
than will the people who supply the
material and do the work. That is
the terrible thing about interest. In
all our great bond issues the interest
is always greater than the principal.
All of the great public works cost more
than twice the actual cost, on that ac-
count. Under the present system of
doing business we simply add I20 to
$50 per cent to the stated cost.
But here is the point If our ma
ton can issue a dollar bond, it can is
sue a dollar bill. The element that
makes the bond good makes the bill
good, also. The difference between
the bond and the bill is that the. bond
lets the money brokers collect twice the
amount of the bond and an additional
70 per cent, whereas the currency pays
nobody but those who directly contrib
ute to Muscle Shoals in some useful
way.
IF the Government issues bonds, it
simply induces the money brokers to
draw $30.000,0OO out of the other
channels and turn it into Muscle
Shoals; if the Government issued cur
.rency, it provides itself with enough
money to increase the national wealth
lat Muscle Shoals without disturbing
the business Of the rest Of the country.
And in doing this it increases its in
come without adding a penny to its
debt.
1t is absurd to say that our country
can issue $30,000,00O in bonds and
not $30,0O0,OOO in currency. Both
are promises to pay; but one promise
fattens the usurer, and the other helps
the people. If the currency issued by
the Government were no good, then
the bonds issued would be no good ell
ther. 1t is a terrible situation when
the Government, to increase the ma
tional wealth, must go into debt and
submit to ruinous interest charges at
the hands of men who control the fic-
titious value of gold.
Look at it another way. If the
Government issues bonds, the brokers
will sell them. The bonds will be me-
gotiable; they will be considered as
giIt-edged paper. Why2 Because the
Government is behind them, but who
is behind the Government? The peo-
pie. Therefore it is the people who
constitute the basis of Government
credit. Why then cannot the people
have the benefit of their own gilt-edg&
ed credit by receiving non-interest-
bearing currency on Muscle Shoals, in
stead of the bankers receiving the BEN
etlt of the peoples credit in interest
bearing bondsp
The people must pay anyway; whv
should they be compelled to paw twice.
as the bond system always compeIs
them to pay? The people of the I'm
tied States always accept their Gov
ernment's currency. If the United
States Government will adopt this pol
icy of increasing its national wealth
without contributing to the interest-coI-
lector-for the whole national debt is
made up of interest charges-then you
will see an era of progress and pros
perty IN this country such as could
never have come otherwise.
Are you going to have anything to
do with outlining this proposed poll
cy?" Mr.. Edison was asked.
am just expressing my opinion as
a citizen, he replied. "Ford's idea is
tlawless: They won't like it. They
will fight it, but the people of this
country ought to take it up and think
about it. | believe it points the way
to many reforms and achievements
which cannot come under the old sys-
TEN"
We can do anything in the plumbing
line. Give us trial, when you want