DECEMBER 25, 1902,
KUHNHMMMMMMIiMMHI
have a sold standard, and he assumes
thai it id "established," without pro
viding any m thod for keeping gold in
the countrv. Wht does he mean by.
an "established" gold standard? Does
mem that any method has been
provided by which ibis country can
hnid gold? No. He probably means,
then, that congress has enacted that
every debtor must pay gold to his
creditor, whenever demanded. This in
clude the government itself as well
as private citizens. But, supposing,
that congress ho.a so enacted, how is
the government or the citizen to get
gold to pay vith, when there is none
in the country? It is very easy to so
enact, but it Is not so easy to keep
gold in the country when the balance
of trade turns against us. ,
The president's plan simmers itself
down ,to this: If there is any gold
in the country, the mint are to coin
It, not when the people, or the gov
ernment, demand it, but when the
private owners thereof choose to take
it to the; mints and demand that it be
coined into money. This allows the
private owners of gold bullion to con
trol the amount of coin money in the
country, and it allows them to reg
ulate the elasticity of the currency, bo
far as it consists of coin.
in the next place the plan allows
the banks to issue as much paper mon
ey, in the form of bank notes, as they
please, controlled only by the amount
of their assets. He does not propose
to allow farmers, or any one else, to
hsue as much paper money, in the
form of their promissory notes (not
bearing interest) as their assets
amount to. The plan, then, allows
the banks to regulate the elasticity of
the currency, so far as it consists of
paper money.
Thus we find that the president's
plan allows the mints, controlled by
the owners of fold bullion, and the
banks, controlled largely by the same
people, to regulate the elasticity of the
currency.
It is not hard to guess who would
reap all the profits.
When the "convertible bond theory"
was discussed twenty-five years ago,
more or less, which was supposed to
be an automatic method of regulating
the currency, the theory contemplate!
that the secretary of the treasury
should be authorized to issue legal
tender government notes (payable on
den.tn'-'idj (greenbacks), and that these
should bo convertible into interest
bearing United States bonds at the
command of the holders of the notes?
and that when the holders of the
bonds wanted money more than bonds,
then the secretary of the treasury
should issue notes again in exchange
for the bonds. This was an excellent
theory, but it was so far ahead of the
thought of the people, flat it could not
be adopted, although it was advocated
by such men as Peter Cooper and oth
era. Peter Cooper ran as a candi
date for president in 1876 as an expo
nent of the theory and it was promi
nently discussed until 1879, when "spe
cie payments" were resumed, which
meant that the government would give
gold for greenbacks on demand of the
holder. Nobody in those days sup
posed that "specie" meant gold only,
but they found out, after a while, that
the only "specie" allowed to be coined,
freely and without expense, was gold
This forced the government to resume
"specie payments" with gold alone.
The convertible bond theory, as ad
vocated in those days, had its de
fects. For instance, the plan author
ized the secretary of the treasury to
issue the convertible bonds and notes,
It also allowed the mints to remain
open to free and unlimited coinage of
gold. It also allowed the banks to
continue to issue their notes, to bs
used as money.
If it was to be the policy of the
government to have the money con-
si.-.l exclusively of United States lega
tender notes (payable on demand)
then it was absolutely necessary that
the mints should be prohibited from
issuing (by order of the owners o
gold) any money. It was also abso
lute! v necessary that an independent
department of government should be
created for regulating the currency m
stead of authorizing the secretary of
the treasury to do it. The secretary
had so manv other duties to perform
that he could not attend to regulating
Uie currency. Besides, his other duties
conflicted with the duty of regelating
the currency properly. His primary
duty was and is now collecting an
disbursing the public money. This
was and is enough for any secretary to
do. But. besides these duties, he has
been compelled to superintend the
mints and banks, duties that ought to
belong to some other branch of the
public service. He is also compelled
to look after "plagues, leprosies, yel
low fever," especially if these diseases
are brought into the country through
our foreien commerce. It is contended
that the secretary of the treasury
ought to be relieved of all duties, ex
cept collecting and disbursing the pub
ic money, instead of forcing upon
him the additional duty of regulating
the currency. It would be highly im
proper for him to undertake to re
ceive and pay out the public money,
and, at the same time, to attempt to
regulate the currency. Regulating the
currency by the convertible bond and
note theory, carries with It the power
of issuing new money, new paper
money. It can reamiy De seen mat
any public officer, whose duty it is to
pay the public debts, ought not to
have tne power of issuing new money.
ssuing new money ought never to be
done for the purpose of paying debts,
but for the purpose of expanding the
currency to meet the wants of trade
and commerce. The moment the sec
retary of the treasury is given the pow
er of issuing new money, In addition
to his power of paying out old money
in discharge of the debts of the gov
ernment, he will be issuing new mon
ey for the, payment of debts, instead of
regulating the currency. We must
therefore have an independent de
partment of government for regulating
the currency.
To properly regulate the currency,
all that the department, created for
this purpdse, has to do, is to so reg
ulate the volume of money as not to
either raise or lower the price-level
f he raises the price-level, he dimin
ishes the value of the currency. On
the other hand, if he lowers the price-
cvel, by making the money too
scarce, he thereby' raises the value of
the money.
The value of the money of a nation
should never change. This is the ob
ject of creating a department of gov
ernment, expressly for the purpose of
regulating the currency and for noth
ing else. And the moment the depart
ment has anything else to do, the
work of regulating the currency will
not be well done. There will be either
too much money or too little money,
and the "measure of value" will be
too large or too small, which will
have all the consequences of a yard
stick that is constantly lengthening
or shortening. A currency that is not
properly regulated, will take all the
surplus earnings of the working pro-
pie including the merchants and
manufacturers and farmers and give
them to those who control the mints
md the banks. Wo might enlarge up
on this evil. But it is not necessary.
It has been done so often.
If we adopt the convertible bend
theory, we shall have no use for eith
er gold coin or silver coin. The gov
ernment notes will be redeemed with
interest-bearing bonds and there will
be no such thing as "redemption mon
ey." All money will be good witnout
redemption, except as it is redeemed bv
receiving it for taxes, and by nonds
(when there there is too much in cir
culation, as shown by a tendency to a
higher price-level). The bond method
of redemption is .the best method as
yet suggested. It has the effect of con
tracting the currency when the bonds
are issued in exchange for notes, and
of expanding the currency when the
notes are issued in exchange for
bonds; whereas gold coin redemption
does not necessarily either expand or
contract the currency, because it is
only an exchange of one kind of mon
ey for another. What contracts and
expands the currency, more than any
thing else, under gold redemption is
the flow of international trade, which
takes gold out or brings it into the
country. This is what really regulates
our currency, more than anything
else, and it is the very thing that
ought not to do it. On the contrary,
the currency should be regulated by
the American people, by means of a
department of government, created ex
pressly for the purpose.- The chief
officer of the mint should be required
to report to this department, and tho
head of the mint ought not to be al
lowed to coin gold or silver, witho-it
na order from the head of the de
partment created for the purpose of
regulating the currency. The "comp
troller of the currency," now the head
of the national banks, ought to be re
quired to report to the head of the
new department and should be im-ler
the supervision of this department, in
stead of being, as at present, under the
supervision of the secretary of the
treasury. The banks ought not to be
allowed to issue any more bank notes
for money, without concurrency of this
department.
At the present time, the secretary
of the treasury is the head of the
mints and the had of the national
ban' s, mid at the sr. mo time, head ot
the department, whh-h collects and dis
burses the public money. This is all
wrong. The secretary of the treasury
ought not to have? anytihng to do.
the proper amount of elasticity in it.
JNO. S. DE HART.
Jersey City, N. J.
TO UNITE REFORMERS
either with the miuts or the banks.
He should have no power to either
expand or contract, the currency, if
we expect to have a currency with
Chairman Jo Parker J agues Address to the
True Reformers of the Country
Louisville, Ky., Dec. 15, 1902 To
the True Reformers of the Country:
By true reformers I mean those who
desire to see such legislation as may
be found necessary to right the wrongs
of which the laboring classes of our
country of right complain. Since the
recent election every true reformer has
been trying to think out the way to
political salvation. We find the great
populist movement scattered to the
four winds; we find lesser factions of
the reform army; we find spasmodic
and ineffectual efforts of organized la
bor in different localities, and can
plainly see that for want of harmony
of effort the great reform movement is
expending its strength against Jtself.
That fusion is dead is no longer open
to argument; that the democratic par
ty is lost to the progressive element is
also beyond contradiction. That the
honest element of the democracy must
soon find a new home or stultify their
past pretensions is clear to any.
The question therefore arises, What
shall we do? The fusionists and dem
ocrats will not agree to fall in line
with the mid-roaders under our lead
ership, for, while secretly admitting
the correctness of our position from
the first, they feel too much pride to
surrender; of course mid-roaders
would not surrender to those whose
leadership was so fatal in the past.
The socialists would not consider com
promising with what they term a
capitalistic party. So chaos seems to
reign in our own ranks.
I feel that there is but one waj to
overcome this dpubt and uncertainty
this fatal division of strength and
that is as simple and fair as it is pos
sible to conceive.
In short, my proposition to unite all
ho are really in earnest in the re
form work is this:
Let the fusion committee, the allied
people's party committee, mid-road,
and representatives from any other
element which desires' to affiliate, meet
and jointly issue a call for, a na
tional nominating convention.'' in 190-1
to embrace all elements which are
opposed to the old parties and are
favorable to a new movement. Let
this be the only test. Let this conven
tion make a hew platform, if heed be
adopt a new name is necessary, keep
ing in view its one great end to unite
the people against plutocracy.
It would be necessary for this joint
meeting to arrange far state conven
tions in every state and territory on
the same basis, but aside from that
neither committee would have no other
power. The national convention thus
called would effect a new party organi
zation without regard to past differ
ences. In this way we could bury all
past animosities and start in new.
If this convention should be controlled
by the socialists, then it would make
the great American socialist party; if
by the populists, it would be a prac
tical reincarnation of the populist
party; if by a new element, it would
makes new lines of battle. But what
ever the result, if the convention suc
ceeded in unifying all those who are
done with the old parties, it would be
the grandest political movement of the
new century.
As I see it, this is the only way to
unite all reform elements and unite
they must. We are wasting golden
years in a fruitless struggle in little,
discordant factions. Let this cease;
let us unite if not on j"st such terms
as we prefer, then let's adopt the
course and policy which the majority
ui ay maw e ouu
It was to accomnlich this result that
the allied part.v was formed at Kansas
City and Louisville; but, owing to per
onal jealousies pud a general misun
derstanding of the movement, and per
haps more than anvthinsr else, to a lin
gering hope that fusion might still
live or that the democratic partv misrht
vet be pavd from the nhitocrncy. the
allied prtv did not unite fhn far-lion"
it was designed to unite. So T sav. let
us try it again. l eadership, honors,
emoluments, are nothing to us. What
we wrnnt is to unite those who are
opposed to ind'istrinl slaverv in a
mifbtv. effective movement. an(l fl
it all patriotic perc-nq muct be will
in? to meet on that, lnoid gvound
wherQ others' rights and views are to
be glvnn fair consideration.
I am moved to lav this pronoitio-i
before the different reform elements of
the country, and ask the eonr'im-'U'e
of thoe iu command. Doe?, the fosion
committee w-'nt to unite for aggres
sive and effective action? Then let us
hear from you. Do the socialists want
to unite the socialist thought of this
country? Then let us hear from you.
Do the progressive democrats who can
not but see defeat in their next con
vention, want to advance their prin
ciples rather than themselves? Then
let us hear from you. I think I know
the allied people's party, the old mid
roaders, well enough to say that they
are ready and willing to enter heart
and soul in any real movement to un
ite all elements to oppose the plutoc
racyand we "are not so particular how
it Is done, but we are determined that
it shall be done. Respectfully,
JO A. PARKER,
Chairman Allied People's Party Na
tional Executive Committee.
Meditations of a Modern Msrtyr
Alas! The world seems deaf, besotted
blind;
To its best friends, forever most un
kind. Still duped by frauds deluded by its
foe
Untaught by fate of nations, long ago.
Although we know ourselves as just
and true,
Some comfort, this it will our faith
renew.
Yet, still, there is a human yearning,
weak,
Which craves approval when we work,
or speak.
Indeed, men count our truthful words
as naught
Save crafty mask to hide some vicious
thought,
Or arts to lure unwary victims far,
From safety's path, to wilds where
perils are.
Hence, what we are the present will
not know.
It mocks and scorns and calls us fool,
or foe.
For lying tongues have passed the
word along,
That we are false and all our motives,
wrong.
Misplaced, misjudged and roughly cast
aside;
Hemlock and stake in spirit still
abide;
And there are martyrs, too, whose
woes, if told,
Prove torture, fell, as boot, or rack of
old.
Alas! When love is branded for its
zeal,,, r
Denied, defamed, or forced to hide,
conceal;
While deeds, nefarious lauded to the
sky - ' "
And grand ideals, left to starve, to die.
Yet why repine? Press on and do our
best;
Our souls approve our work will
stand the test
The test of time which tries the false
and true
Dead men care not for justice over
due! That we have wrought and done our
level best
To God and future men, we leave the
rest.
Persist nor hope reward, applause, or
praise,
For social zeal fraternal, harmless
ways.
LYDIA PLATT RICHARDS.
Pasadena, Cal.
How a Penny
May Cure a Sick Friend
Simply write a postal card telling
me who needs help. Tell me which
book to send.
Spend but that penny to aid your
sick friend, then I will do this:
I will mail him an order good at
any drug store for Bix bottles Dr.
Shoop's Restorative. He may take it
a month at my risk. If it succeeds, the
cost is $5.50. If it fails, I will pay the
druggist myself.
That may seem too fair to be possi
blebut try me. I have furnished my
treatment on just those terms in hun
dreds of thousands of difficult rases.
My records show that 39 out of each 40
have paid, and paid gladly, because
they got well.
I wilingly pay for the rest.
The .-em0 ' that stands that test is
a result of a .ifctime's work. It is the
only remMy yet made that strengthens
the inside nerves. My way alone
brings back the nerve power which
operates the vital organs. There is no
ctlrr way to ms' e weak organs well.
You will know it when you read my
book.
'Siirply tint wrhich
book ynii want, and
nfldrP8 Pr. Shoop,
Vox 940 Bacin. Win.
I COF NO. ' ON IT''XPu
BOOK NO. ON TFIf !lrfv
IOCS NO. ON Tlir KIT'Slri.
TOOK NO. 4 foil ftnyr.N
FOOR NO. 5 TOR MFN, ,
bUOK NO. ON KHEUXATUM
Mild coups, not chronic, are often cured by
one or two bottles. At all druggidta.
