Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-09-05
The Difference Between Gold and
PaOer,
IiootllllaN.

The answer is solid and true. if not plain
to all, Let it be first expressed in several
propositions. Any one of these, if true is
sufficient; and if all are true, then all com.
bined make sad case for the greenback
theory:
First-The difference is the same as be-
tween the labor of mining or washing for
gold, and feeding IA steam printlng-press with
sheets of paper; the difference between the
labor of mining and coming a dollar, and
printing figures. pictures, promises and threats
on piece of paper.
Second-A standard or measure must have
stability and regularity. If it cannot be per-
tectlv stable, it should approach it as nearly
As possible. Carpenters work and farmers
fields cannot be measured with line or rod
of which foot is the unit if one day that
foot is as long as your foot, the next day rs
long as your arm, the next day as long H.
Your leg, the next week as long as your whole
body. and the next week only as long rs your
hand.
Third-Admitting the legal possibility of
control. the moral and political fact is that
YOU can no more control the amount of pa
per money issued by Government than you
can the volume of circulating promises issued
by wildcat banks. If the voters and the
Congress of to-day pass law that it shall not
exceed a certain limit, the voters and the Con-
gress of next year can repeal the law and
double the limit. and so on without end.
Fourth-lf one government would fix a
rea sonable limit and adhere to it, the evil is
not avoided. As it takes many families to
make a nation. so it takes many nations to
ma ea world bp
ing and selling, in order that may derive
the greatest benefit from them. must go on
between nations. as well as between produc-
ers of the same nation. The nations of the
world, after many vicissitudes of experience
many disastrous experiments. have yielded to
the necessity of the metallic standard. Ev
cry departure from il has resulted in return
to it. International commerce requires a
money that does not depend on the faith of
this or that government nor on the caprice of
its legislature as to the amount to be issued.
We must have money which other nations and
people will aspect. accept be glad to get
Our paper money is such only in so far as it
represents coin and will bring coin on de-
mand.
Fifth-If the United States may print and
issue 1000 600. 600 of greenbacks, and call
them dollars, money. legal-tenders. standards
of value, not redeemable in coin Russia may
in the same way and for the same purpose
issue 5000 000. 600 of redbacks. Spain TO-
DOC. 900 600 of bluebacks. and Turkey II 900,
OO0. 900 of hlackbacks, and so on around the
circle of nations.
Sixth-But governments cannot thus trt1e
" it'll the precious metals, cannot thus over
issue gold and silver coins. Nature has reg
ulated that, and has placed limit upon the
amount.
When a gold mine shall be discovered
which yields that metal with the abundance
that some mines now yield iron or coal. my
argument will cease to hold good not as
against irredeemable paper money. but in so
far that some other substance will have to be-
come the principal standard. As none so
well adapted has yet been discovered. gold
mine so prolific as the one supposed would be
an enormous calamity. The workingman
does not wish to have to carry a basketful of
money to market, whether of paper or of
gold, to be able to return with loaf of bread
for his family