money may be worth at the end of the three years? Perhaps ten cents in gold or nothing, and you cannot pay me interest enough to cover that risk.”
The worthy laborer is surprised. He thought “the people's money would be cheap money.” “But,” he asks, “is no money lent out at all?” "Certainly,” says the money-lender; “it is lent out, if good security is offered, on call, so that I can at any moment of fluctuation dangerous to my interests put my hand upon it and take it back again.” “Then,” pursues the laborer, “you would be able to seize at any moment upon the security I give if I cannot pay at once when you happen to want your money back? That will never do for me.” “Just so,” says the money-lender; “such loans can be used only by rich men, who can make sufficient means available at any time. Of course, it's nothing for the poor.” The laborer grows more and more thoughtful. “But,” he asks at last, despondingly, “is there no way at all to help me and to secure you in this thing?” “Well,” replies the money-lender, “there may perhaps be one way. Suppose we figure out what the amount of money you want would be in gold, and I lend it to you in gold and you secure to me by a mortgage on your property the repayment of that sum in gold at the end of three years. That would do for me, and you might have the money at reason able interest.” The laborer ponders. “But,” says he, at last, “how do I know how many greenback dollars I shall have to pay for a gold dollar at the end of three years? Perhaps five or ten to one.” “That's true again,” says the money-lender, coolly, and there the negotiation ends. The worthy laborer begins strongly to suspect that there must be something wrong about “the people's money,” which is to be so cheap for the poor man.
But there are more curious experiences in store for him. The policy of “making and keeping the volume of the
