wm:-
Vol. XV.
LINCOLN NEB., APRIL 21,1904.
No. 48.
An Elastic Girrency
A few words concerning the de
mand - of Wall street for an elastic
currency in the shape of notes, to be
issued - upon the "assets" of private
(national) ' banks. As for the em
bryonic bankers who echo this im
pudent demand at their annual gather
ings and support the legislative bills
designed to give it effect, it is doubt
ful if they understand. Its import.
If, as all admit, and as all must ad
mit, for there is no way out of it,
money is a measure of value, then au
elastic money must mean an elastic
measure of value, It requires no great
exertion of the intellect to recognize
the gross inequity of an elastic meas
ure of length or of volume, such as
an elastic yard stick, or bushel basket.
Why should it need more to see the
injustice of an elastic measure of al
ue? Is it not evident that the peo
ple who make this demand also mean
that they shall alone have the right
to use the unjust measure? They
surely cannofmean that anybody else
shall use it. Let us suppose, for the
sake of illustration, that the govern
ment of the United States 'issued and
employed an elastic currency and the
bankers had to submit to it, would
it be quite as popular with them as
now it seems to be? Were the elastic
issues of greenbacks during the civil
war popular with bankers?
been advanced in favor of an elastic
currency is the necessity of providing
for money to move the crops and the
advantage of keeping the stock mar
ket steady during the time that money
is withdrawn by its western owners
from the eastern, banks tor such crop
purpose; in other words, during the
harvest season. But this is mere pre
tense. Who. is it that moves the
crops? The railways; whose charges
are only due and payable when their
freight Is delivered. Who is it that
buys the crops? The country store
keeper; whose funds are deposited in
the local bank, which bank has loaned
them at a low rate of Interest to an
eastern bank and which latter has
loaned them at a higher rate of in
terest to Wall street. The stock mai
ket is therefore supported In a cer
tain measure by . borrowed funds,
whose owners are sure to require its
temporary return during the harvest.
An elastic currency means that some
body shall supply Wall street, or ti e
banks of the stock- market, with
funds, in place of the western fun(U
thus temporarily withdrawn for legiti
mate use. No prudent person will do
such- a thing without ample security
and a profitable rate of interest, the
latter of which Wall street is averse
to paying. Therefore it asks the gov
ernment to furnish it the funds free of
interest! Such is the nature of the
demand for elastic money, and sutn
is one practical outcome of the Mils
to authorize an asset currency.
If, instead of conferring upon the
bankers the power to issue such an
additional volume of private bank
notes indorsed by the government as
would enable Wall street to employ an
"elastic currency, the government were
to establish a non-elastic, but stable
and steadily but slowly increasing
currency, the stock rnarRet might sui
fcr a little; but the farming, manu
facturing and commercial interests
Mould proflt greatly, In the fluctua
tions of the stock market the govern
ment should take no interest, while
in the prosperity of the Industrial
c!nt8 It should feel the deepest con
tern. A stable currency, by affom
lng encouragement to manutactuua
and merchant, would vastly extend
our foreign trade; and by thus in
creasing the demand for our farm an i
manufactured products ral their
prw ami lnreaae the reward of the
proJtutr. The present system f f
money deprives the merchant of hi a
propor employment and the faruur
and manufacturer of a wider market.
whlUt It sui renders both -Intuit- to
the manipulation of a gambler's
stork rxthanurt. An honM money
require no elasticity, KlaMMty I
riot a funt'tlon of money, but of credit.
Tlu period when money I requltut
for moving tie tropa, or for any oth-i
treat commercial pursue, are welt
known tfnrhAmi and ample fund to
provide for them can uj wvuli b
furnished by mercantile credits at the
statutory rates of interest. What
Wall street wants is to substitute its
own credit for that of the manufac
turers and merchants; to obtain mon
ey free of interest, so as to lend it out
at usury. A. D.
Good In Yurrup
Editor Independent: How hath the
mighty fallen! The Weekly Inler
Ocean of March 23 contains the fol
lowing: "In the long run the in
creasing supply of gold cannot fail to
lessen its purchasing power."
After years of battling against tne
silencing of truth, this great apostle
of privilege admits all that we ever
claimed concerning the quantitative
theory of money. Mind you, this ad
mission occurs in an editorial en
titled, "Cheapening Money." Quot
ing Bro. Tibbies, the 4 mullet head"
will say: "Yep, that's so," and con
tinue to vote 'er straight for money
"good in Yurrup."
By the way, I cannot see how any
many of good common intelligence can
read the Inter-Ocean for a year and
still be a republican.
W. E. .FERGUSON, Jr., .
Operator of Push Farm.
Hartington, Neb.
(Perhaps the editor of the Inter
Ocean had just been reading the re
cent mint report and that was what
frightened him. It is stated that dur
ing February and part of March the
mint at fe'an 'Francisco coined 110 tons
of gold, or $54,093,500, or more than a
million -a day. Of course if that rate
was kept up for a fewt years the in
trinsic value" of gold would mostly
disappear Ed. Ind.)
D. L. Perine, Harrison county, W.
Va., after a visit in California, writes:
"I have not, therefore, had the pleas
ure of reading The Independent until
my return; but I am now at home
and a better people's party man than
ever." .
THE REASON W
. State taxes this year will be approximately 60
per cent, higher than in the years 1897-8-9.
Today the county assessor and his deputies are mak
ing a most thorough, painstaking search for every
scrap of property owned by the people, so that this
big increase in taxation may be placed upon it. In a
few weeks the state board will assess the railroads.
If the board does its full duty, the heavy increase in
state taxes will fall alike upon the railroads and on
the people. Whether the. board will do its duty re
mains to be seen. V '
But why should state taxes be so much heavier this
year? The question is. easily answered. It is be
cause the
Republicans Redeemed Nebraska.
Let us compare notes. In 1807 a populist legisla
ture appropriated $2,335. 843.40 to be expended by
populist officials in maintaining state government
for the two years ending March 31, 1899. Populist
state officers carried on state government with effi
ciency those two years at a total cost of $2,I6I,587iI7,
-and paid off $364,589.46 of the floating debt.
The republican legislature of 1903 appropriated
$3,704,280.70 to be expended by republican officers
in maintaining state government for the two years
ending March 31, 1905. It seems tolerably certain
that most of this enormous sum will be spent.
Populist state officers in four years cut down the
state debt $677,093.10. IQ tne. three veara f repub
lican "redemption" the debt has been increased
$535,729.49. And why! .
Because the "redeemers" are spending the people s
money with a lavish hand. Let us put the figures in
handy form.
The State Debt.
Populist Reduction. 4 ycocrs.... $677,093.10
Republican Increase. 3 years.. 535,729.49
Appropriations.
By Populists in 1897 $2,335,843.40
By Republicans in 1903... 3,740,280.70
Republican Increase $ ,404,437.30
Do you wonder why your taxes ire m much heav
ier? Study tho figures and know th reason why.
Inert'atnl Mnto U.xea are absolutely necessary to pay
for the luxury of
REPUBLICAN "REDEMPTION."
Populist Clubs.
I am pleased to report the organiza
tion of three new clubs this week;
one at Boonville, Ark., with W. 1).
Wilson, secretary, and the following
charter members: Wm. A. Lassiter,
president; W. D. Wilson, secretaiy;
T. Wyscarber,.. I?enj. Bangs, R. b
McCoy, L. A. Smith, as members.
Secretary Wilson writes; "The refer
endum vote, is our only hope of suc
cess. The time never was better for
populism in Arkansas than now. The
democrats are hopelessiy split, and
with good management the people's
party will regain all they lost in 1856.
Would it not be better to spend a
little effort in rallying the Old Guard
in this and other states than storm
ing the brush for somethiuj; we know
nothing of? Just now the Macedon
ian cry goes up from this state:
'Come over and help us, that we may
the sooner be able to help others. Our
list is small, but there are others who
.will come in. This was gotten to-,
gether .-while the excited throng
surged in a mad effort to down the
noble Davis, who stands for the peo
ple, and against the trusis. I am 62,
long in the service, always in the
middle of the road, and there to stay."
Club No. 7 comes from Rusk coun
ty, Tex., J. M. Turlinston, Tatum,
Tex., secretary. The membership Is
as follows: Wm. Watt, J. P. Clark.
P. L. Clark, J. L. Vinson, J. P. Vin
cent, G. T. Vincent, H. N. Brown, W.
J. Free, and D, L. Cobb. Secretary
Turlington does not say much, but
what he does say is to the point. He
says: "We want to get into the work
!n Rusk county." What we need is a
;ttle band of brave men in every
jounty who will get into the work and.'
sfay there, and not get discouraged,,
and add a member, here and there
vrtil the club gets big enough to win.
Club No. 8 comes from old Milam
county, Texas. There are no bet
ter pops in the world than they have
in old Milam, and some of the best of
them have been gotten together m
ciub No. 8. The charter members
are: B. F. Williams, J. L. Brown, J.
D. Shelton, J. C. Catchins, S. D. Guth
rie, T. J. Eiland, J. II. Lewis, H. W.
McDaniel,'A. A. Conley, J. A. Crow,
B. M. Hutchinson, D. L. Berry, and J.
A. Berry. J. H, Lewis .of Rockdale is
the secretary. He says; "The pop
ulists of old Milam are all right. Tney
only need to wake up. Most of them
are as full of zeal for the cause of re
form when they" get stirred up as they
were ten years ago." The same con
dition prevails everywhere, and it is
the mission of the working, club to slir
them up, and get every one to enroll
his name as an active member.
I have seen much adverse criticism
on the letter of Hon. Tom Watson in
dorsing Wm. R, Hearst for president.
Some have even intimated that the
noble Watson has fallen from grace.
But, however strong wc may be in our
opposition to the organized democ
racy, none of us can deny that the life
and services of Wm. Randolph Hearst
stand out in contradistinction with
all the rest of his party. He is the
greatest living democrat, because he
is the only democrat who does any
thing. The rest of them talk and ta.ic
and talkHearst saws wood and says
but little. He Is altogether too Rood
a man to train with the bunch he is
with. We can have no objection to
Hearst, but the crowd'he will have u
train with if he gets the nomination is
enough to give anyone the blind staggers.
Th campaign Mr. Hearst la making
for th presidential nomination has
been tho most remarkable from many
points of view of any ever wa;td la
thlsi county.
First. th frank, oprn way In which
he has announced for tht? oftke and
urKnl his own candidacy, a)Uig that
the people art entitled to kn If a
man really wants an ofiUe. and what
he proposes to do with It If he gets it.
Hwond, the flood of bitter calumny
that was hurkd at him by the trust
itKWvpaptrs. and the, short, sudden
stop that came to It for kotutf reason.
Third, the fart that llfrt. a rait
llonatre, not only boldly chsmplous
tho Initiative and referendum it4