Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1878-11-06

they thought there must be some wav to make
goid out OF dross. The first thing that struck
them as promising was
AN INITIATION CT OUR GREENBAcK CURRENCY.
But when, from 1873 to 1874, the volume .
the greenbacks was expanded from S,s6. ooo.-
900 to $3.50 ,ooo, COO, It had not the best effect
Inc increase stayed In the Eastern banks.
Then an expansion Of the National Bank cur.
reney was thought OF, and new facilities for the
emission OF bank notes given. But this did
not work. In spite of the new facilities the
bank currency actually reduced itself 1t be-
came evident that the business Of the country
would not take and circulate any more OF that
money, tor there was no employment for it,
Then some ingenious minds hit upon holder
plan. You have probably known persons
who, when they are sick, will think no med.
cine can help unless it be particular strong in
color and nasty in taste. They look upon ev.
erything that is natural with distrust. Thus
the scheme of so called fiat money was brought
forward, and many well meaning, innocent
people seemed to have been talked nto
the belief that this at last is the true
thing. What is absolute fat money? Il
IS the simplest continuance in the worla
The Government takes little piece of
paper and says to it: "Be thou a dol
lar, and then a Government stamp is put upon
the paper, and forthwith it is dollar, or FIVE,
or ten, or hundred dollars, as the case may
be. Then all other kinds of money-Roid,
silver, greenbacks and National Bank notes
are Withdrawn and the fat Or absolute money
put in their places. 1t will be the only legal
tender in payment Of debts and Government
dues. Now, the present greenback bears this
inscription: "The United States viii LAY the
bearer one dollar, Dor FIVE, or ten. Will not
the fat dollar bear similar promise
BLESS YOU, NO!
The fiat dollar will not promise anything, and
Just that is the beauty of it According to the
fiat money doctors, it was The weakness Of the
greenback that it promised something. The
fat dollar does not promise anything, for il is
in itself the performance Of the promse-it IS a
dollar. The fiat money promises nothing be-
yond itself, for it does away with all other
things. Gold and silver are antiqaated stuA,
entirely unsuitable for this progressive aye and
country. The fiat money once OUT gold and
silver will no more be thought Of. We shall
be entirely separate and independent from the
rest of the world IN ali financial and CONNER
cial transactions. Our fat money will not be
for it will not be taken anywhere else,
and SO like the poor it stays all and always
with US, and inasmuch as it costs almost moth
ing to make fiat money and we can make any
quantity of it to suit ourselves. we shall get
richer and richer, and there will really be NO
end to our wealth and happiness. That is
what the fiat money doctors promise US.
1t will strike you that this IS exceedingly
simple and very fine, but you may have some
misgivings and say, "Well, this bit of paper
may call itself dollar, but it is after all only
a bit of paper. Is there nothing else Of value
behind it?" Whereupon the hat-money man
gravely answers "This is a great country. 1t
has some forty or fifty thousand millions d
dollars worth of property in it. When the
Government of this great country puts its
stamp on piece Of paper and thus makes 1t
money, then that money is based upon the
whole wealth of the country"
THAT SOUNDS MAGNIFICENTLY,
and you may think Well, if this country has
forty or fifty thousand millions worth of prop
erty, and all that property is mortgaged as Sc
curity for the value Of this fat money, why
should not that security be good enough for
couple Of thousand millions Of fiat money?
Now let us see how it will work Such promises
to pay as greenbacks and Rationale Bank notes
are withdrawn to make room for fiat money.
1t will not be necessary to make any provision
for the withdrawal Of gold and silver, for the
precious metals, finding no further employment,
will take leave of themselves and 90 abroad
where they are wanted. Now the fat money
is the master of the field. 1t goes into crcula-
ton, and for some time it will indeed circulate,
for, it being the only ;ool Of exchange left 70
you. you will have to take and use it. 1t viii
circulate Just as wampum, beads, and clam
shells, and leaden bullets circulated for while
II mill
also maintain certain current value as long
as its volume is kept within the quantity that
would circulate in the form of specie and paper
into specie Blu, you must consider
that fiat money, where it is brought forward by
earnest infiationists, whose principal object Is
TO MAKE MONEY PLENTY
by issuing enough of it to keep all the boys in
ease. And why should we not2 1t costs
nothing. We may just as we'll have much as
little. A thousand millions more or less art
no object, as the Government thereby burdens
itself with no promise or obligation And.
finally, the wealth of the country. $4,000
300, 600 or Sc, ooo, ooo, 900 wort of property,
stand behind it, mortgaged as security But,
presently. when we have made fat money
plenty, we shall find that ii appreciates, and
will depfeciate more and more the more We
ssue, Just as the greenbacks did, and
worse. ''How can in depreciate like the
yreenback!" says the fiat doctor with smile
IF superior wisdom. "The greenback by the
absurd promise of the Government to pay coin
or it was kept in constant comparison whh
:oin, and therefore could deprecia,e as 70 coin.
But when, by the introduction Of fat money,
,old and silver are utterly banished and for.
gotten, and our money system has become
:ntirely separate and independent from all
,ther money systems of the world, how can
he fiat money depreciate as to comp" Let
IS see
In the first place, as your fiat dollars grow
more and more plenty, their purchasing power
will grow less, just as the purchasing
POWER OF THE CLAMSHELL CURRENCY
n old Colonial times grew less, the supply OF
hem growing larger, until finally they brought
nothing at all. Thus the fiat dollars will de-
,reciate as to the articles you want to buy with
hem. "But what of that? answers the FIAT
money doctor, ''that does not mean deprecia-
ion, but it means that things grow dearer in
Price. When it takes two fiat dollars to, buy
IN article which cost hut one X ellar before