4f
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ULSliONS
The folowing editorial appeared in these ins week before
last. Senator Joslan W, Bailey and Robert R. I ids were mailed
copies of the paper. Following the editorial whu :h we are reprinting is
Senator BailetfB answer:
SENATORS BAILEY AND REYNCI.r i.3 iS FOB YOU ' -
WHAT IS MONI.Y? . , , v
Some questions and statements for our politicians and statesmen
- to consider.- . ' ' 1 ,"''.'
"'If our farmers and laborers are burdened with debt and many al
ready bankrupt, with millions of laborers out of employment and near
ly all of our institutions, falling to function well for lack of funds,
where Is the woney to come from to finance them? Is it not self-evident
that thereis an insufficient amount of money for our economic
system to properly function T The money which we have is controlled
almost completelyby the big banks, and with the control of , money
they control labor and Its products .Under this system we can never
.have real democracy and there is no such thing as equal opportunity
oi maivmuBui w u now ut i"""""- -j ..
ewer i.jr. (orgn aiu onions
ever controlled me money ana
Wealth, This was true then ana it is true now. as me money power
. is and has been In control for a long period the Wealth has gone into
, the hands of a few people. It is utterly Inconceivable that four or five
per cent of the population could ever own eighty or ninety per cent W
the wealth except by class legislation. And the money monoply is
the greatest means ever devised by the brain of man to enslave and
exploit a people. ,
The money question is . difficult to understand because the ben
eficiaries of the system control most of the avenues of Information and
purposely keep it beclouded as so to befuddle the minds of the people.
- I want Senator Bailey and Senator Reynolds each to have a copy
of this editorial blue penciled and 1 want them to answer "through
these columns the following questions. What is a dollar? Is it a
natural or an artificial thing; T Does it grow or is it made by man
If they grow do they grow in England or France or ' do they have
dollars in those countries ?Evidentylve money, IJ money is j
an aruiicuu pmuuci wu ia. 11.1 Mswm wt w ian vj we
or can it be made By a printing press r Really Senators, it Is not the-.
substance nor the method but that which Is put. on the substance by
the authority of the government,
- Hall... kr.A1f If l .
sure government cannot manufacture money?" If it is not true Sen;'
a tors .please explain through the columns of this paper what is wrong
with this reasoning 'and these statements. . f . '
If I cannot get sufficiently enlighted on this matter through our
own Senators I shall submit this article to Senator Huey P. Long and
see if he can shed any.tight upon 1'm04':K'W'f(.
.-. . -, .j. . ' R O. Maxwell . ' !
' Mr. R. G. MaxweU, ,
Contributing -Editor, ,-,
The Duplin Tfiries,
KenansVille, 14. C:- "
Dear Mr. Maxwell: -
I have tftifore ! me the editorial
signed Dvoti" 'and -addressed- to
Hwi J
a.-ii jth Vn nIr uu.
uer uam -. . t
era! questions; Which I wUl under-
1. What Is a'dblar ? A dollar is a
unit of thembhetary system of . the
United States -fixed by law until
1933 at 25.8 grains of geld,-nine-tenths
fine, and since that . data as
15.20 grains of gold, . nine-tenths
fine. . :mfci-,
This is a dollar. It Is npt manu
factured money. It itt a certain
. weight of grains of gold. The
weight of grains of gold representt
the dollar. It is not a dollar's
worth because the weight referred
to is retermined upon as the unit
. of medium of exchange of com'
moditiea in the United States. Gold
is worth the value Independently
- of law. 15.20 grains of gold would
sell for a dollar or purchase a dol
lar's worth of .commodities or pay
a dollar's worth of debt or a dol
lar's worth of taxes even if not
determined by law to be a dollar.
The dollar, therefore, ia based on
tbe value of the grains of gold
constituting it - : - -
2. Your second question is, is it
i a natural or an artificial thing ?
- My answer to the first -question
: answers this question. A dollar is
: - a natural thing in --respect J& its.
- value or its purchasing power Jt is
, an artificial thing in the determ
ination Tof 'Congress that it shall
, be. tbe unlt'of our.iourrenoy, that
- It shall be the legal tender., for
all debt public and private. Cen-
" tanly the gold acquires a certain
amount of value by reason of its
. . designation as money or legal ten-
- der. This creates a demand for the
gold. In this sense it has an arti-
- ficial value by reason of its. use
r. as money: If we should -create cop
h per as a means of money or.jne
; dium of exchange, , this would
create a fresh demand for copper
and tend to lift -the price and to
, , that extent the value would be ar-
tificiei in the 'sense that it Is not
inherent but is' added to by reason
of ' the special. use given it,
3. Your"next; question,. dces'W
grow or is it taade by man?- A
f .' i. ROBERT GRADY, Ed tor-Owner -
' R. G. (BOB) MAXWEIXi Contributing Editor .; . ..
. :! R. S. GRADY,
- --ENTERED AT THE POST OFFICE, KENANSVILLE, N.
C, AS SECOND CLASS MAIL MATTER. ' , , " v '
. , ., 1 1. ;,'',"..l 111 ' t ' : 1 f "'1 ." '
' ' RATES OF StJBSCRXPTipN : ,
ONE YEAR (BY MAlt), POSTPAID.,.....' ',.',..(1.60
SIX MONTH3 , 75
! ,,, .1 i m ,, ,,! i," ,, ' i ', ,i i".,i'i,. In i' i, :i I i! I, i ii.,.;
, A DEMOCRATIC. JOURNAL, PUBLISHED BY A DEMO
CRAT AND DEVOTED, TO THE MATERIAL, EDUCATION- ;
AL, ECONOMIC, AND AGRICULTURAL. INTERESTS OF
DUrLIN AND gUKEOUrriNO COUNTIES, v , V
AND - ANSY1T
invenigauug cuuuuilko u T""-
credits or country conirouea its
which makes It money. Is not this
lino, ant, "Th.t nn. hln 4. 1
dollar does , not grow ; nor is it
made by man. It is made by man
in the sense that the Congress de
termined 15.20 grains of gold, to
be a dollar or a standard unit' in
the exchange of commodities, but
ita value was not created by.'manr;J
SM UJn ICIWq Ub JUIO, ,,-.1
.j a. . j' l
uea goiu more wsaiy uuui atftfeqi
most of the other metals.-Kenh
uable, it would have no valu, .but
since they do regard it as valuable.
ii uuca uave vauw. . van i leny,,,
nugnt oe eawemea very wgniy oy
human beings, in which event . tey.
would become very valuable. jr,
this sense their value would .. ie
created by the esteem in .which.
they are held. However, gold.. has.
many uses to which it is put By
reason of these uses, it has a value
all its own since it is put to the
use of money, it takes an addition
al value,by reason of 'this. In any
event it does not grow , and- to
the extent I have sUted it takes
on, a certain value by reason of
the esteem in which It -la held by
man. : ,
. x our next quesuon reiatea . 10
England . 'and France, and you ask
do they have dollars in those counj
tries. . The answer Is they do : not-Whatever-
dollars we may send to
those countries are reduced to gold
bullion, not W dollars, ahdthey
are reduced to gold bullion at. the
rate of 15.20 grains to a . dollar.
This is the foreign exchange. When
we reduced the gold weight in out
dollar ; from -25.8 vgrains to-15.20
grains, we enabled - England and
France to buy our Cotton and to
bacco at ' the 1 satcr W 15.20 grains
to! the' dollar's ; worth, iand - there
fore, our cotton and' 'tobaeco . at
once took on an Improvement in
price, tbe 'extent of ; Jhe Jdit fiejwe
which is . 40. It was for this trea
son that -advocated the devalue
ation of the dollar in 'the first
speech I. made in the -Senate. I
did - this because gold ' had. taken
on an abnormal; economic value in
forms of commodities ,and it would
be.. Impossible for our'; people to
pay their debts or taxes, exchang
ing cotton and tobacco, and other
commodities for gold at this high
'and. abnormal economic value.
I This Was Intended to arrest deOa-;
j tion and went for to prevent gen-
,ef-.;&
& Your hext quesuoii it' If iiion-
: t-i
Circulation Manager
ey is an an. mi product, who
makes Jtr I ; "answer Is that
money ia not an artificial product
except in the sense I have stated
te stamp 15.20 grains of gold,
but that does not make them-worth
a dollar. We declare them to be a
dollar because they will purchase
a dollar's worth. They are the unit
of value In exchange of commodi
ties. Thay do have, as I have said,
an artificial value in . that ' they
are by law constituted the medium
of exchange, thin creating a spec
ial demand for gold.
8. Your next question is, does it
have to be made by .die or can it
be made by a printing press ? It
Is not made by a die nor is tt
vaiue M there in the 15.20 grains
of gold Independently of the die of
the Government The money print-
eu ny me printing, press is pre
sumably ; exchangeable for a dol
lar In 13.20 grains of gold. The
man who has 15.20 grains of gold
unstamped can take It to the
Government and have it made in
to a dollar or he can take it to a
dealer in metals and get a dollar
in currency. The value is Inherent
excepting, as I said there must be
some increase in the value by rea
son of 15.20 grains of gold being
used as money. '
7. Tour next question ' is this
"Really, . Senators, it is not the
substance nor the method but that
the auttority c UheGovernrtent
which is put on the substance by
wnica makes it money. Is this not
- so, ' Senator .Bailey Tv'-p-'V f:,::r
' ft-.fc not that which taut ion
the substanc by authority of the
rinuo.nn.ot m.v , .-- l '
ey. Suppose the Government should
take " oak - leaves as money. This
would not make them money. Sup
pose the. Government should stamp
pebbles that one might pick upjwould buy a horse if he needed one. i
xiuui urnncu , as money, i ,.xmj
would not ,make? money of ' them.4
There must be. value and the value
must be substantial. The value
must be -such; as to enable man
having a- bale of cotton and, de
siring a suit of clothes and a pair
,i,,...l;
"
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V j , -s !pyyiyi;'m'iv ' ' m"'V-:S.MStMUJ-- I' '-" '-..' .'' i
..i C..m . I ALL R & G Ut CARS AND TRUCKS AttEPTHftaOeHh'IKf1 nvv
jress for his v, ,
i cotton for t e
1 the '' money to
s, clothes, and the
t of the whole thing
- is value in ti e
' ange. It ia true
ament might say
i million oak leaves
1 to a hundred dol
ould be very dif fi
and If a man ex
ton for them he
t inconvenience ra-
enlence. Moreover,
1
great difficulty ex-
k leaves for shoes
J a dress. So there
and there ought to
Gold has been a
; it always has vajue
in normal times has
y. stable, and since
the value is i 1 a very small pack
age, very convenient Silver might
be made t unit Of value. The
main dif ficu ' y with silver is that
it has become a. by-product rather
than a direct product and. it is
bulky being of V much greater
weight than gold to the relative
value. The v. hole subject revolves
around 'value and convenience. .
t The evchai je of goods began by
way of barter .If a man had an
abundance of corn in Egypt and
desired to obtain a horse, he would
have to find someone who bad a
horse for sale and who desired the
feed which he had acquired, .This,
was inconvenient and so men
sought the means of exchanging
their produce for something of
stable value with a view to using
that something in the purchase of
goodi Twhich VdesJraTlE
"TT'. w""-n ""J ' aeSlTBO. .... ..IMS
quickly, brought forth the ancient I
shekel, and a man havlrur corn
would seek a man having silver,
He would exchange the corn lor
me' silver and, with the silver
He could - not nnnlhiv hanu .
the corn for some worthless, article
for If he did, he would never be
able to buy the horse. Moreover.
he could not afford to keep tte-
corn because corn will sprout ; or
weevils will get it He simnlv
;'
t-''-K
A '
-fit
A7i
of shot
to excl
money ;
purcha
dress. T!
is that
medium
that tha
that one 1
should 1 -lars,
but ;
cult to 1
changed 1
would havs
ther tha-i
he would 1
changing t
and clin.
must be v
be conve
dopted becj
and the va
been, relat;
s uight some subst. 3 into ' are worth eight, billions of c ; .,
which he could convc t 1 v h 1 not' because they are stamped f r
tue view to buying a h a. The they are stamped.' We have in cir
or'lnal word for money was culation about 5200,000,0OO.'There
peclitiia, from which we get the is in the Treasury 18,000,000,000 of
word pecuniary. This word was gold with which to redeem ?5,000,
derlved from the Latin meaninjr ' 000.000 in round numbers, and
flocks. Man first; converted their,
goods into flocks and thereby pup
chased other goods. .They found
tills inconvenient and they arrived
at the idea of converting their
goods into metals of value which
would not deteriorate nor get sick
or die, holding th-S metals against
the day when they desired to pur
chase something.. In this way they
maintained the value of perishable
goods in Imperishable metals' and
In the course of the. i, centuries,
men sought t find the most con
venient and most stable : metals.
After some six; .thousands Lyears
of. history, they for the most part
decided upon. gold. Unfortunately
gold has -become now So precious
in the sight of men that the Government-
cannot afford to pa?' U
out because when a man gets hold,
of It he will hot Keep it in cilculaf
tion, but will hide it TbiStis call-;
ed boarding and this accounts more ) glw some -added value to gold, but
our laws now preventing the ckvf i tb Iwse vthe'-sncleliiaiter ''Js.
culaUoq of gold. It is hoped that as that gold haa' an Inherent vaiue all
recovery may progress hoarding ;iuoMi'a4aiPndeni , of "anything
will subside, in which event -gold , theGovernment. may do about it.
wiU.be paid for the 'paper money J Its value exists ii .. the mipds of
now in circulation. This iogtter.m'etec;,:';;;
with, the fast that the if 4per mbn- Let me. say 'to you in-conclusion
ey is legal tender for debts and ... ..
7 " c?e tt!r,ou
vv" r . "puiuw ui j coiate money in the form of paper
the ultimate expectatiorf-.of withat nad-ncthmg behtad-it. every
dempuon in value in fh'fom f .ixjr 'in' America would be ruined
gold; accounts ,for the acceptance
by the American people of -our pa
Pr currency Jt is not' valueless
because it is expected to be ultU
wately redeemed' 1ft gold.' -If -;we
should get into oufe minds 4hat it
iwouia not oe reaeemea; we wouitt
et H t by Buying substanUal
things with it- However, we have
ta Treasury eight WUlons. of
"61a dollars. Tom may be;interestrj
" mow mat these dollars am
P ' taned,-'lfcjr--. -t;- b-,,the
,'onn of gold bars .We caH them
t billion dollars, (because they
V-f-..i'.t.-V;fc.,S.,;mfjHv3
ALL R & O USD CARS
$$1; Ooshi end Wah fcedy-Chaif Ii
;2. Clean and Palnf Motor
'-".i v-nvSrVr j;.w;4IiL; Cheek lWtA'MiS'
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fiIaWAalliaK'tad tV-;
V,6l'Weoidlflolrrbnrfciihsf ' ' tWWfZ:&
i'f if f .nesono'non aieenng wnerf .
5;8;'cn.ik;AhPhwr.'''
9. Check f int-repalnt where
necesnry
All R & G Uied Cart
Jo Cslsclica of Mahes
this gives us a sense or security
with respect to our paper? money.
But for this sense of security, we
would have what is Called the
flight from the ; dollar,- that" IS
every man "getting hold of a paper
dollar would seek to put it off on
tha next man for ' somethingyof
lasting value JiJiX0?.f';''.
lotlr next question is, j'And
if it is so how do you pay 'that
one thing is sure Government can
not manufacture money.";' , I ; say
the; Government cannot, manufac
ture money because the Govern
ment' cannot, .create value. 'Jt may
order -a . certain number .' of desks
for the ' Government and add to
theif -valuer by reason of. the 'de
mand,' but after all, the desk ha
-a-value all its own independent of
the:- Government, demand.'. It may
agree to buy a, certain amount.-of
gold .by. reason, pf .the -agreement
aertie.trnmnufactuw i andr cith
tij'a short time; This was done in
France andf it rulned . France1 one
hundred and., fifty , years ago. Itlto theivalue-of the labor which I
wss -done in Germany within, the
last' fifteen years and: it rumed
Germany.' Every if orty- .or.-.., fifty
years ; someone gets ' the '; notion
that .people, may get rich, by rea-
son.kOf .-.the Government printing
money and distributing 4t - They
j-would get : rich Just as quick by
stanaing under an oak tree in the
Htuna nd gathering the .leaves
.as Uiey faU .Money in order to. be
a medium of exohanee must have
AND TRUCKS ARE PUT
10. Check All Brake. .
.11.' Check' top carefully
, ri L
Reflll
19, Check Battery ,
20 All. R ft O Cars RoaiMetted li; ;
Tested on Ford Laboratory Test
and Models Plenty
.VA'VOJT?-:
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nuaims tint were on t
standard, that is -payn j
on demand for their j-s
either modified or ati
gold standard. Thi ia
gold had attained an t
value and bad lost Us 1
Devaluation or reductii-'i
weight of the gold in a d
necessary. Now that the wi
so largely off , the gold s'
the question is to find a f
and constant ' and conn,
medium of exchange with a t
that does not vary or that v
as little as possible, but c.
no man in bis. senses is sec.
create a valueless currency. A v -ueless
medium of exchange is 1
Inconceivable thing. To go bis. ,c
to my illustration. If I have. a i t
of corn and expect to buy a 1 .
and cannot find one at. once 1
the. horse I need, I must find s -thihg
of value for which I mu t
exchange, my corn and the vahie
must be a steady and reliable vui-
lue, so that I may keep it until t'.e
time: comes -when I find a 'horse
that suits me. Or to make another
Illustration. If I do a days work,
I do not wish to be paid in food.
I may nave some food in the pan
try. I wish to be paid in something
that will purchase food, when I
need it' So I accept from my em
ployer tot something of to value,
because If I -did, I would not be'
able to buy food, I aefcept f rom.hlra
a paper ; dollar convertable into
metallic value or - a metal dollar
with either of which when I get
ready tp buy food, I may buy equal
did f6r-my , employer. In my'vieW
there- must be 'convenient' reliable
value redeemable in specie on de
mand. Otherwise money could not :
by any means 'fullfil the mission
at the. medium of exchange either
of commodities for commodities or
labor for groceries.;
,, Most-respectfully yours j
'.v.'v
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