The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1869-05-27

II
We are induced to ask these questions
at the present tlme,in consequence OF two
communications for the TELEGRAPH-one
by Incog-, which appeared last week, and
the other by W. NJ, which appears this
week Both communications have refer
ance to money, and differ considerably
from each other. And in our opinion,
neither of the writer's fully understands
the subject on which he attempts to write.
The Constitutional the United States
gives to Congress the power "Toa coin
money. regulatethe value thereof, and OF
foreign coin}s Congress having these
powers,i it is, clear that nothing but Com
gress can peform these duties. States
cannot coin money. Congress alone can
coin money, and regulate the value OF
what it coins Foreign governments may
coin money for themselves, but Congress
alone can regulate the value of foreign
coin1for us. - S. U1T -
What is money? What is it to coin
money? And what is it to regulate
value of money when it is coined? 70
coin, is to shape and stamp4a metah and
convert it into money To.coin is also to
make. Can.money be made Of anything
but metals In our opinion Congress can
make money of anything it pleases. Has
Congress made money of anything but
metals? In our opinion it has not. Treas
ury notesare notmoney RAnd why not :
Congress has not coined the Treasury
Notes into money. On the contrary, they
are issued as notes with promise to pay.
Treasury Notes may be currencysbut they
are,not money, Money never promises to
pay. The expression of money is, | am
what am am money Take me for
what Lam, not for what / promise to be or
to do. 1t is we'll that the material of which
money is made, should have intrinsic val
ne. But, in our opinion, tits not essen
tial Money is merely a representative
of value and not it's exact expression.
Its chief use is, as a medium of exchange;
and though Treasury Notes and Bank bills
are not money, they answer the chief use
of money as such medium. And theywill
continue to answer it, till Congress coins
of paper or some other material
more appropriate to represent large
mounts, than the precious metals arc,
to supply the place of Treasury Notes
and Bank Bills
If coin of metal wears out or becomes
defaced it isthe duty of Congress to recon
it. IF coin of paper wears out or be-
comes defaced, it is the duty of Congress
to recon it. All coins should be kept fit
for use as REPRESENTATIVES of value. And
Congress should see that there issufficient
amount of money to represent value for the
transaction of the business of the country.
And then Treasury Notes and Bank Bills,
with their promises, should be done away
with, And when Congress does away
with these promises to pay, it willsin our
opinion, do away with much of the gam
bling in gold.
1t is true however that, as long as for
eign countries make gold coin the stand
ard of value, there will be room for specu
Iation in gold But let our country coin
money of paper and other countries will
sooner or later, follow our example. 1 And
when the.chief nations of the world nc
Longer make gold the, standard, it will
cease to be so important an article <ot
traffic as it now is. And bya congress Of
all or the chief nations it would not be-
difficult to regulate the values ofallcoins
The amount of currency or medium Of
exchange necessary for the rtransaction o.
the business of the country, is not fully
known Few hare made the subject {
study and none fully understand it. W.
confess that we arc not prepared to write
upon it satisfactorily to ourselves, and W,
shall not at present enter upon. And W,
would suggest to those who write upon il
that, to write upon it Understandings, i
Is necessary to realize that it is the duty O
government, not only to pay its debts Xix,
an individual, but that unlike an individ
ual, it has to provide medium of ex
change in the form of coined none,
which it is never to pay. To talk o
government redeeming the money which
it coins, is nonsense