Year: 1879

| DauSIlNe dTllCIe tulltISu nc SosS S'o
ted" appeared on the outside pages of
this paper q few weeks ago, explains
itself. The article has, as We supposed
it would, created discussion far and
wide among active thinkers on the cur
rency question, and they generally
agree, we believe, in pronouncing its
propositions irrefutable. On.
| W Press.


| ". H. Winder, Esq.,


DEAR SIR duly received "The
Case Stated, in the Uinsted Press, and
have read it with critical care. All the
! propositions are sound and of course the
conclusions are inevitable. ! agree
with You that importatiops should be
paid in international currency, and that
in a debtor country 1t is an advantage
that gold should be at premium. 1t
is one of our commodities and of course
the higher the price the better it is for
US. l see, too, clearly, that II will act
as tariff on importations and thus will
be continually bringing US to the credit
side in trade If foreign countries want
our gold let them pay well for it; if II is
too high for them then the effect, as
you say, will be that they per force
must take our other cheaper commodi-
ties.


! have never had doubt Of the even
tual success of paper money but now l
think see it in the near future, and you
will be, in person, entitled 10 a large
share of the credit for its success. 1t is
impossible that the Supreme Court,
when fully enlightened on the subject,
as it will be, can cling to the old aud
false system of money. 1t is astonish-
ing to intelligent men who have exam
ined the question that old and rooted
prejudices have not long ago been scat
tered under the many luminous exposi-
tions made of the fallacy of the old sys
tenn, and among all have ever read
aud | have read legion--l have read
none more clear, iorcible, explicit and
conclusive than yours.


But then, when we.supplant the old
system-as we shall surely-we must
forever recollect that we must be on our
guard about usury. What we want is
cheap exchange, and cheap exchange
means cheap money. Our paper tokens
can be furnished for IA of one per cent
and that will not be in the nature of
usury, but a joint contribution of all 10
furnish the tools indispensable to all in
effecting the payment OF product by
~ - u IN, hnr
ter practical.


am opposed to all funding and bank
ing and usury alike. The moment you
attach interest 10 a mere medium" you
perform a transubstantiation of it into
property and merchandise, with i'm
mense special privilege over all other
labor, property and merchandise, and
thus make it, Instead of a beneficial
tool, and convenience for the exchange
of labor and property, diaboical en-
glue and cheating machine for the
transfer of the property OF the many to
the few.


l will not now give all my views out
on this question of usuIy, but there is
one particularly desire to call atten-
ton TO, that may have the benefit of
your clear, logical mind in regard 10 it.
The point is this. That usury on mon
ey-the common tool and property Of
all-can only be beneficial TO very
small per cent Of the common creators
and owners OF this common tool. 1n-
terest OIL money---the medlum-can
benefi. no individual unless his net in
come exceeds his expenses. In an hun
dred persons the probable fact is that
about four have net incomes exceeding
expenses, while the ninety six have ex-
peuses exceeding largely their net in
comes. The four could be benefited,
because they receive on the large net
over expenses, but the ninety six could
not be benefited because they pay more
OH the large expense than they get on
! the lesser net.


1t is stated by Kellog that if you take
the six New England States aud all
New York and New jersey, the farms
will not average net over $780, while
the expenses would be on an average
5000. Now in exchange OF farming
| products, the rate OF interest being the
rate of exchange, how could one of
these farmers be benefited by getting
$40 on the 900 net and paying 500 on
the 5000 expenses His bargains with
the rich man-the man whose net eI-
ceeded expenses-that each might take
interest on their common tool, money,
would be very much like the game,
"Heajs / win, tails you lose y The
poor man is never benefited by interest,
| and yet be has ever been playing this
game of heads win, tails you lose, with
the rich; and this is the cause Of his
poverty. Let him clearly understand it
and the game will soon be blocked.


II there is no interest on money, which
is instituted and stamped by all, merely
as "token," or "order" TO effect and
consummste exchanges among them
selves, then money would be restricted
and confined to its legitimate and prop
er use of an exchanging medium only
aud this use Of money would be equal
and fair, and just 70 all alike They
could then effect their exchanges for
just what it cost them TO stamp aud dis
tribute their money and all this could
be done by illegal tenders" or national
money" for about IA Of one per cent.
instead Of paying, rs we DO, TO individ-
uals aud corporations, from siI TO ten
per cent. for their spurious, and you
may say counterfeit article.


Again: When interest, an element
utterly mischievous aud foreign to the