.g TEE SUN. 



voluatarv, iust, or certain of fulfillment. Had there been a con- 

 Ircting party he died long ago. If there are any - reveres -1^ 

 as to suppose the 'public faith' can be any greater, or '^^ff;--* f 7 

 private faith, that is their risk. Between the bondholder and the 

 bondman, as between the slaveholder and the slave, we side with 

 the latter. 'Public faith,' first, toward labor, then private contribu- 

 tions for bondholders is our motto. 



When one remembers all the depreciations of com for revenue, 

 its inflations, end contractions to suit a creditor class, its periodic 

 hard times to rob the poor, and its panics to throw into convulsions 

 legitimate enterprise, one is led to damn the solvency of such a 

 co"ncern, and the stupidity of all its abettors.* 



On the contrary, individuals are responsible, in law. They own 

 property which can be attached. And, by local, voluntary associ- 

 ation, they can become as general as they please : and where the 

 whole, individually agree to be responsible for each, a sohdanty 

 of credit is obtained. 



It was probably through the influence of some such considera- 

 tions as these, which caused Plato to say : "That currency is best 

 which is good for its own time and place, and worthless everywhere 

 else '' Certainly, to organize such a one, is the easiest part of 

 co-operation. On every hand, we see tickets, orders.* checks, notes, 

 and various forms of commercial handwriting, which are examples 

 of a non-interesL bearing currency. 



THE MOBILIZATION OF CREDIT. 



Let m, then, show how easily the machinery for a non-interest 

 bearinsr currency can be practically put in operation. A half dozen 

 customers of the stor e decide to pool t heirjire dit. 



"T^ol^ETHOi. . Wbilc we sympathize ^vith the Greenbacker. a. to the end he 

 huB m view, a non-inter. M bearing' currency, a. that is what the greenback assured y 

 L we dive;ge as to n^thoUK He begins with the government and leaves off wUh 

 ,he individual: we begin with the individnal. and le .ve off when- he began. He 

 egurdl the present governmental machinery as a proner medium for finaneu^lco.o^ 



.ration : while we. in onr analysis of the function of governmental sovereignty, can 

 find no ...round for its either issuing, or regulating the currency. ";' ^.^g"'™ 

 laws, and atten.pln to repeal them : while we do not recognize that they <^reUyi^: 

 and would peaceably or, anize to ignore them. 1'*^^ '^^^j''' "P°" VT-' wWle he 

 while we would aid ..ur.elves. One does not see how this can be done . while the 

 other . annot see how anything can Iv accomplished in any other way. *'« 0"^ °« 

 walls legislative nBurpatlon, while the other bewails the Btupid-ty of poUtica 

 organization. 



^he corporations already have their co-operative storee; and are now doing a free 

 banking buBlness, in the «rm of 'Btore orders,' over the heads of their employees- 



