The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-07-10

ator. seems not TO rest from the fatignes of
the session, hut seems active in his interest,
both In the subject Of immigration and the
State debt, and We trust that his visit north
may prove OF public beneft.-Lynch6urg
Re,cs, 9Th. .Ess ~ '
. ts .14.5y :. Absolute Money
IL From the New York Times.
The, National Greenback-L Labor party, as
it is called in the East, or the National La
bor-Grecnback party, as the western variety
Is beginning to call itself, hase'Mt upon
new phrase, with which 1t seems to be
nightly pleased. The thing it wants now
is 8. absolute money" Who it was that first
had the happiness OF striking that taking
term we cannot say, but we do remember
that the conference OF Greenbackers held at
Albany few weeks ago declared that the
greenback dollar Unjust be full legal ten
der for the payment OF all debts, public ana
private, and by the Government issued,
protected, and received as absolute
money! This imperative and lmperi--
GUS .fmust" is rather impressive ana
calculated to make the most daring person
hesitate before presuming to question the
power and authority of the Albany confer
ence TO declare what shall he received IN
Dayment of debts. AS to the rhetorical
inversion OF phrases in ''by the Govern
ment issued, protected, and received as ADJ
solutc money" that simply settles 1t ana
ulaces the greenback dollar in an I'M
nreonable. il not an unassailable posi-
lion. II it must be ''by the Government
issued, protected, and received Us absolute
money! thereis no more to be said. Still, we
are lust to that degree reckless that we
question the ability of the Albany confer
ence, and the ability OF any moral power, to
make " absolute money" out Of greenbacks.
The National Labor-Greenback party OF
Missouri has made an Improvement on. the
Albany phrase. II demands the issue OF
d" absolute money in greenbacks equal to
roId and silver" Neither can they or any
government under heaven make greenbackss
permanently and steadily equal to either OF
these precious metals in purchasing power
by any process but conversion with 1t.
What do these people mean by "absolutc
money?" Perhaps they have no clear idea
themselves; but one thing they seem TO be
certain about-it lis not to be convertible
with coin. 1t is not to consist OF notes, re-
rarded rs evidences of debt to be paid. 1t
is NOT to be redeemed or rcdccmable. 1t Is
merely to be paper dollars, which the Gov
eminent has declared shall be money, and
shalt be received as such for all payments,
not only to itself, but between man and
man. This seems to be their idea OF "asso-
lutte money" The s.. Louis Labor-Grccn-
back platform demanded that call bords
now subject to redemption be imnedt-
ately redeemed in absolute money equiva-
lent to coin.'' From this it is PLAIN that
absolute money is not thing to be re-
deemed, but has itself the power OF re-
delnption and final payment, and as 1t can
be easily made, and at trtling cost, 1t fur
nishes Il very easy and inexpensive method
for wiping out Government obligations.
But the Government ought not to enjoy the
monopoly Of the power to pay debts without
its costing anything. II 1t can obtain valuable
consideration in solid supplies OF one kind
or anotherand run in debt for payment, and
then discharge the debt without returning
any value, by merely printing lot OF neat
Iv-enSraved bits OF paper with backs or
yerdant hue, and passing them over to It's
creditors, why may we not all trade IN the
same way? Ii it is the duty OF the Gov
ernment to furnish the bits OF paper. with
proper devices, signatures, and limitations
Of seals. it should supply them to all corners
for nothing, or at most the cast OF paper
and printing, inasmuch as it obtains them
for its own purposes at that rate.
duced to its simplest terms it seems too
silly and absurd for serious discussion, and
yet there is underneath it fundamental
falacy that takes such strong hold on the
minds OF superficial thinkers that it is al
most impossible to eradicate it. 1t is not
confined to the Greenback party, but ap-
pears in Democratic and Republican plat
forms, and in the discussions OF people with
high claims to intelligence. That fallacy is
that the authority CT law or the power OF
Government can give value to anything that
does not possess it. Few people fully re-
aIize that the only "absolute money" is
and must be money OF value, containing
in its own substance every iota OF the value
for which it is to exchange. 1t must be
worth as much as commodity among COM
modities, to be put to any use Of which its
material is capable, as it represents as
money. The stamp which the Government
puts upon it is OF no further value orimport
than to certify that it contains so much
metal Of certain fincness, and it is the
value of that metal that constitutes the pur-
chasing power OF the coin. There is no
other means under heaven and among men
whereby value can be measured but by
value; there is and can be no "absclute
money" except money Of full intrinsic
value, and the ingenuity OF man. the power
OF Government, the authority OF law, and
even the declarations OF conventions, are as
inpotent to impart value to that which is not
valuable as to give weight to that which is
not ponderable. All substitutes for money,
all so-called Representatives OF value"
serve merely to effect exchanges by trans
ierring value and deferring final payment.
They serve that purpose completely and
perfectly only so long as it is known that
they will at any time and all times command
the money for which they are substituted,
the value which they represent, in the def
mite and specific form of the coin that COM
merce has adopted as its universal equiya-
lent.
"CONFIDENTIAI."-Drot Ward, OF the
FTginidn, publishes in full the proceedings
OF the famous caucus. We presume the ne
cessity for * confidence" no longer exists,
and Star.Chamber" organization exists