The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1878-04-04

dollar Is not dollar unless it is acsu-
ally worth a dollar, either III intrinsic
value or for use" These quotations
seem TO involve the question as to what
il money or what constitutes money.
We (the people, seem to have had
misapprehenslon of what constitutes
money, and it is this misrepresentation
that has led us Oh blindly for years to
accept anything as money which had
the shape of coined or paper dollar,
without regard TO its creation or the
mower behind II. If its face bore the
stamp lone dollar" or the Govern
meut's promise 70 pay one dollar, we
called it money, and took II as money.
as worth what it said, zone dollar" 1t
declared the silver dollar dollar, and
in the same breath said that six of them
were not six dOllars-a standard with
out a status. \ deception and fraud
upon the laborlng classes, and power
in the hands of monopolists and money
ed kings
Perhaps the very best definition of
what is money that can furnish you Is
the one II can only give small ppr-
ton of it in q communication OF this
kind furnished TO the United States
Monetary Commission in December,
1876. by Col. Henry 5. Fitch, of San
Francisco, at the instance of Senator
Jones. OF Nevada, Chairman of said
Commission. Col. Fitch Will not be
considered by you or your readers as a
man Of secondary Importance or of
doubtful authority, when | assure you
and them that the report OF SAID Com
mission, just out i'll pamphlet form
latter the Commission had sought in
formation on the subject from every
part of the known world, adopted Col.
Fitch's ideas in full upon this monetary
question. Iquote:
Money is an infiexible DENOMINATIONS symbol
Of legal value, al expression Of Sovereignty,
conventional unit, legal tender. a nominal
equivalent. an immutable 'quid pro quo, device
of the Government intended to fill with eXacti-
tude the measures Of value legally institsted ;
and TO fulfil, by virtue Of its functions. the re-
quifements of interchangeability. exchangeabil-
ity. and the payment of debts.
None but the supreme powers OF the Govern
meut are capable of endowing money with the
functions requisite to answer these demands.
IL is symbol of legal value, because it is law.
full representative, which carries the status upon
it's face.
1t is sn expression Of sovereignty, because it is
created by the highest power of the realm. and
stamped with the seal OF authority.
1t must be legal tender that its acceptance
for debt shall be compulsory, and not optional.
Money must be lawful, secure, and legal
tender.
The law creating money makes money superior
10 commodities, in that 1t is made TO fill an un-
atertEle measure, and its value cannot fall be-
low or rise above the standard it is made to rep.
resent.
Money must possess the statutory force to com.
pei its acceptance fer debt and the liquidation of
damages. There is no power authorized to make
coin money CT Q lega-tender quality. save
Congress. The legal tender property of money
must be equal with the measure of value which
is given to 1t. Its face must denote the standard
of its equivalence.
/ am willing to admit, Mr. Editor,
that the Government cannot stamp a
shadow, and fix legal tender quality
to it. but il you will furnish the sub
stance. will say that the Government
eau stamp it ; and n1ow it with a
legal tender quality-a money power.
A gold dollar is worth dollar to the
holder. not because it is gold, but be-
cause the Government places its stamp
upon II and gives it statutory enact
mcnt of legal tender fol- all dues, or
purchases. The silver dollar. remon-
stized. is the same and the greenback,
were it endorsed with full legal ten
der power, without redeeming clause,
would be the same, because Il would
be the mandatory expression of the
Government-the sovereign will, sup
ported, and upheld by all the proper.
ties of the nation. 1t would be raised
above distrust by its interchangeability
for gold and silver and convertability
into the interest bearing bonds of the
Nation. Once fix in mind that it is the
statutory enactments, the mandatory
expression, the sovereign will of the
Government, that gives to any sub
stance, be it gold, silver or paper, the
power of money and not the SUBJ
stance itself, and we have gained
very important step in the solution of
this monetary question. This commu-
nication is already too lengthy for me
to proceed further, in answer, at this
time. Al. s. b.