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.