The Julesburg grit-advocate., 1923-05-24

he may keep 1t, sell II or present II
at . bank as security for . loan. He
or anyone to whom he sells II can pre-
seat 1t At any time within . year. To-
gether with the exact amount OF moa.
ey that has been loaned. and receive
the goods.
III the goods are not removed with.
IN one year the Government must sell
them and thus get back the money II
has loaned. This IL to prevent ~ &C
cunuIatioA Of goods and to make sure
that tho money will be ssifcancelinS
A. soon - Tie farmer reDays the
loaa or Tie Government sells the
goods an amount Of money IL de-
stroyed equal to the amount that was
advanced This. in all essentials. 10
the Edison commodity-money plaa.
Mors Taxss
most men will be Impressed BY the
fact that II involves additional taxes.
additional corps Of political appoint
eos and . vast extension Of govern
ment control over industry. II the
special privilege Of borrowing mon
ey without interest is really boon
and is granted only to certain groups
of producers. the list to be changed
from time to time. somebody must de
eide who are to be the favored
groups. and whether that somebody is
Congress or Federal warehouse direc-
tors who are subject to partisan ap
pointment and removal, the question
who is to receive free money will un.
doubtedly remain in politics and viii
recurrently become Of great moment
as election day approaches.
"Mr. Edison contends that his COM
modify dollars will be sounder than
gold dollars because there in the
warehouse lies the actual wealth, the
things we eat and wear and must con
sumo to live At first. he says. only
few basic commodities are to be &C.
cepted. such as grain. cotton. wool.
rice. legumes, fats. fiax and tobacco.
Manufactured articles. he warns US.
will not be satisfactory for this pur.
pose.
III, then, a warehouse full Of tobac-
CO guarantees the soundness OF the
notes issued against 1t they must be
redeemable in tobacco. They are. tE
fact. Federal Tobacco notes. The plan
must provide in like manner for Fed
eral Flax notes and so on. Further
more, there would have to he as many
different kinds Of tobacco notes as
| there were grades Of tobacco. Every
one who used money In exchange
would need to have at hand the latest
market quotations on all products ac.
cepted for storage. as they approached
in market value the established loan
value, In order to estimate the relative
values OF different kinds Of dollars.
Salt COD Notes
| Everybody would have to observ.
carefully whether he had Grade A
Kippered Herring notes or Grade X
Salt Cod notes. II there was strike
Of bituminous coal miners ne would
hoard Bituminous Coal notes. II there
was a slump in cotton he would try to
get rid of Cotton notes.
"Consider, on the other hani, the
simplicity and definiteness OF gold-
| secured dollar AL the world knows
| precisely what is meant by the cor
| vertibility Of paper certificate into
;old. All the word accepts the gold
exchange. Its value Is known In
every market. 1t is readily tested,
stored, preserved. divided. transport,
ed. Moreover, there are the gold re-
serves. maintained for the very pur'
pose of conversion and for no other
and available on demand.
From one of Mr.. Edison's author
lied statements. however. 1t seems
that his plan does not provide for
Federal Tobacco notes. Federal FISH
notes and the like. In fact. 1t provides
for no new kind Of money whatever
No matter what commodity the farme'
deposits with Federal agents, he takes
his mortgage certificates to nationa
bank AND there exchanges It for Fed
eral Reserve notes. They are just like
any other Federal Reserve notes.
"very we'll. II there is nothing more
than this In the much discussed Edt
son plan for a commodity money tha
is sounder than gold money this par
of the plan vanishes into thin air. The
Edison money Is not sounder thar
gold money, for It is gold money"
A Kansas City woman offering al