The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1876-10-09
Tlse &atlaad 9aily Gluhe
MONDAY, OCTOBER 0, 1876.
FINANCE.
Tho New American Currency-How to pay
off tho National Debt.

Tho New American Currency to pay
off tho National Debt.
Any metallic currency is the barbarc
currency, because it is gross, heavy, in
convenient, liable to be stolen or lost, and
ia one of the myths of barbarous ages.
Thereupon Inadequate TO the refined and
complicated roquifemsnts of higher de-
gree of civilization, and tor this reason, if
for no other, the metals should be discarded
as a material for the making of money,
and especially for general circulation.
Any material almost, will answer for
making money, and almost all materials
have been used by different nations, in the
ages of the past, rs standard OF value,
such as gold, silver, copper, iron, nicklo,
silk-paper, leather, wood, shells, horn,
ivory, pebbles and "fre-water," many of
which latter materials are still in use in
some countries to the present day, proving
very plainly, that gross materials for cur
rency, are common as yet in the world.
In consequence of tine progress of civ
iization and rapid transit over the world,
the time has about arrived when gold, as
well as all other metals, should be demon
olized, aud that in fact money itself should
not be allowed TO be rho tyrant of the
world, but labor instead, crowned "klng
of the earth" in lieu of either, corn, cat
tie or gold. But the times indicate that
labor and its products shall be the basis OF
the money of the future. In selecting the
best material from the foregoing list, should
we not be wise enough to reject the ma
terial that is the highest, the cheapest, the
softcst, the most convenient and one, in
case it is lost, burned or stolen, it can be
easily renewed. May not this be sufficient
cause, from the worship of gold and the
merit of paper, to take the lead, as its due,
and why not?
We hope this progressive government
will be first to take the lead in this great
reform. 1t has hitherto been thought that
gold was the only standard of measured
value that could be found. If this be 80,
would not diamonds rubies, or even the
metal platinum be superior as they are
more rare than even gold itself, because
more costlyf
Let it be distinctly understood, the meas
ure consists not in the gold or diamond but
in the one hundred cents, as a measure of
so much labor and its products. The
measure of the dollar consists in the one
hundred cents, as the yard stick consists
of thirty-siX inches, the pound weight of
sixteen ounces, the bushel of four pecks.
and the gallon of four quarts measure, and
it signifies nothing of what materials,
whether of gold, tin, wood or iron those
measures, of whatever tho dollar, yard
stick, pound weight, bushel or gallon are
made. The value consist, in quantity of
commodity, measured or not. in fhe ma
terial of which the measure Is made. In
reality, there is but one thing to be paid
for, and that 10 the expenditure of the vi
tally OF the human soul in the creation of
the necessaries supplies of life, and this Ia
Dor is measured by time, while the dollar is
to represent go many dollars value for so
many hours, whether for that hour it be
one dollar or ten. To the question, what
ia labor? 1t is the creation of the necessary
supplies of life out of the four natural ell
ements, air, light, land and water, while
life or electricity eaters into the compo-
s;tion of the whole, which original ele-
ments, according to the natural absolute
standard of right, must be free to all man
kind, as well as animals or conscious life.
The principle function of government is
uniyersalty. That is, all things whatso-
ever pertaining TO the whole nation, COM
ing directly within its jurisdiction whether
ii be the maintenance of a republican
form of government throughout all the
states, transacting business with foreign
powers, conductors of war, the maintain
ance of peace, the carrying of the mails,
or the providing the nation with money.
But there are very important unrecognized
Universal functions pertaining to general
government, such as the establishing of
universal justice as protecting the weak
against the strong, the innocent against
the guilty, the equitable proportion of Ia
INr md itc f,pl, &c ~. 80,
or individual sovereignty which constitutes
the essence of republican form of gov
ernmcnt.
Besides which are the running of the tel
egrams and the building and running of the
rail and post roads between different states,
also the working of the mines, which is
the nations wealth. The surface Of the
ground alone being open to individual &C.
cupanoy, while the great wealth lying in
the bowels of the earth, belongs by right
to the whole nation managed and admin
istered by the government at cost price,
and not by private corporations. The peo-
pie then being the government.
TO return to the function of money and
correct monetary system the govern
mental or United States money-which is
the true natural money upon which the
io'oS hotiohdi hiouCfy oo SdiiSuJ 10 paseu
should he founded not upon any one pro-
duct of the country, whether gold or silver
but upon all products which are the crea-
ton of labor, and labor itself which is the
people, and more than this, the whole broad
continent with its rivers and mountains,
cities and plains, together, including the
whole nation, with all of its inhabitants,
and all they possess.
If this is not sufficient basis for the gov
etnmental or United States currency, we
know not where to find it, and further
more, nothing short of this will answer the
purpose, which requirement cannot be met
by any individual enterprise of banks, bro
kers or capitalists. This responsibility can
only be met by the whole government, i'm.
plying the whole nation itself.
Are not the whole people in this great
continent better than any particular one of
its products, whether that particular pro-
duct be gold, or even dlamondsf
In discussing this subject of the money
question, we have rejected all the twaddle
and hocus-pocus Of newspapers and finan-
clers, and come down to the hard-pan, or
crock bottom" of the naked truth.
National bankers, and opponents of this
government currency, have virtually con-
iessed themselves defeated, by resorting to
the ridicule of calling it the "rag baby cur
rency, proving that their arguments against
it are exhausted for if they had any valid
arguments to offer against it, they would
make use of them, and not be driven to the
extremity of using or employing an ex-
preston 90 contemplate. Still if the ar
gument of the rag baby" was correct, it
would still command our respect to GER
tain extent, because though baby, it would