Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1922-02-07
Pay Il With Greenbacks.


Muscle Shoals plant, made an obser-
vation about money that shows the
advance in economic thought He call
ed attention to the fact that gold was
not wealth; that real wealth was cot
ton, wheat, iron, copper and steel and
said that power was much better
basis for the issue Of currency than
gold.
power turning wheels, taken as the
unit upon which to base currency,
would automatically make the amount
in circulation in the ratio of business
needs of the country.
The World war was fought on bond
issues, and has left the world over
whelmingly in debt. The amount OF
gold in existence is inadequate for the
nation to trade upon. In fact gold
does not, nor has it in the. past nor Will
it in the future exist in sufficient
quantities to furnish an honest basis
for sufficient quantity Of paper mon
ey. This government is perpetratlng
a folly to purchass}gold as a basis for
it's own currency. At the present rate
of imports, all OF the available. gold OF
the world within five years will be In
the United States. How then can we
trade with other nationsa If the basis
is then changed the United States will
bear the loss of all Of this gold. Like
Henry Ford says, the water power
mines, lands and productive energy OF
the American people is the proper
basis for currency issue. That io what
the Federal Reserve law was suppos-
ed to do, give us IAN elastic curren-
cy," which would contract and ex-
pand to meet the needs Of the coun-
try, but it seems to be controlled now
by a. syndicate Of bankers, and money
is our master, not our servant. Why
not try an experiment with the SOL
diers' bonus, of paying it in notes OF
the United States treacury, bearing no
interest, and with But the single prom
ise to receive it for dues to the gov
ernment. We believe that for all Prac-
tical purposes, it would make a valua-
BILE addition to our circulation and
would cost the taxpayer nothing. John
C. Calhoun did not believe in a cur
rency which was convertible, that ls'
whose credit rested on a promise to
pay and Henry Clay in 1888, said IN
the senate that Whatever govern
ment agrees 70 receive in payment OF
public dues, Is a medium of exchange
is current money, no matte. what
it's form may be-" Currency issued IN
this way, with but the single promise
TO receive it for government taxes,
would form a perfect paper circula-
ton: il would be uniform in value and
not subject to manipulation by me
Federal Reserve board. 1t woult be
far safer than the policy of allowing
government bonds to be used as panK
deposits and then without notice sud-
denly withdrawing the privilege
This currency would be in fact nom
interest bearing treasury bills bottom
ed on taxes and would take the place
of so much geld. With the growing
scarcity Of gold abroad, the American
dollar is at o heavy premium, this
makes the rate Of exchange almost
prohibitive. The remedy is to make
American dollars more plentiful. One
reason of stagnation here is that the
American dollar is being sent abroad
making it scarce at home. This mon
ey would stay at home and stabilize
value. Money is like good dog the
closer it stays at home, the more use
full it is.