ONLY QUESTION WORTH WHILE.
Denver, Col., Oct. 13, 1908.
Hon. Thomas E. Watson,
Thomson, Ga.
Friend Watson:
I want to compliment you on the splendid work you are doing in your publications. I am glad you give space to the money question, for it is really the only question worth while. With an insufficient money supply no economic system, however good, will succeed. No matter how high an ethical standard we may have or how industrious the people may be, poverty will stalk through the land if we do not have a money volume equal to our money needs. Our money shortage begets interest and the consumer pays all interest in commercial transactions. What is our money shortage? I place it at not less than fifteen billion. We could use thirteen billion for the one purpose of conserving wealth, and we could certainly use two billion in active circulation. Our bank deposits were more than thirteen billion, and we had less than three billion in circulation. The fact that we can and do use credit to help out the money shortage, does not alter the fact that we should have tangible money to use instead of being forced to use credit, which always carries with it the interest charge.
But enough of this. No answer expected, though I do appreciate a letter from you. I know your time is too precious. A man that writes for millions now and millions yet to come can not afford to write to one lone person, and I think you are writing for the ages.
Yours with best wishes,
RICHARD WOLFE.