The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-06-07

,,,,o Min is so sensible, practical. anu
,,,nlspnken. that we always read its edi-
.,ri.,s with pleasure. II not only has ideaS
.,d oninions of its own, but it can always
r.;vc IFS reasons for holding them. IL there
= in the country an advocate OF usnry laws
That can furnish any sound, substantial ii ,
a,,mcnts in favor of them. the Hh'g Is '"''
advocate. And here is what the my 10y
in rcply TO our modest article OF Mo"o"'
This is the staple arg1mcnt IN ia'S' IT,
n,b,t ;s called free trade in money.
overs the prosscst Mllacy. lhele - Wv
hrna1nst 1osstblc difference net" sen 49,.
,,,,, and avery other species OF prope,t.
.Ss ,,nnov * alone endowed WIN Tue
,y -, and precmineut privilege OF pay
40 Snhts. II Is the creature OF inc Hm-
thS low imparts 10 it all IFS Haiue II lhahtS
a ,,;ecc OF paper, intrlnslcatlS "orInie>s' VI
more value than all the horses ana HOUSES
AMI lands in the CommonWeal'h., ~ nIai
nhn owes debt of hundred dollars may
avn thousands of acres Of lands. town or
rountry houses, innumerablc horses, and
= million barrels of flour, and yet he
i of the mercy of his creditors. lic
cannot pay his debt Of hundred
dollars until he has transmitted his lands or
horses or flour into money. Ry law, none!
j. the ONLY legal tender. All other prop
crtv, 30 far rs the legal payment oil deots Is
concerned. is worthless. This species OF
prorcrtv, then. which enjoys this sovereign
nrcrocalive, and which is the mere rrea-
lion Of law, may justly bc subjected TO
rules and regulations imposed by law ana
VIC NAV 60 farther, and say it Is the duty OF
the Legislature, which creates this soTe-
reign, TO impose limitations on the eXer'
else OF lis power. While MI other property
;Ssulicct TO it, and il alone can. deliver Il
debtor, ii should be put under bonds. II Il
horse. a barrel of -four, or land, had by law
the same high privilege of paying debts.
there would be some sense and logic In
talking about free trade in money.
We reply that money is not "alone en-
lowed with the exclusive and prcemlncnt
privilege OF paving debts The lazy re.
qnlrc> men to pay money ifthey promise to
.ay money; but if they promise to pay corn,
wheat, potatoes, or land, the law require
..specitic performance of the contracts
surely it is but right that they should pay
money if they promise money, Just rs 1t Ii
right that they should pay wheat if they pro
mise wheat. And rs the law treats all kind:
Of property alike, and never requires maj
- pay money if he promises TO pay potatoes
it is evident that the Wings argument is
based upon 'groSS fillacy.' If it Is :
sound argument. all the Legislature has tt
do is to provide that man shall not pro
mise TO pay money if he has nothing bu
"thousandS of acres of lands, town or coun
try houses, innumerable horses, and 4 mil
lion barrels of flour" And. indeed, VIII.
should not the Legislature do this YER.
thing? 1t would have as much right to d.
it: and such law would be great protcc
ton to men who have not sense enough Il
know what they ought to promise to pay
Certainly if men are not to be allowed tt
promise to pay - per cent. per annum fol
the use Of money, they ought not to be al
lowed to promise to pay money when they
haven't got anything but flour, land
houses, dc.
Money was invented as convenience. II
merely represents values. 1t is used be
cause it is handy" 1t has 10 intrinsic
value. The law gives ii no value. and could
not possibly give il value, except in lis rep
rcScntative character. The community. not
the law. gives that value to it, as was clearly
proved in The Confederate States dl!rlngt the
hate war. where and when 1.-the law
made Confederate dollars very abundant,
but could not endow them with the
necessary purchasing power. The law lalI-
ed 10 accomplish that end. No law ever
will accomplish il. The So-callcd value Of
money. then, is conventional. IL depends
upon the public. 4 law which should pro-
vide that Il crccnback dollar should be IS
valuable rs a gold dollar. would he Il dead
letter. The public would treat ii with us
much contempt a. they do uSury laws.
If. then, it is. after all, the public, or the
people. who fix the nominal value OF
money, why may not each individual OF
the same public, or people, he permitted
10 fix its value to him? If john SMITH
may, as one Of the people, say that green.
backs shall have purchasing power, but
Confederate notes, law or no law, shat
have no purchasing power. why may he
not for himself say how much purchasing
power the former shall have? If he is
willing to pay twelve per cent. per annunl
for the use of greenbacks, whence does the
State derive the power to provide by law
that he shall not pay more than six per
cent? All such laws must in time be
abolished. Men must he allowed to make
tha:r own bargains. III the State may pro-
hiht :: man from buying the privilege of
using moEcy at what he considers Il fur
price. it may regulate his diet.