The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-08-20
THE Whie,s Fiat Money.

IN his very creittable career %. editor OF tue
late Weekly 1ranscript
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The Wings Fiat Money.
The neyr convert 1t the Wig Office grows
an zeal and thoroughness. LII yesterdays
Dispatch we quoted from the Whtg OF Sat
urday the formal adhesion of that paper TO-
the greenback circulation that is at par and
must be kept at par toith gold. That was so
good that we accepted it at once as our plat
form. And to this orthodox finance the
Wh;q OF Yesterday added the Venetian sys-
tern OF fat money, whose solidlty and COM
plete redeemability made cot the most
famous OF all financial systems.
we invite those who have been so per-
sistently indoctrinated by our reformed
financier with the follies Of irredeemable
money, and the monstrosity OF binding the
people for the public obligations, to read
this account OF the money OF Venice which
is so lauded by the Wing. They will see that
the property of TIE people OF Venice was
pledged for the redemption Of the paper and
no person could sell or part with his land IN
such manner. as to relieve IT IRON us
share Of obligation as basis OF money
issued by the Genera! Government" More
over. the paper money was never to fall
below gold or silver in all that pertained TO
its capacity to purchase or ability TO l'qul-
date cia;7n.'' And very perfect mea-
s,,res were taken to keep the paper at par
with coin. The paper was allowed to be
increased in volume g by those who brought
gold and silver in coin OF other countries"
and coin was accepted by De1ght ana
"not by the count OF coin $50 paper
could only be increased through an IN
crease OF gold and silver. No wonder tnat
Venice was so rich in coin when NAPOLEON
entered it. What would the great warrior
have found there had Venice issued ire
deemabie money and her territory been
covered two feet deep with that sort OF
useless paper? Let the Greenbackers read
the account OF the Venetian " fiat money!
which the Wing so much admires. 1t as
follows, with an introduction by the Whaq;
We stated, says the Wing, the other day
that we had read that Venice issued an ao-
solute or fiat money. From a work on
finance we give extracts IN confirmation OF
the statement. If Venice could give Gre
dir TO her absolute money, we think there
is no doubt that the United States could
make her "bills OF credit" "good as
wheat" and better than gold:
When the republic was established under
a constitution that pledged protection to
the people and perpetuity TO their form OF
government. the law declared, through its
Supreme might, what should be the MONEY
of the republic. Then it was that the law
gave to the Bank Of Venice, corporation
under its protection and full control (simi-
lar to the Treasury Department OF the
United States Government) the right and
command to issue paper money based upon
ALL OF THE LANDS and OTHER PROPERTY
within the confines Of the republic.
This general property, belonging to all
concerned. was pledged as a basis for that
MONEY which the law created. The amount
OF this money issued under the law for the
republic, to be used by the citizens thereof,
was regulated by the vote OF the people
through their delegates to council cham
bers. It was held that all the property OF
the people, in lands and dwellings, belonged
10 the republic in all that was demanded as
a bottom or basis for money. That no per-
son or individual could sell land or part
with his title thereto in such manner as to
release it from Its share OF obligation as Il
BASIS OF MONEY issued by the General Gov
This money Of the Venetian republic was
held to be SACRED, with NO ELASTICITY what
ever. It was provided by the law that the
MONEY OF the republic could be increased
in volume by those who brought gold or sill
yer in coin of other countries, or in bars or
bullion, as basis for the increase OF money.
All gold Ard silver-coined Or uncolned-
was accented from the newcomer at GER
tain andard OF value. It was deposited by
weight, and not by the count OF coin, in the
Bank OF Venice, but could never be drawn
out again by the one who deposited 1t.
There were given to him, however, certltl-
Gates OF deposit, which were Transferable
on the books Of the bank from person to
person, but the gold and silver itself was
never again seen by the person who deposit
ed it; or, il seen, could never become his to
handle or to have as his own.
The certificates of deposit went from
hand to hand and were circulated as
MONEY, but were never Of any more value,
OF rated higher for the payment OF debts
or taxes than was the money of the Repub-
lie. issued upon the basis OF all her lands,
or of the lands Of her citizens. BY this
process of depos,ing gold and silver by
weight with the Government, it being con-
sidered and held fast by the Government as
a part OF its clearly defined and substantial
property, paper money was increased in
volume. Whoever deposited gold and sill
YER could have these certificates OF deposit
TO use Us money in the transactions OF bust
ness; and they were as good as gold be-
cause the law which authorized their issue
as money proclaimed that while the Repub-
lie OF Venice lasted or endured the PAPER
MONEY issued under the law by the repub-
lie, for the benefit OF her people, should be
as SACRED AS THE LAW ITSELF, and never
fall below GOLD or SILVER in all that per-
tanned to its capacity to purchase or ABIL-
ITY to LIQUIDATE CLAIM.
In that country for more than four hun
dred years, or until the conquest of Italy
by Napoleon, there was no depreciation IN
the paper money issued by the Govern
ment through its adjunct, the Bank. Of
Venice or its branches, accountable to the
general bank, and through it to the General
Government. Instead of there being de-
probation, the paper money OF the Vene-
tian republic rose to q premium OF % per
cent. above the money OF any other coun-
try, and above coin itself as a medium Of
exchange orlegal tender for the payment Of
debt. The Government issued no metal
money whatever during this time, nor
would italloWa debt within its own confines
to be paid in the money or coin OF any other
country, except at the option Of the debtor.
at the conquest OF Italy, Napoleon found,
in addition to the lands his army took IN
n; Ia fhon NA0