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exchange it for wealth at any time. But to say that that individual is 

 the possessor of wealth, would not be correct, for he or she is the 

 possessor of wealth only to the extent of the market value of the 

 paper stock contained in the said paper money. We cannot too 

 strongly urge the importance of recognizing this distinction, for by so 

 doing, we admit the fact that we do not increase wealth by issuing 

 paper money ; yet by issuing paper money amply secured, we increase 

 in the same proportion the available capital for the purpose of pro- 

 ductive enterprise, and at the same time, as will be seen by the plan 

 for Mutual Mortgage Banks, destroy that which is the bane of all 

 modern enterprise, usury ! 



USURY. 



6. Usury. — The term usury is applied to that sum which is paid 

 for the use of a larger sum. It is true, the word "interest" is now 

 more commonly used, but this is because the former is somewhat 

 odious, owing to the fact that modern legislation has "legalized" usury 

 up to a certain extent ; hence, it is now customary to regard usury be- 

 yond what is "allowed by law," as immoral, and call it "usury," while 

 legal usury is politely called "interest," and regarded as acceptable 

 morality. According to this philosophy, legislatnres are the source o^ 

 morality ! 



COST. 



7. Cost — The term cost is meant by the present writer to denote 

 the net expense of production, exclusive of any profit. 



BARTER. 



8. Bartkr. — This term is given to that transaction which is an 

 exchange of wealth for wealth, or one j)roduct of labor for another pro- 

 duct of labor ; such as a house for a farm, a watch for a horse ; a 

 pair of shoes for a hat, or all these for specie. Specie is a species 

 of wealth ; therefore, to purchase with specie is barter. 



Having given our definitions of the terms in regard to the mean- 

 ing of which we might be misunderstood, will now proceed with our 

 subject. Our object being to prove that the money question is a sub- 

 ject of science, and that there are principles by which we can test the 

 correctness of a money system, we will first state what those principles 

 are and then test the correctness of i)revailing systertis by their ap- 

 l>lication. 



