Wiscoxstn State Agricultural Society. 
power of the Government to redeem in gold, that very mo¬ 
ment we hoard that gold and every man who has a dollar of that 
money has lost it all. 
President Bascom. In what sense could you base your paper 
money on the property of the country? I can base my notes on 
the property of my farm, because I have over me an authority 
which can transfer from me to another my farm. An individual 
cannot prosecute the Government and take the whole property. 
Secretary Field. We have no business to require money to be re¬ 
deemed. What do you want redemption for? What was money in¬ 
stituted for? It was not to be redeemed in something else. It was 
simply instituted to be converted into any and all commodities of the 
country. We would not need it, if it was not for that purpose. The 
gold basis is a false basis. It is the rich man’s basis, and has been de¬ 
ceiving us all our lives, and will to the end, if our instructors here 
and everywhere else teach our children that it is the foundation of 
a sound currency. I say it would be far better if we had money 
made of some material not possessing intrinsic value, and used gold 
for other purposes, for ornaments, utensils, or what we please. 
We don’t want it for money; we don’t need it. We are being 
wronged and ruined by it every day. 
President Bascom. How much paper money would you issue? 
Secretary Field. I would have all the money issued that the 
people want and can secure. And if the rate of interest was fixed 
and unvarying, the amount would easily be regulated. If we have 
an hundred millions of property in this country and we want a 
certain amount of money to represent it, and that is all money is 
for, to represent property, we have a right to have just as much 
of it as that property will secure, and the business of the country 
demands. 
President Bascom. How long would that money retain its value? 
Secretary Field. Just so long as the Government exists, money 
should increase as property and business increases. But I say right 
here, that there is no more reason why a gentleman with a hun¬ 
dred thousand dollars in gold should have the privilege of issuing 
five hundred thousand dollars of paper on that gold, than a person 
owning a like amount of property in real estate. Neither are just. 
The bank of England is doing it to-day; at least this bank, I am in¬ 
formed. has five to fifteen dollars in paper issued to every one of gold in 
