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abundant that all financial institutions in upholding the theory that the evils will be compelled to use every effort to get arising from the unequal distribution of rid of superfluous money.
wealth are the result of man's imperfecThe machinations of money power have tion and the operation of immutable law. successfully dictated the laws and cus- The demonetization of gold and the adoptoms of the world, creating and protect- tion of scientific money, is the remedy that ing special privileges in the production will emancipate the toiling . masses from
· and distribution of wealth. And it has domination by malefactors of great wealth, been its immemorial custom to nurture and tend to supply the desideratum an greed into the dominating instinct pre- equality of opportunity, . requisite to success, by fixing well known A subtle law enacted by every Governconsequences for the sin of poverty, to ment gives the money king power to influence all individuals and organizations, change the value of money at will. Finanwhich are more effectual than written ciers who cause the fluctuation in the laws; while it keeps the struggle for exist- value of money are able to make the price ence an universal menace (by controlling of all wealth fluctuate correspondingly by natural opportunities), to discredit good- this nearly omnipotent power, and unperness, which it punishes by the inexorable ceived absorb the wealth of the country penalty of poverty.
without the waste of destroying armies; Life is dear to all. Death ends life. and vest the title in themselves, sustained Existence beyond is spiritual and incom- by the forms of law, and protected by the prehensible to physical beings. The abomi- whole power of the State. Repeating the nation and fear of poverty, want and pos- familiar spectacle of oppression by subtle sible starvation intensifies acquisitiveness, laws, more abominable than if they conuntil goodness is generally looked upon as quered the country by military occupation wholly impracticable and ridiculous, when and took the wealth of the people by force the penalty of poverty is inevitable. Greed
of arms. is the sole foundation of money power.
A dollar is a measure of value as a It would become inoperative under the rule pound weight and yard-stick are measures of natural law. Religion has falsely taught of quantity. But the legal gold dollar is that the will of God was ruled on occa- not a fixed measure of value like the pound sions by anger and vengeance, substitut- and yard are of quantity. It is merely ing fear for Love as the guide to truth. a fixed quantity of gold which fluctuates No environment has ever existed that was in value with the changes in supply and favorable to the development of goodness, demand as all other commodities do. The and no human individual worthy to be dollar, therefore, fluctuates in value with called good has ever lived. The greatest the rise and fall in the quantity of money leaders of the world, who fearlessly in circulation. This defect in money preached the simple truth and became a produces illimitable evils, and the subtle menace to the unjust laws and customs power it creates is so far-reaching in its of their times, have been killed
effect on mankind that it dominates everypower of might, that the rule of greed thing. The private ownership of the air might not be disturbed.
we breathe would not be so insidious, beA fixed standard of value will destroy cause the air-lord could be located and money power, and the power of might will blamed. be right, because conscience will rule. And The stability of the yard-stick and Love will govern greed absolutely when pound weight makes transactions safe as the power to manipulate value is regulated to quantity. But if a power was created by natural law. Financiers who manipu- that could change the pound and yard at late money supply and change the measure will, and such power was exercised by of value at will are invincible under exist- men concealed from view of law or pubing financial systems; they hold Govern- lic, it would seem impossible to do busiments as well as the people subservient to nese under such conditions; yet price is their will, and the secret of their power far more vital than quantity in the dealhas been so successfully concealed that the ings of men, and the money measure of learned of every age very generally unite value that fluctuates all prices can be
changed at will by any combination that profits by discounting the future. On is able to control money supply.
the other hand, every increase in the quanThe fluctuation in the value of money tity of money in circulation raises prices, can be more easily comprehended by con- which frequently carries the speculative sidering the total supply of gold in the fever to such excess that prices mount to world. The money measure fixed in gold the limit of inflation, when reaction sets makes its total value equal the money de- in and prices fall, producing panic and mand for gold to make the world's ex- disaster, until the return flow of money changes, plus the demand for gold in the is released to absorb the wealth of the arts. To double the gold supply of the country on its own terms. The financial world without changing the demand for system of the world based on gold is like gold would not change the total value of a pyramid set on its apex. gold, which would remain the same total The richest nation holds but few value as before; the dollar would buy but hundred millions of money in reserve, and half the quantity it did before the supply as long as the money remains in the treaswas increased. Prices would rise ury it is valueless to the country's proshundred per cent, or the dollar would be perity, and it cannot be put in circulaworth only half as much before. tion but by methods that entail a risk of Diminish the gold supply of the world loss and give large profit and advantage one-half, under the same conditions of to favorites at the expense of the people. demand, and gold would appreciate in History gives positive evidence that value one hundred per cent, prices would money has been the prime factor in the fall one-half, or the dollar would double progress of civilization. In every counin purchasing power.
try throughout the ages where money was The fact is well known and does not redundant, we are told that such nations admit of any doubt, that the quantity of were prosperous and the people progresmoney in circulation in any country
any country sive; and wherever money was stringent, makes it prosperous when money is abun- history relates the degradation of the peodant, and bankrupt when money vanishes, ple and the bankruptcy of the nation. regardless of the natural advantages, When Rome was at the zenith of power, wealth or virility of the population; and money was more abundant than it ever had though the vaults of the treasury were been before; while prosperity ceased filled with money, or should speculators throughout the civilized world during the corner the supply and hold it out of cir- Dark Ages, money disappeared entirely culation, the effect would be the same as from circulation; what little gold reif the money did not exist. Whenever a mained was hoarded, credit did not exist, supply of money cannot be put in circu- and the people were degraded to the lowlation to meet a demand for money, credit est depths of poverty and ignorance. will cease and panic, suspension and bank- Scientific money will make the measure ruptcy will follow until money reappears of value as fixed and unchangeable as the in circulation or confidence is restored. measures of quantity, and it will destroy
Every one possessing wealth, whether it the financier's power •to manipulate the be much or little, is constantly menaced measure of value. There will be no comby depreciation and possible bankruptcy. modity in scientific money to fluctuate, The greatest financiers have been caught because the function of money will be in a panic and ruined by falling prices. certain and exact—a mere counter of Financiers control money supply, domi- wealth by a fixed and permanent unit of nating finance with absolute authority value, existing on the date of change to that can make money stringent by pre- scientific money and maintained thereafcipitating a panic, or restore confidence ter by the automatic regulation of money immediately, hy skillful manipulation, supply to equal money demand ; and and make
redundant. The money cannot be again transformed by silent operation of the law of money financiers into the irresistible power, that (flowing out of the country of high prices control of money supply creates, to change to the cheapest market) often gives specu- the value of all wealth at will, whereby lators an opportunity to make enormous manipulators take the profit earned by
labor and rule the world through the notes or notes for bonds. Depositaries doinination of greed and ignorance; com- will detach the semi-annual interest coupelling the people to support and protect pon for the current half year from the in idleness and prodigality the lords of bonds exchanged for notes.
Bonds prewealth and all their minions, while labor sented to depositaries for notes must have is held by their subtle power in hopeless all coupons attached that have not bondage.
matured. The Government of the United States, The volume of scientific money will be by the exercise of its sovereign money practically unlimited, and adoption of the power, can adopt a complete credit finan- system will cause the spontaneous develcial system for raising revenue, and make opment of an automatic regulator, that the nation's notes the only legal money will positively operate to keep the quanand eliminate all other money from cir- tity of money in circulation at all times culation, The United States can issue to equal money demand (by a law of full legal tender time notes for the ap- money certain to govern its flow), through propriations of Congress, and (on appli- the payment of an interest rate equal to cation) for the budgets of the States, in- the earnings of wealth in average investcluding all subdivisions of the State Gov- ments, for money that has been retired ernments, stipulating that all assessing from circulation in exchange for bonds; and collecting taxes be done by treasury or the Government will pay interest on all officials. The tax rate will be fixed by excess money and will take
the profit the Secretary of the Treasury, for the from all money in circulation, instead of States, to keep the money issue for each permitting the banks to appropriate it. debtor within the legal limit; Congress On the other hand, the law will provide will provide the revenue to pay matured for an equally important detail by affordnotes issued for the national budget, and ing every convenience for money to be obif there should be either a surplus or de- tained from depositaries throughout the ficit in the revenue, it will devolve upon country, on demand, without cost, in the adıninistration to lower or raise the exchange for bonds. Whenever money berate of taxes, or levy a new tax when comes scarce, a premium will be offered, necessary, that there may be no possibility and if the profit exceeds the interest paid of a default in the payment of any note by bonds, there will be an exchange of on the day it falls due.
bonds for money by the bondholders, that All notes issued by the United States will increase money supply to equal money will be constituted a full legal tender, at demand. their face value, for the payment of all Interest will be paid on excess money debts, public or private, said notes will for two reasons. First, (and by far the supersede ail existing money and remain most important reason) to regulate money the sole unit of value and legal tender for supply to equal money demand and mainthe payment of debt.
tain a fixed standard of value. Second, to The first issue of Scientific money will furnish secure investment for savings that equal the total obligations of the United will pay a profit somewhere near the net States, for the redemption of all the coin profit earned by the general average of issued by United States mints, pay every all investments. outstanding obligation and liquidate all Government bonds may flow out of the national debts by payment in scientific country until equilibrium in money supmoney.
ply would be disturbed, if the bond rate Bonds with semi-annual interest cou- of interest should exceed the interest paid pons attached will be issued to equal each by foreign countries. It is conceivable money issue. The legal tender notes will that our money may become popular in be paid out for all disbursements by the foreign countries where money is still treasury department, and bonds to equal defective. China, with her hundreds of in amount each money issue will be de- million people could possibly deplete our posited simultaneously in the national de- money supply to the danger point at some positaries, where bonds can be obtained future date. Combinations of wealth vast on demand without cost in exchange for beyond conception might skillfully man
ipulate money supply in the future, with- ing in the treasury unused, will supply an out perfect safeguards are provided. ample surplus at all times to meet every
Equilibrium could be maintained under demand. scientific money, because there is no doubt The payment of notes at maturity would that it will be practicable to place money soon extinguish moner supply, but that within reach to supply every demand, be- the law will provide for issuing yond any possibility of manipulation or money, and before the old notes mature gravitation to disturb it.
new money will be issued, which will Among many possible safeguards Con- maintain a constant supply of money, gress could provide for the regulation of Every note cancelled will be paid from the public service corporations, authorizing revenue receipts taken in taxes from the them to issue. first mortgage bonds, the people. It will be, therefore, only techsame in character as Government bonds. nically that notes will be paid in paper, The property pledged for security will be but in fact every note will be paid at appraised by Government experts, funds maturity from the wealth produced by the for the payment of principal and interest people, after it has been taken from them stipulated, and the bond issue limited to in taxes for that purpose, which wealth an amount that would be fully secured. will be represented by the money in which All commercial bonds issued under Gov- the taxes are paid. ernment authority and regulation will be Money supply will not be affected by received by all national depositaries in ex- any other country under scientific money. change for money the same as Govern- Balance of trade will be paid in the money ment bonds.
of the credit country, which we will have Emergency money and bonds to equal to buy with any wealth we have to offer same, not to exceed the amount paid out that will cost us the least. The price of in exchange for commercial bonds, will be gold will rise and fall with the changes in issued by the treasury department when- supply and demand as all commodities do, ever necessary. But it is probable that but money in this country will remain á the supply of excess money, retired from fixed standard of value if the system maincirculation in exchange for bonds and ly- tains equilibrium.
Lead on! I follow thee,
THE EDITOR'S PHILOSOPHY
N ORDER to make you feel as though sights, and that the whole battle of the
you really were a genius, if you are “blues and the reds,” in the taking of a dweller in California, you should Boston, was simply an attempt at finding
buy yourself a bungalow at Carmel out how many men could withstand the and go down there and become a leading inroads of pneumonia and typhoid fever, light in the colony of geniuses. It's a if exposed under the most propitious conwonderful place. There are artists and
ditions. artists, and there are writers and writers, and they have formed a most interesting I know nothing of the National Guard community by the sounding sea. They re- of the Empire State, its war or shooting mind me of Peary and Cook, and, when capacity. I know that Bierce's contention they are not berating and knocking one that our navy cannot shoot because all another, they are holding praise meetings their records are made on smooth seas, is in admiration of their own work. These arrant nonsense, and that Mr. Bierce imcommunities and aggregations of genius agining that unless the practice were obare a pet product of our State. Occasion- tained in a tempestuous ocean voyage all ally we produce a real genius, but it takes practice were useless, is pistle. I well remore than the mere testimony of the suns member, just off the island of Guam, to give them standing. They have to have when the Charleston, with a green crew, the testimony of everyday men and "hove to” to have target practice; that I women. 'Tis a great State, this! It is was astonished when the target was hit greatest in these little mutual admira- seven times out of ten, and that later the tion societies and knockers' clubs. The Baltimore crew made some scores
that State of California flourishes, despite its were wonderful, in a rolling sea, ten out people. They lack the spirit of getting of every eleven shots hitting the canvass. together and doing team work, and yet The men at the game were just haphazard they are the greatest of all the earth's marksmen, too. In the Philippines I have population.
seen shooting by the Oregon regiment, at
living human targets, that was positively Speaking of Peary and Cook reminds astounding for accuracy. The Colorado me of Ambrose Bierce. Why? I don't regiment did equally well, and the shootknow, except that I had just read an ar- ing of the National Guard of California, ticle of his in a contemporary magazine under all conditions, is exceptionally fine. on the American navy.
What Bierce At practice, the vessels of the Pacific and doesn't know about the navy is only the Atlantic squadrons have carried away equaled by what one Hughes of the 69th world's records that are still to be beaten, New York regiment knows about the game and that are only approached by the of war. This Hughes, Rupert is the ro- American crews of vessels enjoying pracmantic name his father gave him, decries tice later. the National Guard and its methods. He is a National Guard officer, and he writes Then why the Bierceian anvil chorus ? at length in an Eastern weekly periodical Simply because this professional spiller of of the evils of drills and exercises and bile has exploited every known field in forced marches, and he speaks learnedly literary notoriety, and he must perforce try of the fact that we cannot shoot straight, to bring himself before the public in his that we know nothing of the use of rifle declining years by some mental spurt that