Social struggles. The fundamental facts and principles relative to values, prices, money and interest; by Phillips John Philip

Author:Phillips, John Philip. [from old catalog]
Language: eng
Format: epub, pdf
Tags: Economics
Publisher: New Haven, Conn., Press of Tuttle, Morehouse & Taylor
Published: 1888-03-25T05:00:00+00:00

GENUINE DEMOCRACY.

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rests rightfully in the hands of the people is the cornerstone of American institutions, we have retained the monarchical principle that the people are unfit to take care of themselves financially and must be controlled by a small class.

The selfish interests of a few rich men are frequently apparently advanced by great fluctuations in the value of the national money , whereas, the interests of the majority of the people are promoted by securing the greatest possible stability in the value of the currency.

JEFFERSONIAN DEMOCRACY.

Those who fully believe in genuine Democracy ask that the principle of self-government be carried to its logical conclusion ; that we take one step more in the direction in which the race has been progressing; that as the people have taken control of civil and criminal legislation, taxation, religion, and education, they should also control the finances entirely ; and that the intelligence of the WHOLE PEOPLE is greater and more trustworthy than that of a few bankers.

These persons therefore desire • First. That the established standards of coinage should not be tampered with in the interest of a few, either by raising or lowering the weight or fineness of coins, or by demonetizing either of the precious metals.

Second. That the issue of paper money should be taken entirely away from the banks, and be so regulated in amount as to produce the greatest possible stability in its value.

A train of cars can gradually run up and down a chain of mountains with safety, while an abrupt change of a few feet in the grade would produce an utter wreck. Business can adjust itself to new conditions with little industrial disturbance, provided the changes are made very gradually. As business is so largely dependent on the capital called money, all financial changes should be begun only after the fullest debate and the widest possible publicity. Even then, they should be proceeded with very slowly and cau-19

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