394 PAPER MONEY AND A PROTECTIVE TARIFF. 



currency was always an irredeemable currency, and has so proved 

 upon the general demand for liquidation whatever may have been 

 the disproportion of coin to currency, five sixths of it in later years 

 having been pure fiction, analogous to certificate for large sums 

 against which there is no deposit. This currency was never the 

 equivalent of exchange. It represented corporate monopoly, and ite 

 issue was a fraud, which has wrought destruction to the values of 

 labor, property and commerce; therefore, the authority to issue such 

 inflated, irredeemable, fraudulent currency should be abrogated. 



Certificates of actual specie deposits are the only honest, redeem 

 able specie basis currency. The exchange of property for represent 

 ative money is equivalent exchange; is giving specie property for a 

 title to any property of equal value; is redemption of such money 

 in the substance represented; is accomplishing the primary object of 

 money. The redemption of such money by government for taxes 

 and dues, is equitable public redemption. The optional interchange 

 of representative money, and public bonds bearing equitable interest 

 will be the regulator of currency volume, and prevent artificial ex 

 pansion and contraction. It will leave the currency free to expand 

 and contract in accordance with the industrial demand. If at any 

 time the volume be insufficient, bonds will be surrendered for money; 

 while any temporary excess of money will be retired in favor of 

 bonds, so that only the volume required for active use will be kept 

 in circulation, and the speculative centers will not be gorged with 

 idle money. 



Evils specially incident to our finances, industries and commerce, 

 are due to the want of a rational theory of monetary issue, a simple 

 system of financial administration. The erroneous assumption that 

 gold is the standard of value, and the consequent futile attempts to 

 maintain a four-fold paper currency at par with gold, and the cre 

 ation of an overwhelming national monopoly by surrendering to 

 corporate power the public right of issuing currency, have made the 

 empirical interference of government with the natural laws of pro 

 duction and exchange, a constant necessity, ending in perpetual 

 failure. 



Acts of Congress are required as follows: An act instituting a 

 complete domestic monetary system, providing in such act for the 

 issue of public currency representative of property and redeemable 

 on demand in public bonds, and for the issue of public bonds, pay 

 able on demand and in public currency; such currency to be legal 

 tender, non-interest bearing money, and receivable at par for all 

 public dues, and such bonds to bear interest not to exceed three and 

 sixty-five hundredths per cent, per annum, and the bonds and cur 

 rency to liquidate other forms of the public debt. An act repeal 

 ing all grants of authority to corporations, associations, or individ 

 uals to issue money. An act to prohibit the issue of notes prom 

 issory of specie payment, to circulate as money, other than certifi 

 cates of specie deposit. 



Professor Arthur L. Perry, of Williams College, a well known, 

 teacher, and authority on Political Economy, says: 



