Mineral Point tribune. [volume] (Mineral Point, Wis.) 1854-1858, 1858-09-14
For the Tribune.
State Indebtedness as the Direct Basis Of Bank
Issues.


Issues
The justification offered for the State-scrip-
basis currency, (the mere rattle of harness aud
whlffletTees, as it Were, made to answer for
journey.) Is, that. if only the imagination is sat
istied IN the article Of money. every ueedful end
is served-if people viii only keep confidence
in their paper dollars. they will work their
exchanges to satisfaction. That Is to say. the
arguments in with the friends of the system
seem to he predicated upon some such dogma as
this.
" ith what assurance. Is the growing prosper
Ity OF the country pointed to by this class and
the market quotations Of State stocks. in the
newspapers of the day; as if show Of value. in
order To be tt TO be made money Of, needed
only 70 be believed in The question pot, of
new dollar note, is, rot, has place been earned
Tor i in the currency of the world in other
words, IS it, legitimately, money but, VIII
mems eredulity give 1t circulation on and on
viii its paa5ioe weight in trades peoples scales
hold out? The question is DO longer one OF
Political Economy, bat Of Physiology
much viii peoples faith bear The issuer of
counterfeit coin makes the same kind Of calcu-
lation
Now, admit though We must, that dollar
piece, considered simply as a counter IL effect
ins exchanges. requires no intrinsic value 1t is
a matter of very great importance, whether it
comes to be dollar piece deserve dly or not
For it is not every show of resources which de-
serves to take part in To- Days accounts ii is
only what fairly belongs to To- Day 5 inventory
Period by period, by and large, if trade IS to be
wholesome it must be eoHsumable values which
are exchanged between man and man. II a val
ue which Is IN the eve altogether Is offered in
exchange for a consumable value, one of the
parties to the swap agrees 10 wait fer his pay.
Now, individuals may wait on Que another .
but generations may not. If this generation
proposes to wait for its wages and its equlra-
Tents, upon the generaticuwhich viii cone sf-
ter us it proposes TO go without Its paw aItogcth-
er for the obvious reason, that 1t viii be dead
when payday comes. one generation may do
generous thing for It's successor bat it can
never take pay from 1t. NoT plainly, will it do,
for community, to be waiting on one an other,
III around If y. lean on the rest OF the alphabet
and The rest Of the alphabet, IN turn, lean, to
the same extent, upon A, it Is as though A did
not leaa at ALL nor the rest, At all. The matter
= Huiii'y 10 the extent that consninaoie
'aIUe7 pass between man ana man. only Is trade
a eonsunmated thing All other swappings. As
we nave Said' are on the one part, mere hqui-
oation OF lAdeotedness-one party waits for his
pay.
The question how far prospective value IS fl
10 Oe made money Oh resolves itseb IN this view,
INTO TINS how long are the walters for pay. IN
to-day market willing and able 70 wait If
the money IN Use Is paper drawn on distant
Posteri;y, and If It be certain that Posterity viii
have, hkeiy, more than enough to do, TO pay It's
own opi'sa'iohs proper, then It Is as certain
'i"' 'iie money III use Is fnoohshine- Il IS
Nefhy 80 year oy year 10 the extent ti'at e"h-
samaele values are not present IN tFate, the
worlds dealings are ia . uloonsnlne -PFoFisied
only state scrip is fhe money IN circulation.
p" eli, " hat of Ill zone AoId the noonsniue
but such as are wiling to-that Is 10 say, #
dollar, IN sem5laBce, ls always eonVenIole liit"
dollars worth IA reaiity y-41aoags eoaseftt5.s
@e say IT, rash PFeieciIle, II Is 4 prgjeetIlen
that case which is destined never to tail upon
any body. Aye, If ali Was conyertabiel
Here is the critical point Is tie paper mon
ey, largely IN Use now days, made uPof drafts
upon posterity.) likely to be in the market Of
the werid year oy year. an erea measure OF val
ue- The oontldenee Of men 10 the onward march
oi Their prosperity Is 'ie oniy NM, 70 lis 'a'
tiiiicaloh - sf''' we proper hfat'
hehiold here the ''-'-i deieei OF state scrip
as money ItssN NeII of aimiauiiion is uol caused
oT measured by the growth % decline OF 10 has
tfy--Oe&fs no 1tisct proportion 70 'n'j oit s
measured by the the siseich OF meas hopes
and OF mems cfedailiy compounded, u you