The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1922-01-13

"But would not Mr. Ford's sugges-
tino that Muscle Shoals be financed
by a currency issue raise some objec-
tion?'' Mr.. Edison was asked.
Certainly. There is a complete set
of misleading slogans kept on hand
for just such outbreaks of common
sense among the people The people
are so ignorant of what they think
are the intricacies of the money sys-
tenn that they are easily impressed
By big words. There would be new
shrieks of fiat money and paper
money and 'greenbackism,' and all
the rest of 1.-THE same old cries
with which the people have been
shouted down from the beginning.
"But maybe we have passed beyond
the time when the thoughtful per
cent-you know, / gather from my
QUESTIONABLE that only 2 per cent of
the people think" and Mr.. Edison smil-
ed 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 intinct, also, which tells
them when a proposal is made in their
interests or against them.
Now, as to paper money, socalled,
every one 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? Mere promises and ord
ers. What are they based on? Princi-
pally on two sources-human energy
and the productive earth. Humanity
and the soil-these are the only real
bases 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
tho CIR H.
off if We had less gold Indeed, we
are trying to get rid of our gold to
start something going. 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 legitimate 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 between
currency and Government bonds?'
Mr.. Edison was asked
Yes, there is difference, but it is
neither the likeness nor the differ
ence that will determine the matter;
the attack will be directed against
thinking of bonds and currency to-
gether and comparing them. If peo-
pie ever get to thinking of bonds and
bills at the same time, the game is
up.
Now, here IS Ford proposing to
finance Muscle Shoals by an issue of
currency. Very we'll let us suppose
for moment that Congress follows
his proposal. Personally, don't think
Congress has imagination enough to
do it, but let US suppose that it does.
The required sum is authorized-say
$30,000.000. The bills are issued di-
lectly by the Government, as all
money ought to be. When the work
men are paid off they receive these
United States bills. When the ma
terial is bought it is paid in these
United States bills Except that per-
haps the bills may have the engrav-
ing of a water dam. instead of a rail-
road train and ship, as some of
the Federal Reserve notes have. they
will be the same as any other eur
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 public
wealth-real wealth.
When these bills have answered
the purpose of building and com
plotting Muscle Shoals, they will be
retired by the earnings of the power
dam. That is, the people of the Unit
ed States viii have all that thew mt
INTO Muscle Shoals and all that thew
can take out for centuries-the end.
less matchmaking water power of
Il.