The Rathdrum tribune. (Rathdrum, Idaho) 1903-1963, 1923-10-19
UNJUST RESULTS
OF MONEY PLANS
Unsound Currency Gives Sellers
Unfair Advantage Over the
Producers.
EXPERT EXPLAINS MONEY
Points Out Dangers in So-CaIIe6
Energy DoIIars-Other
Plans Exposed.
EXPERT EXPLAINS MONEY

How ~demagogues are using false
doctrines Of so-called Sound money
% give themselves or the class they
represent unfair advantages at the
expense OF real producers is exposed
n the Journal Of the American Bank.
srs Association by H. Parker Willis,
expert on the money question.
There is no subject in whose name
more crimes against truth have been
committed than that of sound cur.
'ency,'" Mr. Willis says. 1.-THE term
. always resorted to by demagogues.
At the present moment there seems
% be q danger that It will be used
BY a potential presidential candidate
IS representing the platform upon
which he expects to run. There is
40 question that more nearly and d.
'ectly touches the immediate welfare
sf every class in the community"
Purpose Of Money
Primary functions Of money and
currency. 1t is explained. are to serve
rs q means OF exchanging goods and
IS a means of measuring the value
Df goods. Mr.. Willis continues:
~Demagogues and those who are
disposed to mislead the public for
various Interior reasons have sue
ceeded In disseminating an entirely
different view of the purpose of
money. Some OF them contend that
the soundest or best currency is that
which Is 30 arranged as to bring
about q fair redistribution of wealth
They want a constantly d%epreciating
.urrency-one which keeps PLAYING
INTO the hands of the seller of goods
enabling him to count confidently !
lpon higher prices In terms of money
% that be pays the producer from :
he has obtained them less and
ess. 1T IS A STRANGE THING
THIS KIND OF CURRENCY
8 OFTEN HIGHLY PRAISED OR
'AVORED BY THE PRODUCER
l MYSELF. NOTWITHSTANDING
HAT HE is THE GREATEST SUE
'ERER FROM IT"
Energy Currency
There is another popular view OF
ound currency which aims to base
upon natural products" or mat.
raj forces"-usually 1t is true, speci
ring products or forces which have
monopolized or can be con.
oiled by the advocate Of such cur.
'ncy. Thus from time to time there
I've been schemes to issue a cur.
'ncy based upon or protected by
'rm products stored in warehouses
occasionally representing units OF
or horse power.
The rulers Of Soviet Russia at one
ne attempted to introduce a cur.
ncy representing "Iabor time" each
receiving q check representing
Q number of hours of time he had
t n at work. while goods them
ives were to be valued in terms of
urs OF production time. Thus one
who put in an hours time in =
Get cleaning received the same
ntrol over goods as he who put in
hours time at surgery. The
'ory was that this kind of Sound"
-rency enabled the poor man" Ia
a larger supply of goods.
Inc v was that when those
o could perform a certain kind Of
or were not paid In proportion to
lr EFFORT they stopped making
'ds. So 1t was not very long IN
ssia before the sound currency
lch was issued In favor of the
r mar had brought 1t about thai
poor mar could not buy anything
q the currency This was an un.
kind Of 's%oundness.' We
not want something like it In the
ted States today, yet very SINH
proposals are now being made in :
GOD many quarters that ought to
W better" says Mr.. Willis.