The Peoples Voice. (Norman, Okla.), Vol. 4, No. 52, Ed. 1 Friday, July 24, 1896 Page: 3 of 8

A CHAPTER ON MONEY.
IT 18 THE LAWS OF GOVERN-
MENT THAT MAKE MONEY.
Moaay 1« ft Mera Utility to Farlllttt*
the Kirhauc* of Heal Witltli—Wealth
b th« Product of Man's Labor Ap-
plied to Land.
M'KIN LEY'S EVIL SPIRIT.
lltty.
Uac;
In the celebrated debate between
Roswell Q. Ilorr of New York and
William Hope Harvey ot Illinois, Mr.
Horr, replying to a written question
from a gentleman In the audience, said:
My answer to that question is, that It
assumes that it is possible to demone-
tize gold. All the nations in the world
wouldn't demonetize gold. They haven't
the power to do It by law in any way
possible."
In this debate Mr. Horr appeared as
the chosen representative of the
money-lenders. It Is fair to assume
that the dogma, which he announced in
the foregoing quotation, Is one which
the class supporting him would have
the people accept as true. It is also
clearly inferable from his statement
that he believes, or, rather, would have
the people believe, that gold possesses
the attribute of money by natural !aw
through some divine dispensation. Such
an audacious theory Is analogous to the
old monarchlal one of the divine right
of the king to rule. Both theories aro
foreign to our governmental system,
and unworthy of this enlightened ago.
The power in the gold dollar is given
to It solely by the laws ot the United
States government, and not by any law
of a god. Many men worship this dol-
lar, and, like other Idolaters, those who
bow down before the golden idol are
frequently carried away by their pas-
sion, until, in their imagination, the
image ceases to be a mere representa-
tive of power and virtue and becomes
the god itself. The high priests of the
temple of Mammon are not deceived
by their own trlflts, but they keep fat
and sleek through playing on the ig-
norance and superstitious fears of the
common people, whom they safely rob.
Money is neither the creation of God
nor devil. It is the invention of man
and a device born of his necessities. It
la a mere utility to facilitate the ex-
change of real wealth. Woulth the
product ot man's labor applied to^land.
Money is not wealth, and never can
be wealth. Gold and silver bullion,
like other commodities extracted from
land by man's labor, are forms of
wealth. Further applications of labor
to this bullion, by changing its
form and increasing Its utill
will Increase its wealth vall
but the moment this bullion 13 trans
formed ln'o money It loses Its wealth
value, and never regains that quality
as long as It Is used as money. Money
can have no value in itself; its nominal
value is given to it by the fiat ot the
government using it. Any other com-
modity than gold or silver, such as
brass, copper, aluminium, wood or
paper, if made into money, would have
equal nominal or fiat value. It is true
*that the bullion value of goM and
silver Is affected by the fact that money
Is made of these metals. Likewise the
market value of any other commodity,
the supply of which is limited, would
be affected. But If the supply of gold
and silver were unlimited, neither lim-
ited In tho quantity In the earth, nor
by the cost of extraction, nor by the
control of selfish individuals, the fact
that these metals are coined into
money would In no wise affect their
bullion value.
It has been urged in favor of gold
and sliver, as materials of which to
make money, that the production of
these metals is limited. To those who
have a clear understanding of money,
Who are not biased by selfish Interest
that faot is the strongest argument
against the use of those metals for that
purpose.
Money has a trinity of qualities. It
is a representative of wealth values, it
Is a measure of wealth values; it is
a medium by which exchanges are ef-
fected conveniently and expeditiously.
There should at all times bo enough
money available tc represent, measure
and exchange all the wealth that the
demands of trade require, and, to fis-
sure a healthy condition of commerce
It should be beyond the power of any
individual or class of individuals to
contract in any way or to any extent
the money supply.
It is not necessary that the material
of which the representative f value
13 composed have much intrinsic value.
It is better for its representative qual-
ity that it have as littje value in itself
as possible, to prevent confusion be-
tween its own value and the value of
that Which it represents. A mounted
canvass 24x24 inches ha3 little intrin-
sic value, but the picture on it may
be greatly valued; not because of the
quantity of paint, but because it may
represent the face of a person highly
esteemed or a landscape of exceeding
beauty, and the value of the painting
will be estimated by its representative
quality.
It is not necessary that the material
of which the measure ot value is
made have much intrinsic value, for
the measuring quality is a mero arbi-
trary quality. The supply of the meas-
ures Should be equal to, at least, tho
demand. A surplus held in reserve to
supply a sudden increase in demand
would be good business sense. It would
not affect the utility of cereals whether
bushel measures were made of metal
Instead of wood, nor if there were a
bushel measure for every bushel quan-
tity of wheat, corn, etc., and a reserved
supply of bushel measures for an
emergency. Bat It would affect the fa-
cilities of trade, and the prices of ce-
reals If the means of measurement
wers Id less supply than convenience
(♦minded.
gk-jsr
BALLOT.
lsting monetary obligations. This pro- F Vj'I L1
vision, together witti the fact that a
government could increase the volume
of currency bf undertaking special Im-
provements would tend to prevent the
hoarding ot money and effectually de-
stroy (peculation In it. The result
would be that Individuals would use
their aurplus money In private enter-
prises. giving employment to others
and increasing the material wealth of
the country. Every enterprise under-
taken by a government would also add
to th« common wealth, and the expensa
SAMS CASH.
SENATOR COCKRELL REVIEWS
OUR FINANCIAL SYSTEM.
aw the Gold Hue* Art Kmblcd to
Kald the Trea«urr Without Warrant
of law—From 111* Speech la tha
Senate.
of such undertakings could be provided senate a few weeks ago:
The following is a part of Hon.
Francis M. Cockall's speech in tha
els
Scene, Republican Tent. Ent#r ghost of Caesar, (spirit of Free Silver resurrected after St. Louis
convention).
Brutus McKlnley (Napoleonlzed)—Hal who comes here? Speak and tell me who and what thou art?
Silver Caesai—I am thy evil spirit—(Slain by the traitors at St. Louis.)
McKlnley—Why earnest thou?
Sllve, To tell thee thatthou shalt meet me at Phillippl (the election In November.)
In its representative and measuring
qualities combined, the third quality
of money, as a medium of exchange, is
created. It does not affect the utility
of the things to be exchanged if the
medium of exchange is in great or
small supply, but the facilities for ex-
change do not affect the Belling
price of all commodities. Inadequate
facilities affect disadvantageous-
cover its authorized annual ordinary
expenses. In addition, to issue paper
money, of same denominations as here-
inbefore named, in volume sufficient
to cover authorized expenditures for eli
special improvements and enterprises
undertaken by each state, said money
to be issued as the expenditures for
such purposes may require. This money
to bear upon its face in clear impres-
to it for taxes. Each state government
shall exchange, through the banks of
the general government, the money of |
the general government received by it
for taxes for money of its own issue
and the money of Its own issue ob-
tained by such exchange shall be im-
mediately cancelled. Each municipal
government shall exchange, through
the banks of the general government
ly both producers and consumers, the i sion the date of January 1 of the year the money ot the general and its state
advantage, if any, going altogether to | of actual issue to the people. All sucli
those who control the mediums. It
would not affect the utility of cereals
if the number of wagons, good roads,
bridges and railroad cars were doubled
and the carrying charges rsduced pro-
portionately, but the profit to produc-
ers would be increased and the cost to
the consumers decreased by the greater
rapidity and lessened expense, with
whicli the exchanges could bo effected.
The purpose of tho foregoing expo-
sition and illustrations of the scientific
principles of money—crude, perhaps,
but, it is hoped intelligible to the
reader—are to suggest two essentia!
facts. First, that the supply of money
should always be controlled by the
people, through their governments, in
order that the demands of trade mto' be
promptly answered; second, that
money should be made of some ma-
terial that is cheap and abundant, to
prevent gambling in this necessity of
commerce.
The country is wonderfully endowed
by nature with riches; the people are
industrious, intelligent and enterpris-
ing, and the annual production of
wealth is marvelous. With such a
country and people it is possible for the
governments—national, state and mu-
nicipal—to establish a monetary sys-
tem that will better fulfill all the re-
quirements of money than any cur-
rency now used by this or other coun-
tries. In line, therefore, with this
view, I suggest the following currency
scheme as practical, flexible and safe,
and as one which would enable this
country to free itself from the despot-
ism of tho money-lenders and make
us the strongest nation on earth.
Tho general government to annually
issue paper money in denominations of
$1. $2, $5, $20, $50 and $100 in volume
sufficient to cover its authorized annual
ordinary expenses. In addition, to is-
sue paper money of same denomina-
tions as hereinbefore named, in volume
sufficient to cover authorized expendi-
tures for all special improvements and
enterprises undertaken by the general
government, said money to be issued
as the expenditures for such purposes
may require, this money to bear upon
its face in clear impression the date ot
January 1 of the first year of actual
issue to the people. All such monej-,
both for ordinary annual expenses and
for special improvements and enter-
prises, to be receivable for all taxes
due to the general government, of
whatever nature, and a legal tender for
all public or private debts.
Each state government to issue paper
money, of same denominations as here-
inbefore named, in volume sufficient to
money, both for ordinary annual ex-
penses and for special improvements
and enterprises, to be receivable for all
taxes due to the state of issue and a
lgal tender for all debts between the
citizens of the state of issue.
Each municipal government to issue
annually paper money, of same denom-
inations as hereinbefore named, in vol-
ume sufficient to cover its authorized
annual ordinary expenses. In addition,
to issue paper money, ot same denom-
inations as hereinbefore named, in vol-
ume sufficient to cover authorized ex-
penditures for all special improvements
and enterprises undertaken by each
municipality, said money to ba issued
as the expenditures for such purposes
may require. This money to bear upon
its face in clear impression the date
of January 1 of the year of actual Issue
to the people. All such money, both
for ordinary annual expenses and for
special improvements and enterprises,
to be receivable for all taxes due to
the city of issue and a legal tender
tor all debts between the citizens of the
city of issue.
All paper money issued by the gen-
eral, state and municipal governments,
gonr nmcnt received by it for taxes
for money of its own issue and tho
money of its own issue obtained by
such exchange shall bo immediately
cancelled. For the money received by
the general, state and municipal gov-
ernments in payment of taxes and can-
celled there shall be no new issue of
money in lieu thereof.
The general government to coin all
gold and silver bullion brought to it
for that purpose, at mints conveniently
established throughout the country,
into disks ot standard size, stamped
with words and figures certifying Jo
the number of pure grains of gold or
silver in each disk. The general gov-
ernment to collect a fixed mintage
charge from the owners of the bullion
sufficient to cover the cost of coinage.
All the expenses of a government
must be provided for either by theft
from the people of other nations or
by taxation of its own people. The pol-
icy of the general government of the
United States is the antithesis of Ihe
policy of Great Britain and that of
nearly every other European povern-
ment. An honest government, like an
| honest man, always pays its expenses
out of its own pocket. The annual or-
for without appealing to the Shylocks
of this or other countries. Some hone st
critic# may object to this currency
scheme, because, In their opinion, it
would possibly be a temptation to,
especially state and municipal govern-
ments, to undertake extravagant Im-
provements and enterprises. No scheme
of finance can be devised which will, in
itself, niako rogues honest, although
our present financial policy has un-
doubtedly tended to increase dishon-
esty. Unless the currency provided tor
by the scheme under consideration is
dishonestly disbursed, the improve-
ments and enterprises undertaken by
a government will add to the common
wealth of the people and strengthen
their ability to sustain taxation.
Let us look at the principle involyed
through a simple illustration. Say the
government of Illinois undertakes the
construction of a great ship canal to
connect tho waters of Lake Michigan
and the Mississippi River. The esti-
mated cost Is $10,000,000. An Issue of
j paper currency to that amount is au-
thorized, but the money is issued only
j as tho purchase of land, material and
labor require it. Thereafter other is-
iue3 of money aro made annually to
cover the expense of maintaining the
canal in operation. Taxation Is levied
In the form of toll fees on vessels using
the canal, and the money paid into the
state in these fees is cancelled until an
amount equal to the cost of construc-
tion plus the operating expenses is
cancelled, after which the toll fees
would be reduced to approximately
equal the cost of operating and main-
taining the canal. The result would
bo that the common wealth would bo
increased to the extent ot the value of
the canal with really no cost to the
people.
To build the canal today it is neces-
sary that the state borrow money, and
the interest paid to the lenders In-
creases the taxation of the people with-
out adding to the common wealth.
It should be kept in mind, in consid-
ering this proposed currency scheme,
that the money issued by the general
government is tho only kind to which
a national legal tender quality is given.
The legal tender quality of the other
money is confined to transactions be-
tween the citizens of the states and
municipalities of its issue, and its ac-
ceptance by citizens of other states and
municipalities would depend upon con-
fidence in the governments ot issue. In
I the majority of business transactions
of today checks on banks are used in-
stead of money. It is undeniable that
the people have more confidence in
state and municipal governments than
they have in private Individuals and
banks. Wrere this not true, there would
be no foundation for patriotism and no
confidence between individuals. It is
certainly safer to trust our govern-
ments than our selfish bankers, who
are today seeking to destroy govern-
ment money.
One effect that the currency scheme
proposed would have would be to make
our government independent of the
Shylocks of Lombard street and Wall
street, and it is from this class and
their emissaries that the strongest op-
position to it would come.
G. L. McKEAN.
"We owe over $847,000,000 of United
States bonds. Uver $25,000,000 ot these
bonds are payable at our pleasure to-
day and bear only 2-per cent Interest
Over $559,000,000 of these bonds ar«
redeemable in 1907 and' bear 4 per
cent Interest. $100,000,000 ot these
bonds are redeemable in 1904 and boar
5 per cent Interest, $62,000,000 ot them
are redeemable in 1925 and bear 4 per
cent interest, and $100,000,000 recently
issued, are redeemable In 1925 and bear
4 per cent interest. In time of pro-
found peace we have Issued over $262,-
000,000 of bonds since January 1, 1894.
We have $34ti,G81,01ti United States
notes, greenbacks, and about $136,000,-
000 treasury notes.
What was our financial condition on
the third day of the present month?
We had over $123,000,000 of gold coin
and bullion in the treasury and over
$24,000,000 of standard silver dollars;
and we have silver bullion of the coin-
age value of over $177,000,000, having
cost only about $124,000,000, the seig-
niorage, the profit that would belong to
government, being over $53,000,000.
We had in the treasury, besides these,
over $14,000,000 of subsidiary coin,
over $100,000,000 of United States notes
or greenbacks, and over $30,000,-
000 of United States treasury notes
Issued under the law of July
14, 1890, and we had coined from 1878
up to 189G over $423,000,000 of stand-
ard silver dollars.
What aro the objections to this fi-
nancial status? The objection Is that
the treasury notes of July 14, 1880, and
tho United States notes or greenbacks
are presented at the treasury and gold
demanded In their redemption, and tho
gold Is paid and the notes como lnko tha
treasury, and then the secretary ot ths
treasury issues the notes in payment
ot the liabilities of the government, as
the law requires him to do, because
when the notes are redeemed in gold
the law requires them to be reissued
and put in circulation. They are a le-
gal tender In the payment of all debts
and liabilities not otherwlso specified;
and if they were not reissued the vol-
ume of money would be contracted by
that amount. Then they aro again
brought back to tlio treasury and gold
again demanded and gold again paid
and that this process has been kept
up, like an endless chain, and the gold
reserve, so-called, of $100,000,000 has
been depleted time after time."
in accordance with this scheme, to be dinary expenses of the governments of
without value ten years and three j this country and all their undertakings
months from date of issue, except such i must be borne by the people through
as has been deposited in banks estab- j taxation. Therefore, a volume of money
lished by the general government, as
hereinafter provided for.
The general government to estab-
lish in each city one or more banks,
as the convenience of the people may
.equire, where citizens may deposit
their currency, of general, state and
municipal government issues, these
banks to issue certificates of deposit or
drafts on such other national banks
as may be demanded, or exchange the
currency deposited for money of the
ge/.eral government or the money of
tho state or municipal government in
wh<jse territory tho bank is locaced.
These banks to cancel all paper money
coming into their possession that has
been issued ten years, and with-
in six months from the 1st of
January of each year these
banks shall return the cancelled
mouey to the government issuing the
same, and the said government, in lieu
of said cancelled money, shall Issue to
the banks money of similar denomina-
in Vrhich the exchange is effected. The
annual expenses of maintaining said
banks to be included in the authorized
annual expenses of the general gov-
ernment.
Each government, general, state and
municipal, shall immediately cancel
the money ot its own issue that is paid
equal to the expenses and enterprises
of a government must be also equal to
the revenue of the government derived
through taxation.
What nintory I'rovei.
To those of our readers who believe
that the republican party did a great
and good act in resuming specie pay
ments we submit the following bit of
history taken from Sir Archibald Alli-
son's "History of Europe
Tho suspension of specie payments
by the Bank of England in 1797 led to
the use of an enormous amount of ir-
redeemable paper money.
The result was magical.
It terminated in a blaze of glory and
a flood of prosperity which has never
before, since the beginning of the
world, descended upon any nation.
Prosperity universal and unheard of,
pervaded every department of the em-
pire.
Agriculture, manufactures and com-
merce increased in unparalleled ratio.
The landed proprietors were in afflu-
ence.
Wealth to an unheard of extent was
created among the farmers.
Our exports, imports and tonnage
THE OMAHA PLATFORM.
1 he scheme proposed in this article , m0re than doubled, and the condition of
provides the people with money suffi- I the people was one of extraordinary
cicnt always in volume to pay the gov- i prosperi(y,
ornmental taxation without depriving From ^97 t0 1S19 no financial em-
; ny commodity of limited supply of its , barras3ments of any moment were ex-
itility. The present trade utility of
old and silver in international ex-
change would not be adversely affected,
for only the bullion value of these
metals is now considered in such
transactions, and not the flat or dollar
value. The cancellation of the cur-
rency returned to a government in pay-
ment of annual taxes would approxi-
mately equal the annual issue of the
government through its payment of or-
dinary expenses. Issues of currency to
pay for improvements and enterprises
undertaken by a government would be
cancelled as the taxes levied on ac-
count of such improvements and cn-
rprises would fall due. The invalida-
tion of all money after ten years and
three months from date of issue, ex-
cept that deposited In the government
banks, and the cancellation and re-
issue of all deposited money at the end
of ten years would enable a govern-
ment to keep well advised of its ex-
Men Who Have Heroine l'opullstn From
Principle Are Men of Ilralns.
We believe that the people's party,
like the Evening Journal, has a great
work to perform. Like the latter, it
entered the field at a time when there
was great need of a reform standard
around which those who were weary
of tho then existing conditions might
rally.
The standard was raised, the Omaha
platform was issued. For four years
has the party pointed with faith to tho
principles inculcated in that platform,
and gradually have those who were too
honest to remain in the old parties
been won over to the new upon
the strength of those principles thus
strongly indorsed, being assured that
they would be honestly adhered to.
When one comes to study it there is
nothing strange about that platform.
It was framed by a body of men, each
of whom was dissatisfied with the fail-
ures of the old parties to do fairly by
the people.- The platform was, there-
fore, very naturally framed with the
full intent of favoring directly the in-
terests of the people.
Naturally the road taken by certain
dissatisfied voters who dropped from
either of the great parties was follow-
ed by others, who also became dis-
satisfied and dropped from the corrupt-
ed ranks. Naturally, also, to others of
the dissatisfied class, who stood afar
off, uncertain what course to pursue,
the Omaha platform shone forth as a
beacon light to guide them to the only
haven remaining, where honest politics
had a chance for existence.
Right here let us ask: What was the
chief attraction of the Omaha platform
in this great political arena, where
such a thing as honest politics or politi-
cal promises kept had become a thing
unknown? It was this—a practical
declaration that there should be no
fusion. Men who have become popu-
lists from principle are men of brains
and principle. They remember that
pet ienced, and in vain Napoleon waited j every third party that has fused has
for the stoppaga of England's financial . also disrupted, and that from the first
resources. ! proposal to fuse came the turning point
But the resumption of specie pay-j in their destinies, the beginning of their
ments in 1819—the change of the downfall.
financial system from legal teider
paper to metal money—was ruinous to
all the industries of England. The
distress became Insufferable, and in
Manchester GO,000 men, women and
children assembled, demanded blood or
bread, and many of the people were
killed and many were wounded by
British troops.
Cannot the reader whe is 33 years
old and upwards turn to American his-
tory and recall a parallel to the above?
There are now three republican par-
ties—the McKinleyites, the bolters and
the gold-bug democrats.
The democratic party has an unbrok-
en record for broken promises.
There is a moral in this. A proud
feature attendant upon the people's
party Is the fact that it has adhered
strictly to the platform, and that every
voter feels that he knows what the St.
Louis platform will be. The moral is:
Let not the Omaha platform be prosti-
tuted for policy, for it will prove to be
the poorest possible policy to depart
from it for any cause.—St. Louis Even-
ing Journal.
The cork-screw and the "scarlet
letter" should have been adopted as the
official badge of republican delegates
at St. Louis. A more shameless ca-
rousal never took JIace even in Rome
under rule ot Nero tie murderer ot hla
own mother.

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Allan, John S. The Peoples Voice. (Norman, Okla.), Vol. 4, No. 52, Ed. 1 Friday, July 24, 1896, newspaper, July 24, 1896; Norman, Oklahoma Territory. (https://gateway.okhistory.org/ark:/67531/metadc116863/m1/3/ocr/: accessed March 20, 2019), The Gateway to Oklahoma History, https://gateway.okhistory.org; crediting Oklahoma Historical Society.

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