Page:Instead of a Book, Tucker.djvu/264

This page has been proofread, but needs to be validated.

Certainly no one wishes more heartily than I that every industrious man was the owner of capital, and it is precisely to secure this result that I desire free money. I thought Mr. Pinney was a good enough Greenbacker to know (for the Greenbackers know some valuable truths, despite their fiat-money delusion) that the economic benefits of an abundance of good money in circulation are shared by all, and not reaped exclusively by the issuers. He has often clearly shown that the effect of such abundance is to raise the laborer's wages to an equivalence to his product, after which every laborer who wishes to possess capital will be able to accumulate it by his work. All that is wanted is a means of issuing such an abundance of money free of usury. Now, if they only had the liberty to do so, there are already enough large and small property-holders willing and anxious to issue money, to provide a far greater amount than is needed, and there would be sufficient competition among them to bring the price of issue down to cost,—that is, to abolish interest. Liberty avoids both forms of robbery,—monopoly on the one side and Communism on the other,—and secures all the beneficent results that are (falsely) claimed for either.




[Liberty, April 23, 1887.]

Having exhausted the resources of sophistry, and unable longer to dodge the inexorable and Procrustean logic of Pinney the anti-Prohibitionist, Pinney the Protectionist has subsided, and is now playing possum in the Procrustean bed in which Pinney the anti-Prohibitionist has laid him. But Pinney the Greenbacker evidently hopes still, by some fortunate twist or double, to find an avenue of escape yet open, and thus avoid the necessity of doing the possum act twice. Accordingly, in his Winsted Press of April 7, he makes several frantic dashes into the dark, the first of which is as follows:

Our first objection to free money was that the great variety of issues, coupled with a questionable security, would limit circulation to local cir- cuits and subject the bill-holder to harassing uncertainty as to the value of currency in his possession and to constant risk of loss. To illustrate this defect we mentioned the experience of the people with the old State bank bills, which experience, disastrous as it was, did not offer a fair

parallel, simply and solely because it was not disastrous enough, the banks be-