Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1922-01-20
The POWER OF GOLD
Henry Ford Inaugufates q New r.
niClal Fight. .
WOULD ABOLISHED ALL fiEIEaEsI
Money to be Useful Should be Great
i've, and Modern Financial systsafs
Would Make for World Progress 81 I.
;, They Were Established on sscreat-
i've Basis. '1r-' s.. =

Washington Herald.
Cold is useless. except possibly for
decorative purposes Money. to, be OF
value must be creative. Gold ~ not
value" ,r,tss4s,
This Is the theory upon which Hen
~ Ford is proceeding In new cam
| paign he has just opened to put Amer
lean money on a new basis. He has
dropped his fight against the inter
national Jew through the Dearborn
Independent, so that the entire ener-
gies Of his publication may: be deyot-
ed to the money issue. He intends to
reduce the price of the Independent.
Ford's. new fight. which was reveal
ed in detail while he was in Washing
ton during the past few days, is bound
up in the now famous Muscle Shoals
project In other words, the big rea-
son behind his desire to take over the
Muscle Shoals work is to demonstrate
that his money scheme Is sound. He
would apply It in financing the Shoals
project. 81, 3Ft
Ford Explains Idea.
The idea, as explained by Ford, is
this: $3.50, "a
II this government issued bonds at
41-2 per cent to complete the Muscle
Shoals work 1t would cost $1oc9o. 900, :
plus the interest on bonds. briISing
the total cost to $780, ,O0c, 900. Under
his plan, however, money invested at
Muscle Shoals would be I"creative
money" He would give employment,
through the products from the project,
new industries would be started, CIV
Ing more employment. and the govern
ment would have a steadily increasing
income from leases, rentals, etc. q.
With the start of the project Ford,
consequently, under the creative mon-
ey scheme would have the government
issue s4o,ooo,oo0 In say, special }29
Muscle Shoals bils. These bills
would have the samefvsitIe as ordi-
nary currency Wages would be paid
with them and general EXPENSES In
carrying on the worle would be- slnit-
lariy paid for. They would, in, effsct.
be nom interest paying, negottabte
bonds. Ford would pay back the gov
ernmert at the rate OF about 81, $50,
600 year.
Would Apply Il to Railroads.
i. o
The issue of special notes would
be completely retired within less thana
forty years by these payments. At the
end OF the 1oO-year period covered by
Ford's agreement he declares the
government would be IN complete
control of the entire. Muscle Shoals
project without having spent O. cent
either in principal Or interest, The
creative money invested in the pro-
ject would pay itself back, according.
to Ford's theory. -E ~
Ford would carry his theory far be-
yond Muscle Shoals. He would apply .
1t to the railroads. buying up the hold !;
ings Of all stockholders with creative '
money that. would be issued. The
value back of this railroad money
would be the productive power OF the
roads. ~ gl.FEti
Being relieved of their present very
heavy payments for interest, Ford ar
CUES, the roads would be able 70 make
improvements that canRot now be 4
made, and PIT the transportation sys-
TENS OF the country on higher level
Sees Interest as Evil. ~ -.
Interest, in Fords opinion, Is the
milestone about the neck 0f all modern B
industrial enterprises. Too many
money lenders are drawing interest or
dividends, without contributing to the
work OF industries, re believes His
system Of issuing currency on specihc
projects, with the possibilities In the
project serving as guarantee of the
value OF the currency would, he de-
clares. elimiEate the necessities OF
loans. Among other things Ford has
a complete plan in mind for the build
ing of twenty locks on the Mississippi
river which would. he says, make that
stream great highway Of commerce
and at the same time furnish enough
electricity to light and furnish motive
power for the entire Mississippi val
ley. No."
This scheme he would also put =
through under his financial scheme'of
creative money. ~ .
Compares Two Nations. ''I =
In arguing that it is work produc-
tion and employment that make for
real money value. rather than merely
gold. Ford points to the present con-
ditions in the United States and Ger
many.
The United States has most OF the
gold in the world, and has approx
mately 100000 unemployed and has
been going through a serious fnanciai'
depression. Germany has no gold, out
is perhaps the busiest country in the
world industrially. Therefore, Ford
believes, gold has nothing to do with
prosperity. Money is useless unless lt