Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1879-08-14
Coin Versus Paper.

From the Terre Haute EIprc''.
The stamping of money upon metals is
much more expensive than upon paper.
(Remember that the words imprinted up
on any material, paper or metal, is all
that makes it pass current, and then it
will only pass within the Jurisdiction oi
the authority which stamps it, The
melting, assaying, weighing, rolling, cut
ting, stamping, &C., is useless expense.
Whatever uses metal may have as a
commodity, it is id as to these uses when
coined, entailing )ss of interest on its
value. II the ave .ge rate of interest
among mankind be SIX per cent per an
mum, then the human race is losing six
per cent each year upon the bullion value
of all coins in existence, getting in lieu
OF this interest. the use ps coins, which
really repays nothing, for valuelCss mater
ial could better be snDotituted.
Coins are inhexible, hard, uncomfortable
disks Of metal in the pocket, of equal sizes
mixed up; difficult to Count, liable - be
dropped, unnatur,.l, cold, clumsy, tarnish-
ed, repulsive to the touch. difficult to con-
cell on the person, noisy, &c, Travellers
can only carry limited quantity.
Coins are exported end hence unfit for
domestic meuium of exchange. Although
the production of gold aud silver may
keep pace with its current waste, still the
quantity to be found in any one counhy y
at any time may be lIinously deficient on
account of foreign demand. The money
of the world" does not exist. Our coins
are not money when carried beyond the
jurisprudence of our laws. 1t we produce
gold and silver which we wish II sell in
foreign lands, it is unnecessary to com it
for shipment as it would be to coin lead,
iron, or other m tails or product. Bullion
o?rs bring Just as much and usually more
than coin, because not worn by use. We
used no coins for domestic or foreign trade
No commerce is profitable to Us with
other nations which we cannot pay for in
commodities. Let our travellers who go
abroad take drafts upon our exported pro-
ducts.
Coins, If carried abroad, incur much
loss by chargeJ Of the money changers. "
There is not gold enough obtmnable
fota currency nor for an "honest" basis for
u proper amount Of currency. The pro-
duc,iOn of gold is constantly diminishing
while the ponulation Of the world and the
usc3 of gold is constantly increa ing.
The purchasing power of gold is ey-
tremely fluctuatinG-varying % per cent.
in a few yeaij-becouse the quantity can
not be regulated. The quantity of paper
may be regulated by constitutional pro.
V sions making it keep pace with the pop
dlation-issuing fixed number of dollais
per capita-then the plices of commodi-
tier would become just, for they wod'd be
detel mined by the supply and demand of
the commodities themselves instead o. the
supply and dem1ud of an almost unob-
t. ;naDle and almost useless metal. No
human lew can regulate tie exchange
able value OF anv article. Anything ia
wolh what it will bring, only. Laws can
leejlato the debt-p!ying va'ue of any
a. ,icle. So many grHins of gold or iron,
c lined or uncoincd may be made a illegal
nder" for debt But it is unjust to
f. this value upon any commodity to the
exclusion OF others. Gold is Commod ty
TIL fat is imprinted upon it. A value
is enforced by statute upon the product
o a gold mine, but not upon the product
Of lead OF TN mine, though they are
more useful. A law fixing the price OF
all articles would be as Just as coina9e |
laws.