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INSTEAD OF A BOOK.

sible security that could be desired, and any other financial proposition that has ever been suggested." If Stanford said this honestly, his words show him to be both an intellectual pioneer and a literary laggard. More familiarity with the literature of the subject would show him that he has had several predecessors in this path. Col. William B. Greene used to say of Lysander Spooner's financial proposals that their only originality lay in the fact that he had taken out a patent on them. The only originality of Stanford's lies in the fact that it is made for a government of 65,000,000 of people. For governments of other sizes the same proposal has been made before. Parallel to it in all essentials, both economically and politically, are Proudhon's Bank of Exchange and the proposal of Hugo Bilgram. Parallel to it economically are Proudhon's Bank of the People, Greene's Mutual Banks, and Spooner's real estate mortgage banks. And the financial thought that underlies it is closely paralleled in the writings of Josiah Warren, Stephen Pearl Andrews, and John Ruskin. If Stanford will sit at the feet of any of these men for a time, he will rise a wiser and more modest man.

Like most serious matters, this affair has its amusing side. It is seen in the idolization of Stanford by the Greenbackers. This shows how ignorant these men are of their own principles. Misled by the resemblance of the proposed measure to Greenbackism in some incidental respects, they hurrah themselves hoarse over the California senator, blissfully unaware that his bill is utterly subversive of the sole essential of Greenbackism,—namely, the fiat idea. The Greenbacker is distinguished from all other men in this and only in this,—that in his eyes a dollar is a dollar because the government stamps it as such. Now in Stanford's eyes a dollar is a dollar because it is based upon and secured by a specific piece of property that will sell in the market for at least a certain number of grains of gold. Two views more antagonistic than these it would be impossible to cite. And yet the leading organs of Greenbackism apparently regard them as identical.