Evening star., 1932-05-04
Printing Press Money
Good If Acceptable

10 the Editor OF The Star:
Star editorial asks for "an explana-
ton from the proponents Of imitation as
to the difference between printing
$1,000 100000 in paper to pay the SOL
6iers' bonus and starting the printing
presses to balance the budget. And that
explanation will be worth anybody's
study"
While have good reason to be
bit doubtful as to the sincerity of your
challenge nevertheless I shall assume
such sincerity and gladly point out the
difference, as it was elucidated by the
late James. Holden, first monetary
scientist" and greatest monetary genius
the world has known. and also by his
disciples. Hopkins. Donovan, Barnhill,
Wolfe. DR.. Frank Crane, Dosch-Fleurot,
Jean Eckley and others.
The difference between paying the
veterans with legal tender cash instead
of interest absorbing credit and, on the
other hand. having the Bureau of
Printing and Engraving simply furnish
in paper money tokens any deficiency
at all which may arise in the Federal
Treasury is simply one of the accept
ability OF the money emitted!
Mutual eptability-reSting upon
the prepotent legal tender function of
primary money-iS the sine qua non.
Possible depreciation" is not the real
issue since there is no such thing as a
gold standard of value" No material
yardStick, such as gold metal, can
measure an immaterial concept such
as beauty, goodness, truth or value For
this reason. and also for the reason
that such a phenomenon as intrinsic
value is an unthinkable impossibility-
modern camoutlage for primitive
idolatry-absolute paper money is quite
as good for all exchange purposes as
any metal, yellow, white or other in
triguing color.
The case against what is ingenuously
called the single Standard. or the wor-
ship of metallic disks, is much better
proved than that against a scientific,
correctly issued, paper medium of ex-
change. All We have to do is to look
around us and find glaring, innumer-
able proofs of the idiocy of trying to
balance the enormous cone of the
worlds industry upon a mere speck of
gold metal at its point That cone has
never yet balanced itself upon its
yellow, inverted apex.
Why not set the cone firmly upon its
base-the land?- Why not issue your
circulation in a scientific way upon
land or wealth values, instead of upon
a useless, treacherous, idolic metal. like
gold? Why put off an inevitable
necessity until the wealth of the country
becomes ilth-So utterly debated that
currency issued upon it would not be
acceptable to the people? For 1 main
tam, mutual acceptability-no more, no
leSS-is what money needs If money
has more" than this it Immediately
becomes an idol: and nothing could be
worse, morally or practically than an
loollc system such as the present one.
Proper money is joint product of
the government and the people Land
or wealth money fulfils the REQUIRE
mentS perfectly. A soldiers bonus cur
rency would fulfil it for all. practical
purposes, since we confront a grave
emergency-a tragic dearth of cash
and such money would represent the
actual value" (most underlined worO
OF services performed enough to assure
the acceptability at par with all pres
ent money symbols.
Why call upon high-priced surgeon
to extract little silver when a seconds
work With an ordinary pin will do as
well?
1t Is high time to dish the gr7lesome
laLlacleS OF the gold money period ano
push rapidly on to an Infinitely better
money system. CHARLES M. RICE.