LAST DITCH OF DEMOCRACY - Majority Rights

Brooks Adams observed that after Waterloo no power had withstood the
power of the usurers.
We will try to maintain a distinction in our own minds between the
production system, the system of exchange of actual goods, and the
wangles or corruptions of accountancy or the money wangles that
corrode both the system of production and the processes of exchange.
The page of the usury system which we are trying to analyze dates more
or less from Paterson’s perception that the “Bank” (of England) would
have benefit of the interest on all the money that it creates out of
nothing.
According to Lord Overstone, everything rolled on merrily as long as
the Bank actually discounted all bills rising from legitimate transactions.
Overstone is now considered an idealist among usurers. The Bank
according to him was there to “satisfy the true needs of commerce.”
But Sam Loyd thought up another one. He saw, as Brooks Adams puts it,
the possibilities of the single standard. He understood that as business
and exchanges increase, the value of the monetary unit IN AN
INELASTIC money system, will increase.
That is to say, with the same amount of money and increasing goods, the
goods get cheaper in relation to money, and money more valuable in
relation to goods.
He saw that a class or gang possessed of sufficient means could wangle a
rise almost at pleasure, and could doubtless run it to almost any length.
Also maneuver a contraction of the fiduciary circulation. As for example
had been done in 1935, debtors could be made to accept almost ANY
conditions dictated by the creditors.
The wangling of foreign exchange, that is, foreign money exchanges,
were used for this purpose. There is no item in this present talk that I