Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1878-08-29


spurious nicxels pass uniegarsied And third. IL
service Of the government is valuable in mAsy wsyA
and this gives to its stamp sound value In prstsek
ing lite and property. in stamping and v1R1fyfne
money, in collecting debts and settling coutsovsRss
and in other ways it renders service WHICH The Pee
its decrees Hence the government giyes a value q
its coins over and above their bullion value Just
how much no one can say. But the government il
not everything. nor Is il omnipotent, and hence Is
cannot put arbitrary unlimited valne into its 10
snes Government paper is good when it promises
coin In proportion TO the confidence reposed in its
promise We are now near specie payments and
greeDbscks within half of one per cent
in gold; repeal the resumption 90
and they will decline in value. Engage
In any imitation scheme. and they will still further
decline. Make it certain that they will never b
paid and they will be worthless Confederata
notes. Fiat alone cannot hold them up.
Of this we have abundant proof In past experience
France tried it during her revolution. She issnoa
assignats TO circulate money; made them q
legal tender for all debts public and pr:vaiee
forbid the uss of gold and silver coin; passe. penal
laws to compel the people TO take them. fixed the
price of all staple ccmmodities-and Yet they eprt>
clated to utter worthlessness Will il be said it
because the revolutionary government wac not sta
bes The explanation is not correct. for France kss
never repudiated public debt, even when created
by revolutionary governments This paper psIished
because government had power to sustain IT
Our confederation, the Southern Consederacy
our own experience in the War. an
ciate just in proportion TO the uncertainty of pay
ment, and no power OF law eau help it. Massacaa
setts South Carolina. indeed all the colone tried t
before the Revolution and all with the resmlk
No iegal-tender laws impart value eho ush 10
paper 10 keep it afioa without confidence It's
demptinn. II will depreciate in the hands Of TIA
people who must suffer all the loss in the END bar -
anc capitalists can take of themselves and
shave and loss in every financial disturbances falls %
the laboring and producing classes.
But the error responsible for this hole fat schoxs
Is the assumption That the dominant fuEc.
ey is the payment Of debts and that debts only
paid by enforcement of law Hence il il concla.ivl
th.ryg aleye debt Ia and hat h.
law OF legal tender Is the creator of money Ihis
is not true. Money is a tool of commerce, and -
such it has three functions perforsn-
1t measures values exchanges property and pzys
debts Its first and fundamental character 10 thA
OF measuring values and for this function 1T mus
itself possess value Ii load of wheat il TO be CT
changed for load of iron the first step is to c.x-
pare each with money standard And when
load of wheat is sold, money is received genera
lied value, which may be exchanged for any uth<g
commodity at pleasure. And when e.mmndisI-s
bought credit, the obligation of payment is ex-
pressed in the terms Of the none standard. Vita
reference that standard there meaning n
mouey or credit paper. But money is not the only
nor even the principal tool of exchange of de5x
Ninety five per cent OF our com uercia business b
transacted by the of CREDIT tools other than
ey-bank checks bills of exchange aud other paEoe.
But every one of these tools is ii st compared with
and regulated by, because they are representa-
uves OF money, value H;ssney, standard go<
and silver coins. which give significance to terms a
money. Pounds. shilliugs and pence; NapoleoDs and
francs; dollars aud cents. all derive their meaazs
in these terms means anything except in references
10 coined money A paper, therefore, stamped
dollar. or shilling, or franc which had rcxfsos
to coined money, did not represent il, was not II
changeabe for it would be an unmeaning fasehoo&
utterly vaueless-
IT. therefore. the government should adopt sncs
scheme as this its practical result would be to wfp4
out ali present indebtedness public and private
to stop all credit operations tor tie future. As The
government could not be sued a refusal To paw its
bonds except in tat paper would g practical repaid
alton. If the government should mako sucA
paper legal tender for privsas
debts it would be equivalent " .
tion of all debts public and private be spensel
WITH but if this is to be Done ought to have tia
better to have open repuaaton for it would be les
disastrous to business aud industrial prosperity asf
its effects would be the No one cza
read the fat money platforms and speeches wirts.s
seeing that lie rid Of debts the inspiring MOTIVE
BondhOlders AMI creditors are denounced' "A shy-
locks who have rights which ousht
garded; and those who have obtained and used ofhQ
peoples property aud are in debt for it. are syaps
thized with as abused and down-trodden iunocenss
ls il any wonder. when such sentiments prevail ana
communion spreadsi Ii to wipe ont debts is ID
chief end of government, let it be done bv repeal
ing all laws for their collection
and viii allow : distinguish between the homes
and the dishonest And this is the only real pnr
pose Of fat money, the more direct aud Len
must not be forgotten that while the CIV
ernment may make fiat money or chiDu
and wheat--traws legal tender for the payment a
debts IL can not make them measure of values q
tender in exchange. No fiat Of law compel poo
pie to lend money or to sell on credit TO take fla
paper for goods. You cannot to the farmer a1<
compel him to sell you his farm ior fiat money pw
to the merchant and demand his sugar or his muslia
You can coniscate debts but there the Of tbs
law ends. Ali your flats will induce the holdes
of property TO give it in exchange for your worthless
paper. As gold and silver dsplace as-isnats il
France in spite of the guillctne would they dis
mia 81,
ruin swept France with the Bosom OF destruction
so would poverty and starvation be the penalty "
u.s. Honor, honesty and prosperity alike call u
turn from this deiusion anu stand by the experienc
and reason OF the world.
CONCLUSION
In conclusion allow me to assure Won that TO tina
Republican I'arty alone YOU look for "A wise and
sound financial management From it YOU have N,
ceived your present national currency and it 700
must look for the maintenance its goodness We
believe that the United States is a nation and not
confederation and 1t has therefore power ~ provide
national currency; Oar Democratic uprouent<
nave ALWAYS asserted the doctrine State
the corer-st0ne Of their party, and hence have a.
ways gwen you local currency under State Ia
We believe that tho selection of the precious metals
by the consent anu experience OF mankind a the
standard of money measures, is founded in the Wise
provisions of natural law, and therefore that Al
good paper must b. based these. The National
fiat party propose cut loose from human az pcrsnoe
and natural law, and substitute the fsncies
OF disorder ed imagination the basis of business
vi WIG Ouo nduo 10 tuooIl vi SONtfumtnt Hnica
has already plunged the country into civil 10
again def, ing the national authority arroganuy
ever in South Carolina. and which must end in the
sub0rlinatl0n III the whole to ts parts In disrup
ton If it succeeds On the other hand is gather
ing of all the RESTLESS. improvident and in rsetcs
bic elemental threatening the stability Of social ~
der itself If you would escape from secession On
one hand and communism a the other. stand by the
Republican party Ii you want national instead u
ate currency, the hand. and greenback
good as gold instead of fiat paper worthless
Is confederate gfayOacks on The otder hand, stand
by the Republican party. Avoiding extremes which
perience Of the past inspired BY
the great principle of equal rights
to all men, this grand old party, which has
guided the snip state safely through the Of
civil war; and has plotted il through the breakers Of
financial disasters TO the very entrance OF barber
of prosperity, is worthy OF your confidence sup
port Ii pirates who had failed to scutie the siaiy
should demand to be placed in command because the
captain aud had Deen embarrassed by their -
sault, 1t would be no worse than the present do
mands Of the rebel Democracy. Ii the prodigxl son