Vernon Parish Democrat., 1922-02-16

just as silver was, and gold could be
disestabIished, demonetized by law,
just as silver was. When silver was
demonetized the former so-calIed dol
lar became worth about SO cents. -
But would not Mr.. Ford's sugges-
ton that Muscle Shoals be financed by
currency issue raise some objecton?"
Mr.. Edison was asked.
"Certainly. There is a complete set
of misleading slogans among the peo-
pie. The people are so ignorant of
what they think are the intricacies of
the money system that they are easily
impressed by big words. There would
be new shrieks of fiat money and pa
per money and 'greenbackism, and
all the rest of 1.-THE same old cries
with which the people have been shout
ed down from the beginning.
But maybe we have passed beyond
the time when the thoughtful 2 per
cent-you know, | gather from my
questionaire that only 2 per cent of the
people think" and Mr.. Edison smiled
broadly" maybe they can't shout
down American thinkers any longer.
The only dynamite that works in this
country is the dynamite of a sound
idea. think we are getting a sound
idea on the money question. The peo-
pie have an instinct which tells them
that something is wrong, and that the
wrong somehow centers in money.
They have an instinct, also, which
tells them when proposal is made in
their interests or against them.
Now, as to paper money, so-called,
everyone knows that paper money is
the money of civilized people. The
higher you go in civilization the less
actual money you see. 1t is all bills
and checks. What are bills and
checks? Mere promises and orders.
What are they based on? Principally
on two sources-human energy and
the productive earth. Humanity and
the soil-these are the only real bas-
es of money.
Don't allow them to confuse you
with the cry of paper money The
danger of paper money is precisely the
danger of gold-if you get too much
it is no good. They say we have all
the gold of the world now. Well, what
good does it do us? When America
gets all the chips in a game the game
stops. We would be better off if we.
had less gold. Indeed, We are trying
to get rid of our gold to start some
thing. But the trade machine is at
present jammed. Too much paper
money operates the same way. There
is just one rule for money, and that is,
to have enough to carry all the legit-
innate trade that is waiting to move.
Too little or too much are both bad.
But enough to move trade, enough to
prevent stagnation on the one hand
and not enough to permit speculation
on the other hand, is the proper ratio. "
Then you see no difference be-
tween currency and Government
oonds?" Mr.. Edison was asked.
Yes, there is a difference, but it is
neither the likeness nor the difference
that will determine the matter; the at
tack will be directed against thinking
of bonds and currency together and
comparing them. If people ever get
to thinking of bonds and bills at the
same time, the game is up.
Now, here is Ford proposing to fin
ance Muscle Shoals by an issue of cur
rency. Very vel, ;ct us suppose for
tnat Congress follows his pro-
posal. Personally, don't think Con-
gress has imagination enough to do
it, but Lei US suppose that it does. the
required ,c,2 is auth7y;zcd-say $780,
100000. Ta2 bills are issued directly
BY the Gov eminent, as all money ought
to be. When the workmen are paid
OFT they receive these United States
bills. When the material is bought it
is paid in these United States bills. Ex-
cept that perhaps the bills may have
The engraving of a water dam, instead
Of a railroad train and ship, as some
Of the Federal Reserve notes have,
they will be the same as any other cur
rency put out by the government; that
is, they will be money. They will be
based on the public wealth already in
Muscle Shoals, and their circulation
will increase that public wealth, not
only the public money, but the pub
lie wealth-real wealth.
when these bills have answered the
of building and completing
Muscle Shoals. they will be retired by
he earnings of the power dam. That
IS. the Deonle of the Jn;teJ Ct.tas ,.,;Il