anced, providing there is no increased wheat
production? So with the money supply. There is a certain demand for
money, ever increasing as population grows. How shall we meet it? By
producing more money, or by destroying one-half of that which we now
have, by eliminating one-half of the base of future supplies of money?

The latter is now the policy of this government, and as a consequence
the price of gold has been greatly enhanced, and its purchasing power
has increased each year, and will continue to do so.

The advocates of the gold standard call this "honest money." Their
idea of honest money is money that ever increases in purchasing power
because of its ever-increasing scarcity.

My definition of honest money is: "A sufficiently large circulating
medium, whether of gold, silver, or paper, to bring down the price of
money so that we shall obtain fair prices for all labor and products."
Then as population increases and as the demand for money becomes
greater, let the government meet that demand from time to time by
enhancing the money supply.

III. BY WHARTON BARKER.

The true test of an honest dollar is its purchasing power, and that
dollar, and only that dollar, is honest that does exact justice
between creditor and debtor. The gold monometallists harp on the
injustice of a depreciating dollar, but they ignore the injuries
inflicted by an appreciating dollar. They tell us that a depreciating
dollar defrauds the creditor, but just as a depreciating dollar
defrauds the creditor, an appreciating dollar defrauds the debtor, and
it is not one whit worse to defraud the creditor by obliging him to
accept a depreciated dollar from his debtor than to defraud the debtor
by obliging him to pay in a dollar made artificially scarce and dear.

An appreciating dollar works injustice to the debtor just as a
depreciating dollar works injustice to the creditor, but an
appreciating dollar is many fold more injurious to trade and industry,
for while the depreciating dollar taxes the creditor for the benefit
of the debtor, the appreciating dollar takes from the debtor, from
producers in general and the industrious classes, and gives to the
creditor classes, the drones of society, a larger and larger share of
the products of labor, which of necessity discourages industry. Under
a depreciating standard the recompense of the producer becomes greater
and greater, the creditor classes receive a smaller and smaller
portion of the