The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1875-09-14
Imitation VS.. Honesty.

talking up the beauties Of irredeemabe
paper currency, is doubtless having an
effect on the minds of many of their
hearers which is bewilderiug, if not con.
v;nciDg. When the reflective Buckeye
sits on his dooryard fence, mournfully
medtating on the hard times, the search
ty Of funds in his pocket, and the con.
sequent possible difficulty OF procuring
the pork and hominy 30 necessary to
keep him 10 voting condition, what more
seductive proposition could approach him
than 'hot nnr"oiatad by tho Democratic
leaders, viz; that he wants more money ;
plenty of money,n fact And what more
proper remedy for hard times than soft
money ? And the beauties of soft money
painted, as they are, with an eloquence
emphasized by agonizing desire for office,
are going to be too, much for the Ohio.
Democrat who will probably fight it out
on the imitation issue.
But little calm thought would show
that the whole cry for initiation is an ap.
peal to the dishonesty of the people.
With the exception of gambling specula-
tors there is but one class whom paper
currency can benefit, namely debtors who
are doing business on capital borrowed in
in the past. IF every man who owes
dollar in gold could pay his debt with
piece of paper called dollar, but which
in fact, has cost him only half the labor
which gold dollar would require. he
would be gamer, and his creditor would
be loser. to the amount of half his debt
If the paper were legal tender, as the
inhationists propose to have it, his credi.
tor would have to accept it as payment in
full for dollar in gold. The greater
the depreciation of the paper the greater
the ease with which the debtor could
pay. This is the only way in which in.
fation could really benefit anybody
But the difference in principle between
this and downright stealing is not clear
If the paper retained the same value as
gold so that to earn a dollar Of it would
take as much labor ss to earn a dollar in
gold. no argument whatever could be ad.
duced in its favor as against gold
basis. The credit Of the nation" as a
basis for currency is 6nc sounding
phrase. but the soul and intent of the n.
fation movement is to enable debtors to
cheat creditors
1t is as plain as an axiom that sound
currency basis must have::value in itself,
because it is that by which tho value of all
other property is measured. 1t should
have value fixed and unchangiug, be
indestructible by wear and decay. com.
prise great value in a small bulk, be
sufficiently plentiful and be universal
ly acceptable tho world over. There i.
nothing that fulflls these conditions more
nearly than gold, and consequently gold
is TIE proper currency basis. Every la
borer will work for gold every mer
chant will part with his goods for gold
because they are getting something in re
turn which is valuable, and whose valu,
they know.
Now, what is this currency founded
upon the credit Of the government Tit
a promise by the government to pay the
bearer something. What is this promise
worth Say, one dollar. Why is i
worth dollar ? What makes it
dollar? IF it is worth a dollar it vii
buy a gold dollar. 1t is its ability t.
buy a gold dollar that makes it a dol
lar. If il will not buy gold dollar it i
not worth dollar, whatever it is called
1t is simply deprecated currency. witt
all the evils belonging thereto. So tn
greenback must be a government promise
expressed or implied, to pay the beare
its face in gold at some time. If tn
date of payment is named on the green
back, then its value is just the presen
worth Of note for its value due at th
given date. If the date of payment
not named at ALL while it is not payabl
on demand, its value depends upon tn
holders confidence that it will sometim
be paid. If the volume of such currenc
is kept within bounds, SO that prospect
exist that it can ultimately be paid,
will simply be endured in the want O
something better, but its power to pur
chase goods and labor will never equa
its face until the government announce
its readiness to redeem it with gold o
demand.
An absolutely irredeemablo currenc
is impossible in this free country. On
government cannot say to the people
"Here is a piece of paper which | call
dollar, and which you must accept a
such, although it is neither a promis, t
pay dollar, nor has it any element O
value. 1t is dollar simply because
choose to call it so. In return for thi
paper | require you to deliver up to m
your gold, and any promises of mine t.
pay gold which you may have. That is
you must give me something Cor nothing
That would be an act of irresponsible
tyranny, and as such impossible 10
government Of the people by the people.
How foolish and wicked then, in tn