The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-09-29
JUDGE PERHING's DOLLAR.

Judge PershiDg, the quondam haId mo
ney Pennsylvania democrat, IL accepting
the gubcrnatoria nomination, has gone IA
step further than Governor Hendricks
dared to 60. The Indiana governor de-
clared that gold and silver was the only lie.
GAL money, that he was a firm believer in
the policy Of specie payments, but, after
all, he was unateraby opposed 10 the re-
sumption, or al attempt Mt the resumption,
of specie payments. Judge Pershing says
he believes in specie, but that specie has
nothing 10 do with greenbacks because II
gunge II adhere to the doctrine always
"hell by the democratic party. that gold
"and silver constitute the tue basis for
"bank note circulation. The question rs
| "lo this Is not the samc a. that Of a paper
! currency that is Itself made by the SOW
'cTeign power legal tender, ami there.
&" fore is money In other words, Per-
| sling declares that greenbaCk is not what
| it purports 10 he-a 'promisG Ia pay" one
or more dollars, bui Is actually IL tangible
numbsro of dollars; that il is not u promise
| bat reality, not debt but actuil money
What makts II money, actual dollars: Not
| cause these very acts deprive thrn cf that
quality Of LEGAL tender which would be be-
cessnry, according TO Judge Persning's ar
| current, u make them money.
If,,t ,.,.!. tran, fi,a l.uai .pntnr nuHe.i.r
which is MT Of 30 very much importance,
a greenback does not purpo.t 10 bG money,
it is slmplNa promise 10 pay money and
Ino1eiinenient Of Ieasoucan make it any
thing else. 1t is, il anything. 'blI Of
{" credit" which the constitution author
ICES congress To emit. Congress may coin
money and emit bills Of credit. The word
'coin" has a dciiuite, Discriminate meaning,
and can only b. apple 10 specie. 1t Is
not applicable to paper and cannot be
made to be. So money has certain def
nate, determinate meaning, and a govern
ment stamp placed on II piece of paper by
authority of All act of congress cannot
make II money any more Than IL similar
stamp could increase the real Intrinsic value
Of gold. Gold aud silver have an intrinsic
value, while paper in II certain sense has
none And this makes the difference be.
tween specie and paper fake II certain
dttanti!J of gold and with the government;
stamp thereon it passes current for twenty
dollars, Willie without that stamp it is
worth precisely the same slim. a govern.
m ant stamp denompnting it forty or one
hundred dollars would not make il SO
would not increase its value any more thai
calling it five dollars would reduce il, i
would remain all the same twenty dollar
. no more or no less. Take piece o.
paper and the government stamps it, no
IL 'this is twenty dollars but United States
"promise 10 pay twenty dollars" and III
valucis changed from nothing to twenty
dollars, and in the same manner with thu
change Of IA single word, that same piec,
one hundred or ten thousand dollars.
lsi 1t ia this intrinsic value that constitute
money aud the legislative enactment come
90 i'm, not So much 10 determine at what valu
i, tshah piss rs for how much it .hal be
/, legal tenrcr. 1t needs not laws or politca
: platforms to demonstrate this, that pape
y is not money and cannot he made money
the whole experience of history shows II
y There have been too many laws passed en-
! deayoring TO make money out of paper
the value" to leave any question ms to il
: 1t Is beyond argument, because it is a pc
a litical axiom, an universal experience, an
!. no one Knows II better than Judge Persl
Z ing.