Show LEGALIZED counterfeiting bonamy price the great authority on public Fx economy onomy shows how over consumption eption is the cause of the terrible business depressions of our times he says that over building too much enterprise too many railroads and the like are sure to cause panic and long years of depression because so much wealth is wasted in fixed capitals that do not pay of course this view is based on the view that only gold and silver are money we can see how this comes about suppose there is a sudden great discovery of gold as happened in california this causes great business activity and new enterprises these cau call for more gold to keep them going and to repair them ere long the original output of gold is insufficient and paper substitutes are employed which are not der onward is progress and still more must be employed till suddenly a panic ensues and all the paper is forced upon the metals for redemption 95 per cent of paper to be redeemed by one per cent of metal had the paper been legal tender no such a serious calamity could occur adcur now there is not a gold standard man alive but knows there is not gold enough produced on the earth to perform the one fiftieth part of the money service required ed by the business of the world perhaps ten times more than exists as bullion and coin must beheld be held in reserve to protect the bonds of the british and other governments ern rn ments nor is it fit for handling as money because of wearing away the metal standard means the paper system that is the apeci e basis system a hundred dollars of paper floating around as the representatives cofone of one gold or silver dollar supposed to be on deposit somewhere ot a dollar of this paper is legal tender and as soon as a panic ensues a all the business of the country must contract to the measure of the little gold and silver on deposit posit every dollar collar that braeul circulates as money bonev sh should be legal tender it ought to be made alarm ie try fo pan anything for I 1 money lawful lender for aal sach paper money system is not noton one on ew irhie hit better than a tolerated counterfeit un system f it is co 1 I jeah ty HOLT I 1 |