The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1881-05-19
The Funding Bill and lis Issues.
BIZ GEN. J. R. CHALMERS.
10. 9

e The fact is undisputed that when gree
!, backs were not receivable for customs, n
for interest or L. :. bonds, and were not T
deemable in coin, they were below par whe
tested by coin. 1t IS equally undispute
that as soon as greenbacks were receivab
/ for customs and were redeemable IN col
they rose at once to par with coin, not onl
in the United States but also in Canad
and Liverpool-and the holders of our bono
preferred them TO coiu, for the payment {
either interest principal.
The point on which We differ is as to wins
produced this result. One party claims tina
it was produced by the offer to redeem ther
in coin on demand. The other party claim
that il was produced by the reception q
greenbacks in payment of customs. 1t /
possible that the future political economis
will declare that it was produced by boil
causes combined, each contributing al
equal share The reception fer custom
gave the greenbacks equality with coin a
home but might not have given it abroad
The offer to redeem 50 large an amount o
/ paper with 50 small an amount of coin
might have proved an utter failure had il
! not been aided by the offer to receive green
| backs for customs, which Secretary Sner
man made without authority of law, in hi;
great anxiety for the success OF resumption
/ Upon the settlement of this question de
/ pSHuS the solution OF Inc Ot1tT great tutS-
/ ton upon which parties are divided,
/ whether green backs are now money equal
/ in value to coin or whether they are but
| promises to pay. One side contends that
/ nothing is or can be made money except
gold or silver. which have value in them
selves and are recognized rs money metals
by other nations, and they called the
money of commerce and of the world.
| The other side claims that there Is no such
j = 4.
nation has not only a separate nomencla-
ture but separate weight and finances for
its coins and the money of one nation is not
a legal tender in another. They maintain
that money is made by the fiat of the nation
alone-that anything Is money whether the
Cowry shells of India, the wampum of the
Massachusetts, colony, the gold of England,
the silver of the East Indies, or the legal tender
paper of the United States, provided it is de-
ciarcd to be money by law. They contend
that the best money Is that which Is made
of some light material like paper, which has
but little value except that given TO it by
law and the stamp of the government-that
such money does not lose anything by wear
while metallic money loses something from
attrltion every year-that 1t will not ftuct-
uate in value from causes outside OF
Government control, tO-wit the over or un-
der production of the gold or silver mines of
the world and will not be suddenly inflated
or contracted as bank paper at the will of
bank corporations, who look to their own
and not the public interest-that its volume
will be regulated by law, which can only be
passed through Congress after mature de-
liberation and mus! then meet the approval
of the President, before it can be materially
increased or diminished. There is some
truth in the argument of both sides and yet
neither is entirely correct. If the CONNER
cial value of the money metal alone gives
value to money and the law and the stamp
of the Government has nothing to do with |
it, why Is twenty cents worth of copper |
when coined into pennies worth $160? Why |
is seyenty-iive cents worth of nickel when |
coined into five cent pieces worth SO? Why |
are two halves or four quarters of our frac-
toual silver worth as much our standard |
dollar although they contain per cent. less
silver? And why, again, Is the trade dollar,
420 grains of silver, worth less
than the standard silver dollar containing
4l2R grains Why were not Confederate
notes, which were not legal tender, as good
in the Confederacy while it had hopes Of
success as the greenbacks were in the United
States, and why were Confederate notes I'M
til IA late period of the war as good in Liver
erpool as the greenbacks, where neither was
by law? And on the other hand
# the law and stamp of Government alone
makes money, why are the green backs which
ire not by law legal tender either for Gus
SONS or for either interest or principal of our
bond or debt, now equal to coin which is
Why is a national bank note which is not
egal tender for private debts and is not re-
leemable in coin equal to a gr4enhaek
which is? Why is a silver certificate which
5 not legal tender for any thing equal to
either of the other dollars except with the
National Banks which have tried to depre-
;iate both silver and the silver certificates
And why, again it NAV be asked, if the law
loes not control the value of money, is sill
Ter as compared with gold, worth less in
England and more in India where both
countries are under the same law-making
,over-which has made or suffered one law
or England and another for India. The
ruth will be found in some mean between
he extremes. Whether the greenback if
made by law, what it is now in fact good
It home for all public dues and good abroad
" reason of this value at home and the fur
her fact that it can be exchanged for coin
n demand, fills this mean, time alone will
1t now most needs Is a friend
nd not an enemy in the Treasury depart
nent to test its powers. Paper recoverable
or all public dues and private debts would
eel but little shock in panic for coin and
'aper exchangeable for coin, would not be I
/
ome.
The theory that money could only be
1ade of silver and gold was thus stated by
fr. Blair, of New Hampshire, in the 45th
congress:
"Value alone can measure value because
is only the entertainment of
n unknown thing by comparison with a
nown and definite quality or proportion :
the same substance or quality. All
nd e md | :
e measured only by their likes" Is this I
rue? The measure of wheat is a bushel, {
nd yet Mr.. Blair would scarcely contend |
hat there is any similarity between wheat :
nd a bushel measure. The measure of {
rsenic is the apothCcary's scales, and yet | {
ir. Blair would find it difficult to show any :
keness between the arsenic and the scales 6
he measure of whisky is gallon, and yet
'e imagine thirsty kentuckian would be
Intensely disguised if after inviting him to
rink, Mr.. Blair should offer him a gallon
OF instead of Bourbon whisky, and tell
i'm they were 'tof the same substance and 9
uality." This theory that coin alone should Y
e legal tender money would find more I
apport if there was coin enough in the !
orld to meet the demands of trade, and | !
ave great respect for the opinions of those !
tho believe in coin money pure and simple
Tut when men profess to believe in hard
leney and yet propose to allow bank cor e
orations to manufacture all the paper |
honey of the country under the pretence f
nat it is convertible into gold because gold :
IN be had for it when there is no special /
emand for gold, must doubt either their c
alignment or their sincerity. They tell US
loney must be made only of metal which a
Il the world recognizes to be money metal
nd which therefore will have debt paying Y
nd purchasing capacity beyond the limits 8
the law which coined it. IF such money N
)uld be made or found all would admit its I
lPeriority. But unfortunately there is no :,
fetal which is admitted to be a money Il
FETAL in all parts of the world and if there II
ere the coins of one country differ from o
mother. Again, the coins of one country Il
re not legal tender in another unless made q
by the local law, and hence they have no g.
ebt paying capacity beyond the limit of r.
- s eiem' Ahey nave Pul h