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Annua l Report of the 
single civilized country on the gkbe, that they are not using paper- 
money. They are using it based on gold. Our paper is based on 
gold, but if called on to-day to redeem our paper-money, we could 
not pay five cents on the dollar. Greenbacks and the national cur¬ 
rency are good, not because of the promise to pay in gold, but 
because of the confidence in the Government. The president said 
3’esterday that we were trading with other nations, hence the ne¬ 
cessity of gold coin, the money of the world. I wish to say that 
governments don’t trade with governments, but private individuals 
trade with private individuals. But what is the difference between 
exports and imports in this country? The balance is now probably 
against us, but if we had a fixed, unvarying rate of interest in this 
country, it would stop speculation to a large extent on all the ne¬ 
cessities of the people, business would be wonderfully increased, and 
we should export more than we import. But suppose there is a dif¬ 
ference and the imports are greater than the imports, let private 
individuals settle those differences in their own way. Let them 
purchase bills of exchange on the country where they owe, or let 
them pay interest thereon, or send further products there to settle the 
balances, or pay the difference between the currency in this country 
and the country with which they trade. I don’t think it worth 
while to be bled to the tune of thousands of dollars annually simply to 
accommodate those who do five or six per cent, of the business of 
the country. I hear no complaints among those who are shipping 
our surplus wheat, corn, beef, pork, and cheese to Europe. They 
are adjusting their balances without detriment or delay. But the 
president says, “money will not come here unless we bring it, and 
pay their price.” Money should not be bought by one government 
of another. Each should coin or manufacture its own currency, 
to measure and represent its own property. If like the currency or 
money of other countries all the better, but it is not specially essen¬ 
tial. Money is but a tool with which to do business with more ease 
and facility than without it. It is not property, but a representa¬ 
tive or measure of values. It must possess legal power, but I deny 
that it must be of the same intrinsic value of the property measured 
therewith. The yard-stick measures length, the bushel quantity, 
and money value; hence the latter should be a fixed and unvarying 
standard, or measure, the same as the yard-stick and the bushel, 
and I contend that this only can be done by the regulation of in¬ 
terest. 
