Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1922-02-24
PAPER AS MONEY
Interesting Story Of Guernsey Market
House.
METAL BASIS IS NOT NECESSARY

Century of Progress Under Condieion'
Which Have Promoted the Creates
Good to the Greatest Number With
out Resulting in Immense Wealth a
the Expense of Dire Poverty.
Gladstone, we are told, once said;
"The surest way to get into an insane
ASYLUM is to study the money ques-
ton" have asked American journal
lists why they do not write on SOUND
finance. In reply they hold up their
hands in holy horror exclaiming: "Toe
deep for mel"
These more or less intelligent gentle
men, who do not hesitate to discourse
on international questions, analyze
labor controversies, lash transgressors
Of stupid laws or apotheosize Grand
Marshal Of Finance, cannot, or VIII not
or dare not dig to the tap root OF most
of our social ills; our perverted money
system.
II they but would, they would find
the fundamentals Of finance as simple
as putting on their hats--it Is the cum
ningly devised superstructure Of abuse
which is so difficult to understand.
The elemental simplicity of this very
necessary adjunct to convenient ex-
change of commodities appeals to COM
mon sense and delights the mind; the
artificial intricacies with which 1t has
been surrounded hinders penetration
and discourages the mind. The first
step in extricating ourselves from II
nancial bondage Is to comprehend the
elements Of exchange and taxation. IL
requires no Intense study; the story
of the Guernsey Market House will al
once enter your understanding, will
you but read:
II was after the close Of the Ma
poleonic wars, that the States OIL
Guernsey" resolved to build market
house at st. Peters Port, the capital
city of the island. The object was to
provide a shelter for the farmer and a
convenience to the citizen on market
day, which was, and stills, Saturday
Wealth Without Money the Gauge.
The problem was, as usual, ito get
the money" There was no money in
ciculation; in fact, the war had drain
ed the island of it's coin, SO there was
none to circulate. In other words, there
had been contraction of the curren-
lev" as now, after the World war.
| A committee was sent to the govern
or. to ask if he could negotiate loan
for the city in Paris or London. The
governor thought he could; but, said
he. YOU will have interest to pay. OF
course, they did not expect to borrow
money without interest. ...
But, said the governor again, do you
conceive that when you have built the
market, you will wish to do other
things; build the sorely needed sea-
wall or repair your almost impossible
roads, and that such projects would ne
cessitate additional loans, meaning
continuous increase Of debt and inter-
est. from which you will never be able
TO free yourselves? Well, yes, they
uipposed so-but was there any other
way?
Before answering your questions, the
governor replied, I wish to ask you
few:
Have you any granite for the foun-
dation?
Yes, at st. Sampson (another city Of
the island).
Have you brick for the building?
We have the clay to make it from.
Have you the lumber for finishing?
Yes.
Have you masons, bricklayers and
carpenters to do the work?
Why, yes, your excellency; why do
YOU ask these questions2 You know
that we have all these things and that
starting such public work would be
god send to our idle workmen.
They Have Money to Burn.
Well, the governor said, / merely
wanted to impress upon you the fact
that you have all that is needful to
build a market house.
Yes, the committee assented, all eX-
ccpt the money.
Exactly so, said the governor; now
suppose that we print the money?
Can that be done? asked the citizens,
in astonishment.
Would you be willing to try? inquir-
ed the governor.
i But would there be no danger OF an
over-issue and consequent "deprecia-
tion of the currency" counter-queried
the citizens.
No, said the governor, we will make
a careful estimate Of the cost, and is
sue money to the amount Of the esti-
mate; then we will levy tax in the
same amount and spread it over con-
venient period of time. BY the pay
ment Of this tax, the money will be re-
turned to its source Of issue; and, hay
ing performed the function for which II
was printed and issued, it may then be
destroyed.
The idea OF the destruction Of the re-
tired currency seemed a satisfactory
safeguard against imitation and the
committee requested the governor to