THE ALLIANCE -IN DEPENDENT.
11
ABOUr MONEY.
The advocates of metallic money
write learnedly and at great length
about "intrinsic value." On the other
hand the advocates of paper money
arg-r.e at length in favor of money
based on the ''credit of the govcrn-
ment," the "wealth of the nUion," etc.
One would think to hear these argu
ments that there exists some irreconcil
able difference between them. But if
the arguments on both sides are ana
lyzcd it will bo found that the advocates
J of both hold to Iho same great funda
mental principle of money science, and
that there is no essential difference
between them. If those who discuss
in f iiniiii;' iiiii-v nuiiiii luitj lmql Liir i i; in
very little room for argument as to the
nature of money, and the conditions
which regulate the value of money
units.
The fundamental principle of money
science is Ihis:
The value of the dollar or money unit)
depends upon the ratio between the number
of dollars in use, and the volume of busi
ness to be done therewith.
This principle is tho basis of the
'volumo theory," and it is the only
theory that finds any general accept
anco with writers on money. Of course
this theory has been popularized
mainly by the advocates of paper
money. But the advocates of metallic
money believe in it just as firmly, and
act on it far more promptly and effec
tively.
The men who planned and carried
out tho "seven financial conspiracies"
were as firm believers in the volume
theory as tho men who fought th,o;e
conspiracies. Did tho men who de
stroyed ti e greenbacks and demone
tized silver believe in the volume
theory? Do the men who oppose the
freo coinage of silver now believe
in it? They may ignore it in their ar
guments, or ridicule it as a crank-ism,
but they act upon it with all their
power. The sole object of the destruc
tion of tho greenback:?, the demonetiz
ation of silver, and tho remmption of
specie payments, was to contract tho
volume of currency and thereby in
crease the purchasing power of the
dollar.
The real difference between, the ad
vocates of paper money and the advo
cates of metallic currency is as to how
tho volume of money shall be regulat
ed. The advocates ( f paper money
maintain that tho intelligence of the
people exercised th rough the govern
ment is sufficient to properly control
tho volume of money, n g ardlcts of
the material of which it is made. The
advocates of the metallic currency dis
pu'e this, and they propose that money
must be madi out of some valuable
material which is limited in ouantitv.
A ft
They assume that if money were made
out of somo material which has little
value and is almost unlimited in quan
tity, the people wou'd have no more
senso than t- issue an unlimited quan
tity of it, and hence the dollar would
depreciate until it became almost val
ueless. They mainta'n that tho metal
lic basis is a natural limitation.
The absurdity of this reisoning is
easily seen. It is truo that there i a
.- limited quantity of gold and silver pro
duced. But the amount of money that
can bo made out of it is practically un--limited.
It is tho intelligence of the
people, exercised through the govern
ment that determines how much
gold or silver shall be
put in tho dollar. Certainly no pne
w ill clai ai that nature ordaina he
weight of a dollar. Hence there is no
natural limitation to the volume of
metallic money any more than of paper
money.
Our present gold dollar contains 25.8
grains standard gold nine-tenths fine.
But tho government can at any time
decree that the dollar shall contain
10, 1, or 40 or any other number of
grains. And tho samo may bo said of
silver. Congress did in 1831 change
tho number of gra'ns in tho gold dollar
from 27 to 25.8 and the supremo court
upholds the act as constitutional. Tho
very languago of tho constitution,
"Congress shall havo the power to coil
money and regulate the valuo thereof,"
shows that tho volumo of monoy is con
trolled ultimately and solely by tho in
telligence of tho people.
Although the advocates of metallic
money mako great ado about "intrnisic
va'uo," they havo entirely deserted
and discredited lho?r own position in
their treatment of silver. Ins'ead of
allowing the value of the silver dollar
to ba regulated by what they call tho
"intrinsic value" of tho mo'al, they set
up an artificial limitation of the
number of silver dollars that may bo
issued. So soon as this was done, the
money valuo and tho commercial valuo
of silver parted company. If gold wcro
treated in tho samo manner, tho result
would bo the Famo. If a gold mine
should be discovered that would yield
four million dollars per day, what
w(uld become of tho intrinsic value
dectrine? Would not tho volume of
currency be inflated and tbo valuo of
the dollar deprec'aeed exactly the
samo as it would bo by extensive issues
of paper money? And would not the
debt-holders of tho country at once
favor government limitation instead of
their so-called ''natural limitation?"
There is in fact no such a thing as
natural money or "GoJ's money."
Money consists of pieces of matter
(metal, pap3r, or other substance) on
which the government stamps certain
words and devices, and which the gov
ernment decrees shall be legal tender
in payment of debts.
And the valuo of the money unit
(dollar or whatever it may be) depends
sole'y upon the regulation of the
volume through acts of government or
the manipulation of individuals and
corporations.
The Journal says that tho democrats
arc opposed to Crounso because he is
supported by the A. P. A., but tho
truth is that tho Journal has simply
manufactured this rumor becauso the
republicans are terribly afraid that the
A. P. A. will not support Mr. Crounse.
BE NOT DECEIVED.
Tho following telegram was to be
seen on the first page of this mcrning
Journal:
BLOOMHfGTON, 111, August 1C Gen
eral A. E. Stevenson has received addi
tional information in regard to his
work during tho campaign in North
Carolina. Ho is to mako his first
speech in that state September 5th and
will mako in all fivo speeches in tho
state. Tho dates and places aro not
yet agreed upon. Tho fact that Nrth
Carolina is considered a oloso state
state, owing to the compaign that is
being mado by tho third party, which
is developing much strength there, is
understood to bo tbo cause of Mr. Stev
enson being invited to lend his aid.
In tho samo issuo appeared an editor
ial from which we take the following
paragraph:
Tho independents in the Southern
states aro men in buckram, who aro
simply on dress parado this fall, and
havo no indention to throw away a
vote on tho independent electors in
their respective states. They will
vo'e tho democratic tickot solid except
in cases where tho old republicans havo
been caught with their chaff. The en
tire meaning of the Weaver and Fields
campaign is to overpower the republi
cans in tho northwest and secure the
return of Cleveland to tho presidency
under falso pretenses.
And so the contradictions multiply.
In tho north tho Weaver and Field
campaign is pronounced a democratic
sideshow. In tho south tho democrats
claim that Weaver and Field aro sim
ply running to defeat Cleveland. But
the people will not be much deceived.
Tho Weaver and Field campaign is
being conducted for tho purpose of
electing Weaver and Field, and that is
what frightens both the old parties.
Let hot tho independents bo deceived
by these falso claims of tho republicans
in tho north and democrats in tho
south. Let every independent stand
by Lis own ticket and help to elect it if
possible. If wo fail to elect our candi
dates it is a matter of little importance
which of tho other wins tho day.
Our fight is for our own tickot and is
no side show for cither of tho old parties.
BOTH ABE BIGHT.
"There can be no
question that it
(tho people's party)
is a southern con
spiracy to disrupt
the republican
party in the north
wrs' in tho inter
ests of tho demo
crats." Chicago
Inter-Ocean. (Rep.)
Both are correct. The people's party
was organized to disrupt both old
parties, and it will do it too.
"Undoubtedly the
people's party is a
scheme to disrupt
the democratic
party in Iho inter
est of tho republi
cans." Arkansas
Gazette. (Dem.)
A Swedish republican paper is to bo
started at Wahoo. This is only another
danger signal. In their stato conven
tion, tho repnblicans can "d n tho
Swedes and d n the Danes," and
give them no recognition whatever.
But when tho votes ajro'nceded a paper
must bo started to tell the so foreigners
how the republican party loves them.
And now comes tho press report that
tho people's party has just nominated
for'ebngress a man who will give Con
gressman Burrows of Michigan a closo
call, and perhaps a defeat. Wo like to
sco these admissions in the Associated
press dispatcher. They show tbo "oop
rislng of dor bceblcs," as our German
alliance brother puts it.
Tue York Times says that Dech Jn
congress is not a possibility only a
nightmare If that is tho way tho
Times looks at independent congress
men tho editor of that paper is likely
to soo half a dozen or more Nebraska
nightmares on tho night following tho
next eloctlon.
Some man out at Oxford sees tho old
soldiers going in great numbers into
tho people's party and ho writes tho
Journal for help. Tho call comes too
lato. Thero was a time when tho bulk
of the old soldiers in tho Dorthwest
were republicans, but there aro moro
old soldiers now in tho people's party in
Nebraska than thero ere left in tho re
publican party. Tho republicans havo
sinned away their day of grace.
McKinley can como lo Beatrice and
the independent- turn out in largo
numbers and listen to him in a respect
ful manner and conduct themselves
like gentlemen. But when tho Cali
fornia lecturer for tho independents
appears in Beatrice, tho republicans
. I'l .-1 -U-.A--..1 - t "J
get up a uisgraceiui uisiui ounce vi ins
mcotiner . This shows tho difference in,
the calibre and respectability of the
two parties. And it also adds no voters
to the republican ticket.
Somebody has been doing somo very
tall lying. As near as can bo "ascer
tained the report that Gresham will
speak for the paople's party is not well
founded. The report that John M.
Thurston will speak for tho people's
party is a hoax of course. Other simi
lar reports are being sot ' afloat wo be
lieve for the purpose of bringing the
people's party into ridicule. It only
takes one of these lies about fifteen
minutes to spread all over ',the United
States. But it takes a month for tho
truth about people's party affairs to get
around.
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