The Weekly Kansas chief. [volume] (Troy, Kan.) 1872-1918, 1878-10-24
The Best We Can Do.

nc nCbS VIC Son DVs
This article has been in type for three weeks but
has been crowded out by other matter.l
The Highland Sentinel recently propounded
certain wise financial questions to the Atchison
Champion; but the Champion having paid no at
tention to them, the Sentinel asks us to answer.
In the first place, the questions are not based
upon any text from the Chief, bnt from the
Champion, and We are under no obligations to
argue it; and in the second place, We don't know
any more about the finances than the editor of
the Highland Sentinel does-and he doesn't know
any more about the finances than tree frog
does. The Chief is not hard money organ,
but greenback paper. When We say green
back, we mean greenback, such as has been the
currency of the Government for the past seven
teen years, backed by the promise of the Gov
ernment, not q mass of trash, never intended to
be redeemed, and worth not as much as paper
rags. But, nevertheless, we shall do the best
we can in answering the Scntiners questions.
l. Is it not the sovereign power which creates
money!
No, sir, it is not. A Government may declare
piece Of paper to be money, and compel citi-
zens to receive it in payment of debts, or lose
the debts; but that is simply swindling the citi-
zen, and adding nothing to his wealth. That is
money which the nations of the world recognize
and receive as money. One nation cannot of
itself create money not recognized by other
nations, and transact business with it outside of
the country. The glory of this country has been
achieved by its intercourse with other natl ous.
Our greenbacks although backed by the prom
ise of the Government to pay, are not current
In h,S ia kl.~.x
that is current. What, then, could We do with
billions of dollars of paper that promises moth
ing, and is issued with the express understand
ing that il is never to be redeemed Why are
there no Bank of England or France notes in
circulation in the United States, while they are
a. good as the gold in those countries Lycur-
gus, the Athenian lawgiver, decreed that iron
should be the legal tender money of that coun-
try. The people had to submit, but it cut off all
commerce with other countries as Lycurgus
had designed it should. The Chinese built q
wall around their country, and made money of
copper, with big hole in the centre. 1t is cnr-
rent nowhere else, except as curiosities. If we
want to shut ourselves off from commerce and in
tercourse- with the balance of the world. fat
money is the medium that will do it. Or, shall
pei our own people to take paper that is worth
ten cents wheelbarrow loadf A Government
is made up of individuals, and is subject to the
same laws. mans note is good, because he
promises to pay, aud his reputation is such that
the holder has confidence that he will pay A
note signed by the richest man in the world
would not be worth the paper it was written
on, If given with the understanding that it new
er would be paid. When an individuals paper
is sold at discount of from so to 80 per cent,
his standing is gOne and this would soon be the
condition of the United States, with fiat money.
1t would be no better than the worst dead beat
in the land. The only difference is, Government
can enforce the swindle, to a certain degree,
while an individual cannot pay q debt with
piece of paper with nothing back of it,
9. Is not that, and that alone, money, which the
sovereign power stamps money, legal tender
whether it be gold, silver, paper anything elsei
This is about the same question rs the other
We are not denying that Government may make
fiat money legal tender for the payment of
debts, and thereby swindle creditors But Gov.
ernment cannot make that fat money worth
dollar for dollar, and compel citizens to sell
their goods and produce for it. If Philander
AnokSins "oo VIC ouitoT VI tuo ocHtthet ~, GOv-
ernmeut could say the editor should receive 81
fat money in discharge of that debt, or lose it
but if Philander Muggins should 60 to the edit
or of the Sentinel and offer him 81 fat money as
payment in advance for the Sentinel, the whole
sovereignty Of the Government could not com.
Pol the editor to receive that money and send
the paper. There would be the difference. You
might palm off the stuff for debts due, but you
could not force man to credit you again, or
to sell you his goods for cash down, when the
cash was of that sort. But take gold dust that
never saw fire or stamp, or take piece of gold
that has been q piece of money, and melt or
hammer it into any shape, and it would still be |
worth SO much, and you could buy with it what |
you needed. Could you do so with 81, 900 bill |
Of fat money, after it had been chewed up by |
and tipped on to the wall or ceiling
Of the school.roomf The difference in the value |
Of that lump of gold and that wad Of paper |
shows the amount of sovereign power possessed |
BY Government in creating money out of no.
hing.
3 Were not the Greenbacks stamped by sovereign
,ower, and paid out each dollar for full considers
ion just as the Government would have paid out sill
Ter or goldf
Yes, sir; and every greeuback contained q
PROMISE to pay, and was valuable because back
d BY the faith of the Government. That's the
lind of Greenbsck man we are. We are in IA
or of that kind of money. But you want the
lind that is never intended to be paid.