The workingman's advocate., 1870-05-14

mendy. although ft is nos 4 tesSaeFs - n
genekally received as such. Bank-notes
are called money, although the laws do not
make them tender for debts. Banks are,
however chartered BY law, and, therefore,
the bAnk-notes issued by them are generally
considered as money, and answer all its
purpDses- They are founded, or based on .
promise to pay specie on demand. Let IN
see. however, if they are not practically
money, instead Of being merely representa-
tives Of gold and silver coins. A man ex-
changes at bank in New York hundred
dollFrs in specie for one hundred dollar
bank note, and takes it to the western
6OurAry to buy land. The note is thus put
put ia circulation there, is leaned and re-
loaned on interest, and is used in the pur-
chase of property and produces. II s.is con
tinuA ally active, while the silver for which
the bank-note was taken in lieu, lies dead
in tile vault Of the bank, and is neither used
to purchase property or products. nor to
tulhI contracts, nor to produce an income.
The bank-nOte hes performed all, while the
the specie has performed none OF the func.
tiOns Of money. If the former should cir
culSSe for any number of years, and should
be loaned for an income, and used to pur-
chate property thousands of times, and
when it was returned to New York, there
shohld be no specie in the vault Of the bank
to redeem it, still, every purchase made by
theibank-note would be valid, and every
mortgage for which it had been received
would be binding lien upon the property
Of its drawers for the payment Of specie
boIh for the principal and the interest.
Coins and bank-notes have legal power to
accumulate, not natural to either Of them.
Bch are generally received in tender for
debts, so that one is practically as much
mcoey as the other. In fact, if either is to
be ejdespoiled Of its character rs money, il
must be the specie, for this is mostly de-
pointed in the vaults of the banks, and
while SO deposited is not practically money ;
but the bank-notes which perform more
than ninety-6ve hundredths Of the ex-
changes, are really the money Of the coun.
try, and fulfil all its uses with greater con-
vehience and celerity than could gold and
silver. Paper made to represent landed
prbperty instead of specie, and endowed
w1h legal power to accumulate, measure,
and exchange property would answer every
purpose Of money, and would be money.
The abundance OF paper is not an Objec-
tidn to its use as the material Of money,
mDre than its use for deeds, notes, bonds
and mortgages. 1t would be a mate:ial for
mhney than gold and silver, for these me-
tals are limited in amount, and are trouble
some, expensive, and hazardous to remit.
Ii sufficient gold and silver currency were
presented to this nation free of cost, the in
convenience and expense attending the cir
c1lation and transmission Of the coins, would
fat oYerbalance the whole labor and ex-
pense to provide and circulate a paper cur
rency.
The question to be settled then, is this
e4n currency be formed entirely Of paper,
which will buy the productions Of labor as
readily as gold and silver coins-nOt whether
al silver spoon can be made out of paper
dbllar, or whether gold watch-case can be
made out of ten dollar bank bill as well as
il could be out Of an eagle. We do moi
want money to make utensils and ornaments
We want money for medium Of exchange,
to buy such articles as are useful to us,
aud if it cannot be made of paper, so that
il will be as good to the man who sells bis
labor or bis products as gold and silver coins,
We must not have paper currency.
! TO BE CONTINUED.