The independent. (Lincoln, Neb.) 1902-1907, December 25, 1902, Page 2, Image 2
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.