Daily Kennebec journal., 1879-08-05
What il a Dollar?

\ man who can answer this question cor
rectly ought never to be ''greenbackcr." 4
dollar is not an abstract idea. 1t is real, tan
gihle. concrete The civilized world has
agreed npon the precious metals as standards
of value. They might have taken another
standard but the precious metals, on the
whole. are the best. 1t they were not the
best they would still be the standard until
something else were adopted. Our dollar is
certain weight of gold or a certain weight
of silver 4 dollar in our paper currency is
simply promise to pay dollar on demand.
Ii passes for a dollar just long as il is
known or believed that the promise will be
kept and the dollar paid on demand. When
fulflment of the promise is refused or de-
tCrrcd the promise loses value. A certain
amount of paper currency could be
kept at par with gold or silver
by the demand for its uses as an instru-
mcnt of exchange, but the only way to main
tain it at a steady value is to make il actually
rcdecmable in gold or silver. The govern
mcnt stamp on a gold dollar simply attcsts the
weight and ineness of the metal. which has
intrinsic value, and is equally valuable in
every part of the civilized world The green
hackers propose to make II dollar of paper, ir-
redeemable, of no intrinsic value. They say
that will be 'cheap money" 1t would be no
more absurd for man to say that because
a farm costs money, and is suject To cond-
tons of climate, he will take piece of pa
per, write the word farm" ON il. and make
sure crops by tilling it, Or, because IA cow
costs money, write the word COW on piece
of paper and milk it. Or, because a horse
costs money. write horse on Il piece of pa.
per and 20 to mill with it.
II is true that paper dollar may pass at
the shops. and buy real articles of mcrchan-
Il bnp - D.,
pay hi, bills. But, As long as il passes, it is
taken because of its real relation to a real
dollar-so much gold or silver. 1t may mean
whole dollar this week and ninety cents
next week. but it is always measured by the
gold and silver Standard in which the worlds
exchanges are reckoned. This is the very al
phabet of the currency question, but men who
cannot understand it set themselves up as
teachers. and make plausible, though shallow.
assertions. And they are li>tenedto in spite of
the fact that for seventeen years We used Il
currency not rcdccmable in coin. though twas
always gagged by the value of coin. We had
a long period of fictitious prices. Specula-
ton was rampant. Extravaganza was the
rule. Everybody was deceived. Now we
have come back to real values. Initiation
cheated the creditors. The return TO real
values was a hardship to the debtors. Shall
we 90 through it all again? The country is
now starting, on a solid basis, and new
career Of prosperity. The conditions favor
legitimate production. Shall we cast them
aside for another wild whirl of speculation?
If so, let us understand what we are doing
let us know at the start that imitation is for the
benefit of the capitalist and speculator, and
against the interests of labor. The capitalist
and speculator can hold their investments for
an advance. The workingman must sell his
I,l.- t,.- Il
which is simply an pnjusf measure Of ratue,
makes the rich richer and the poor poorer.
simply becausethe rich can take advantage of
its fluctuations, while the poor are necessarily
the victims of and sufferers by them Bos-
ton Uerad.