The Challis messenger. (Challis, Idaho) 1912-current, 1923-09-12
unjust RESULTS
OF Money PLANS
Unsound Currency Gives Sellers
Unfair Advantage Over the
Producers.
EXPERT EXPLAINS MONEY
Points Out DANCERS in So Called
Energy Dollars-0ther
Plans Exposed.
EXPERT EXPLAINS MONEY

How demagogues are using false
doctrines Of so-called Sound money"
to give themselves or the class they
represent unfair advantages at the
expense OF real producers is exposed
In the Journal Of the American Bank
ers 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
rency,'' Mr Willis says. THE term
is always resorted 10 By demagogues.
At the present moment there seems
to be z danger that il viii be used
by potential presidential candidate
as representing the platform upon
which he expects 10 run. There Is
no question that more nearly and di-
rectly touches the immediate welfare
of every class in the community"
Purpose of Money
Primary functions Of money and
currency. it is explained, are 10 serve
as means Of exchanging goods and
as means OF measuring the value
Of goods. Mr. Willis continues:
'Demagogues and those who are
disposed 10 mislesd the public for
various Interior reasons have sue
ceeded in disseminating an entirely
different view Of the purpose OF
money Some Of them contend thai
the soundest or best currency is thai
which is so arranged as 10 bring
about fair redistribution Of wealth
They want z constantly depreciatins
currency-one which keeps playing
into the hands OF the seller Of goods
by enabling him TO count confidently
upon higher prices in terms OF money
so that he pays the producer from
whom he has Obtained them less and
less. IT IS i STRANGE THING
THAT THIS KIND OF CURRENCY
IS OFTEN HIGHLY PRAISED OB
FAVORED BY THE PRODUCER
MSELF, NOTWITHSTANDING
THAT HE IS THE GREATEST SUI
FERER FROM IT."
Energy Currency
There IS another popular view Of
sound currency which aims 10 base
it upon natural products" or nat
ural forces"-usually It is true, speci
flying products or forces which have
been monopolized or can be con
trolled by the advocate Of such cur
rency. Thus from time 70 time there
have been schemes 20 issue cur
rency based upon or protected BY
farm products stored in warehouses
or occasionally representing units o.
energy" or horse power.
The rulers OF Soviet Russia IT one
time attempted 10 introduce a cur
rency representing lahor time" eaef
man receiving a check representing I
the number Of hours OF time he had
put n at work, while goods them !
selves were 10 be valued in terms OF
hours of production time. Thus one
man who put in an hours time II
street cleaning received the same /
control over goods as he who put IL
an hours time at surgery. The I
theory was that this kind of sound. 4
currency enabled the poor man" "a
get a larger supply Of goods.
"The trouble was that when those /
who could perform a certain kind Of
labor were not paid in proportion &c
their effort they stopped making /
goods. So il was not very long IN /
Russia before the sound currency
which was issued in favor OF the
poor man had brought 1t about thai
the poor man could not buy anything
with the currency. This was an IN
fortunate kind Of 'soundness-' We
do not want something ike II in the
United States today, yet very SINH
lar proposals are now being made IL
g good many quarters that ought te
know better" says Mr.. Willis.