The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1878-12-28
THOUGHTS ABOUT FIAT MONEY.
Reply "a y. q. 4.

=. Ucnl 81 VI "a HuulhllS u lew SppcE lh't..
about Fiat Money" for The dicrU,L 9. .,,
readers, in his letter pIpa,l'I D., ....
: BY mistake your paper ut uGJ ofir SSH. .u
laid, orl would have written .p,ter .
been reader %, your ptpcr 3D.. u',r.
and have digcSled his m,u.ul- o...
My own judgment is that the '.t'
ettc@ made "a good many mistake. r" .
thrown rs many incongru.tire a." '.,, ..
half columns of your journal as CO.'S, ....
, could be done
We are told that The Suprcin ,...
the United States, until rtco0.AUris'
purpose Of reversing it, repeated "piu.
this question, had uniformity dcca,'. .
the power to coin MsOaey never gave C.. ..
a shadow of authority 10 isSlI iarro .....
of any kind; but under an ina -iunit ...,
power, claimed by Stanton and utncyo @. o.,
breaking out of the rebellion, fr,.uI
and afterwards 'grccnImck>' and na,,oar
notes, were issued and became HAT a..
worth whatever the people would llS, ...
for, and never were ON par with cuiu--iuW;.
lluctuaing rs the market rose and '.'.. .'..
and in foreign countries like nee. on r.l'...
any other marketable commouil,.'
Now deny that the Supreme Cpurt Na.
reconstructed tor the purpose Of !cNrls,I- 90.
repeated opinions" on this question; tn" Juu.
res were added to assist in the cVci IucI,.-ir-
business. They had passed upon The qur-l'or
but once before such "recohs'rHrtioh' and ir
that case the Court held "IE#t one couli No.,
compel his crcdito to take grecnback ur ,u,.
per money where he had expressly stipulated
to pay coin"
The Supreme Court never held that Congress
had no authority to issue paper currency Of
my kind" / insist that the oniy constitution.
al power to issue paper money is Congrcs,
that the chartered power OF National Banks to
issue their notes to circulate a. money is un.
constitutional and dangerous 10 our liberties
Congress has no more right to authorize banks
10 issue the money of the country than il lIs
to charter corporations or individuals to lev,
and collect ITS taxes, pay its debts provide for
It's common defense borrow money on its cred
it, regulate its foreign commerce. enact natur
alizaion and bankrupt llws and laws punish
ing counlcrteiting, establish post Offices and
postroads, provide patcntaes or organize IL.
ftrior L. $ Courts. \ charter to national
bank to issue money is just Il, dangerous To
the life of the republic "a, though they were
vested with power to punish eOnirs and Of
lenses committed on the high seas, to declare
var, or hartcr privaccrS. Banks Aould have
is good right to raise and support armies. |
maintain II navy, repel invaslons, call out M.
litla, if chartered to 40 So, as they now have
to issue money
The powers mentioned are delegated to Con.
gresS, and that body alone ha, the constitutions
al power to exercise them; and besides It is AL
old maxim Of law that delega'ed pomers can,4ot
be deiegated
All money is fiat money" else it is not
money Webster defines fiat" to mean u Ie'.
emptory order or decree Eagles, quarter.
eagles, dollars, halfdoIars, quarters, dimes,
nlckles and pennies are money" only because
The law, order, decree, tint" If YOU please.
makes them so, Each country or nation makes
ts own laws, has IT'S own fiat decreelng wha,
shall be money and of what 1t shall be made
Again, all these paper moneys "wrre never
IN par with coin" we are told Not :,
The treasury notes" always commanded n
premium on gold, and these too being payable '
n "awinl money"
They were always fluctuating" Not one
quarter as much as gold or silver. One dollar Il
n "grecnbacks" always paid dollar of debt, ,
bought u dollars worth of necessirics paid +
or dollar bond; "grecnbacks" run the ma. Ii
,hinery of the government when gold hid la
lway-a coward, leaving the nation 10 die. or 4
AXE its chances with force organization, cut, y
horis, assassins, rebels and their sympathizcrs II
Your -. G. A." states that "the intention of
he constitution, in giving Congress the power Ii
o regulate the value Of coin" was simply tolls
give them authority to designate 1.-THE number a
If grains of gold or silver or of alloy nccessa b
y to each denomination of coin" and that
Notwithstanding the decision of the Supreme q
Iourt' Congress never had constitutional pow. If
r "to issue dollar of paper money" and he q
nrther stigmatizes rs rag money" the best pa h
'cr money ever issued anywhere. in any coun. o
ry and at any time. Again call attention to il
Vcbstcr's and Worcestcr's definition of the hi
crb "TO Coin" 1t is defined rs, to make, TO "
lamp, to issue, emit publish, press, to forge, III
nd to invent. Is it not little singular that a
onc of these expressions apply to issuing, l.,
making, emitting, stamping paper as money:
'ut happily we are not left in the dark, nor i,
ct alone to the views of ~. G. A." in the mat r.
n. In the debates of the first second, third, |,
nd fourth Congresses after the adoption of b
ne constitution, we find numerous references
, and speeches upon this subject, and very p
lany of the leading men then expressed no q
ncerlain views, and held shat this power G
ave Congress the full, complete, absolute con. II
-ol over the money question, whether of paper u