may regard as sufficient supplies of unlimited legal tender metallic money to make the ultimate redemp

the bank for America, but no such movement was announced, though anything up to a million will probably go between now and Wednesday.

London, 29th October 1907. New York, Monday. Despite heavy rain, eighty persons remained throughout the night before the offices of the Lincoln Trust Company, and forty-five at the Trust Company of America.

The banks of Chicago, Indianapolis, Kansas City, Milwaukee, and elsewhere have decided upon the issue of Clearing-house certificates.

Two million dollars in gold are to be imported, in addition to the six and a half millions announced yesterday.-REUTER. The Daily Mirror, London.

In the collapse of credit in the United States we are witnessing, not for the first time, one of the results of the experiment, which has been and is still being tried in that country, OF CONVERTING THE NATIONAL DEBT INTO MONEY!

The redemption of the paper currency supplied to the people through the National Banks of the United States is secured, not by deposits of gold equal in amount to the par value of the paper currency issued by the National Banks, as is done in the United Kingdom (see Appendix No. VI., p. 172); not by deposits of gold, and of unlimited legal tender silver money equal in amount to the par value of the paper currency issued by the National Banks, as is done in France; but by deposits of the bonds of the United States Government, which are not stores of value containing within themselves their own redemption, but, like the paper currency of the National Banks, need supplies of gold and silver unlimited legal tender money to secure their own ultimate redemption.

Here we have a nation apparently unwilling to secure the ultimate redemption of the paper currency issued to its subjects, through its National Banks, by deposits into its own Treasury of unlimited legal tender GOLD AND SILVER MONEY—which are stores of value containing within themselves their own redemption—equal in amount to the par value of the paper currency issued by its National Banks, but which readily authorises the issue of paper currency upon the security of bonds representing, not a national asset, but a NATIONAL LIABILITY; and the National Banks are hungering and thirsting, not to secure authority for the issue to the people of supplies of paper currency secured by gold and silver unlimited legal tender money, but to obtain authority for the issue of paper currency secured by bonds of inferior credit value to the bonds of the Government of the United States. This new variety of paper currency is called asset currency by its advocates, but by those who oppose its issue it is spoken "CYCLONE CURRENCY SECURED BY WIND"! (See Appendix No. VI., pp. 172–221).

of as

tion of all the bonds, credit instruments, and other paper representations of wealth reasonably certain.

In times of financial crises the need is for larger supplies of unlimited legal tender metallic money, and the supplies of both gold and silver are not more than sufficient to satisfy this ever-recurring need.

Wealth is power. UNLIMITED LEGAL TENDER MONEY, WHICH ANSWERETH ALL THINGS," IS THE MOST POWERFUL FORM OF WEALTH.

Under the Single Standard Money System there is the irresistible tendency of money to become concentrated within and under the absolute control of the 1EXCHANGERS group of working-men and subject to the dominating primacy of the Bankers.

The establishment of the Double Standard Money System will arrest and counteract this tendency.

VII

We are at the beginning of the economic era of syndicates, trusts, rings, pools; of federations, consolidations, amalgamations. We have Napoleons of finance; kings of all the representative staple articles of physical wealth; merchant princes; land and water transportation barons; building and manufacturing barons; captains of industry; and labour leaders.

All these are signs of the times that the economic order resting upon the principle of individual com

1 See Appendix No. V., pp. 166–171.

2 The oldest of folk-lore stories about our legendary common mother reveals the insatiable curiosity which animates the insurgent individualism

petition as its foundation is gradually passing away, the walls of the structure are tottering, and will ultimately fall as its foundation is being gradually destroyed.

As stated by Mr. Martin H. Knapp, Chairman of the Inter-State Commerce Commission of the United States, as reported in The Commoner, Lincoln, Nebraska, 27th September 1907 :

"The axiom, competition is the life of trade, must be discarded if we are to progress. The obvious tendency of the age is to combine, and I think this tendency is to become more pronounced as we grow older, and industrial and commercial civilisation is perfected. The constant friction of unbridled

of the human race at the source of our lives and throughout all of our generations.

Man has "dominion over the fish of the sea, and over the fowl of the air, and over the cattle, and over all the earth, and over every creeping thing that creepeth upon the earth," and over all the forces and powers operating within and upon the earth.

In order that we may develop and perfect this dominion over the natural order, and also simultaneously develop and perfect, in an intelligent and reasonable manner, the social order which operates upon and has dominion over the life and work of man himself, but which rests and depends upon the natural order, modified by human efforts, which tend to bring many of its regular and normal manifestations more and more into harmony with human needs and requirements, it is ever necessary that suitable provision should always exist for the encouragement and development of an intelligent and reasonable individualism, in order that there may come into being, regularly and normally, that infinite variety of human tastes, aptitudes, talents, and capacities, which are required to seek out, discover, and set in order all of the discoverable knowledge concerning all the modes of manifestation of being in the mineral, vegetable, animal, and social worlds, on this planet, and throughout the system of worlds to which this planet belongs.

There is need for the development of an intelligent and reasonable individualism as diverse in its modes of manifestation as are the varied

competition has become irksome. We are drifting towards a world-wide financial federation."

There has been the gradual coming into being of a modified economic order resting upon the principle of corporate co-operation as its sure and stable foundation.

The conflict between these rival principles is irrepressible-we see everywhere the principle of co-operation asserting itself, clamorantly demanding recognition and legal generalisation as the foundation principle upon which the ever-enduring, the REAL ECONOMIC CITY must be built. Into this haven of peace and prosperity all may enter who are ready and willing to bear their fair share of the burden of the every-day work of the world -in Church, State, and School-to take part in those

phenomena of the natural order and also of the social order within which we live and move and have our being.

As it has been found useful and necessary to preserve the individualism of different species belonging to the different genera in the biologic world, developing and perfecting the various special, useful, and beautiful qualities discovered among the animals and plants inhabiting this planet, so in the human world there is need to encourage the development of an intelligent and reasonable individualism in man whose diversity of manifestation will be co-extensive with and only limited by the diversity of the manifestation of the phenomena of the natural and social orders within which man lives. Individualism is the salt of the earth.

An intelligent and reasonable individualism is co-operative and interdependent in its operations, and needs to have the findings of its own special efforts supplemented by the findings of the special efforts of others before practical and beneficial results can be obtained.

Within every sphere of human effort there should be adequate provision made for the development to the utmost extent of an intelligent and reasonable individualism. Every attempt to suppress it in Church, State, or School has always produced disturbing consequences, resulting ultimately in the triumph of individualism over every organised effort at its suppression; any order attempting to suppress it to-day will soon begin to realise and feel individualism as the engine and will discover itself as the cow.

alternative periods of useful and harmonious activity and of necessary and enjoyable rest and change which constitute fulness of life and completeness of repose.

As expressed by President Roosevelt in his speech at St. Louis, reported in the Daily Telegraph of the 3rd October 1907 :

"Centralisation has already taken place in the world of commerce and industry. All I ask is that the national Government look this fact in the face, accept it as a fact, and fit itself accordingly for a policy of supervision and control over this centralised commerce and industry."

In Mill's "Principles of Political Economy," Book IV., chapter vii., "On the probable futurity of the Labouring Classes," there is set forth considerable evidence showing how widespread throughout the West were the varied forms of the co-operative or profit-sharing movement as far back as fifty years ago; since that time the movement has been steadily increasing and expanding in volume, value, and in the variety of the modes of applying the principle of profit-sharing within the field of production as well as within the field of distribution and exchange.

The growth of the movement in the United Kingdom is indicated by the following facts :

1

The Co-operative Union in 1905 consisted of 1614 societies, with

1. A membership of 2,259,479, shares valued at £29,042,020;

2. Sales of £94,197,514; and

1 From "Daily Mail Year Book," 1907, p. 230.