“If you will show me a system which gives absolutepermanence, I will take it in preference to any other. But of allconceivable systems of currency, that system is assuredly the worstwhich gives you a standard steadily, continuously, indefinitelyappreciating, and which, by that very fact, throws a burden uponevery man of enterprise, upon every man who desires to promote theagricultural or the industrial resources of the country, andbenefits no human being whatever but the owner of fixed debts ingold.”—Speech of the RightHon. A. J. Balfour, at Manchester, England, October27, 1892.
As a manufacturer and somewhat extensive land owner I have agreat personal interest in the money question. As a traveller Ihave studied the situation in other nations, and thus, I maymodestly say, have enjoyed the great advantage of getting a view inno wise disturbed by partisan politics. As one whose prosperitydepends almost entirely upon that of the farmers, I have naturallythought most of the effect monometallism has had, and will continueto have, upon them. I have, in a sense, been compelled to thinkmuch on this great issue. These facts are my apology, if anyapology is needed, for giving my thoughts to the public. But is anyapology needed? Providence has granted to a few the leisure and theopportunity to study these economic problems, on the correctsolution of which the welfare of millions, whose toil leaves themlittle leisure for study, depends. Is it not the supreme moral dutyof those few to give their conclusions to the public? I have alwaysthought so, and in that spirit I present this little work, and askthe laboring producers to give a candid consideration to the viewsherein presented. It may be that some of these views will besuccessfully controverted, but the duty remains the same. If theyshould aid in arriving at a correct solution of the great problem,though the solution be different from that I have indicated, Ishall be many times repaid for my labor.
John W. Bookwalter.
Springfield, Ohio, August 5,1896.
Silver is too bulky for use in large sums.
That objection is obsolete. We do not now carry coin; we carryits paper representatives, those issued by government beingabsolutely secured. This combines all the advantage of coin, bankpaper, and the proposed fiat money. A silver certificate for $500weighs less than a gold dollar. In that denomination the Jay Gouldestate could be carried by one man.
But silver certificates would not remain atpar.
At par with what? Everything in the universe is at par withitself. The volume of certi