Southern standard. (McMinnville, Tenn.) 1879-current, 1881-12-03
he Government Should Issue the
Money Without Promise to
Redeem 1t.
Fiat Money.

lHOiO 10 Nv MAUI I'll lnOu61. IL 10 I'LL
tifcial money. Money is the crea
pm of man, but very few men have
e slightest conception of the nature
I'd use of money. Men talk too much
it'll their mouths without using their
inds.
As people multiplied society formed,
Foduction increased, and commerce
banded. 1t became evident that
oney was great factor in the con-
yet of human affairs, and that there
ns not enough OF gold and silver to
Get commercial necessity. 1t was
90 seen that transactions could be
FRIED on upon paper; that man
uld give his obligation to pay, and
at the paper was solvent or not ac-
rdinu Ia tho -nhilii.I af n,N---...l----.v
Y.
1t was again seen that a man or set
men could issue bills on paper to
+culate as money provided coin was
pit on hand to redeem the bills.
But now a better and more advaced
Wv of money is attained. That all
; money shall be issued by the gen.
u government, and all a full legal
lder. A dollar issued upon paper
lll be the peer of a dollar issued
on anything else. That the dollar
gold has more intrinsic value about
han the dollar on paper does not eff
I the money question one way or
other.
Intrinsic value is one thing, and
ney is quite another thing. In dis
sing intrinsic value money is not
PSidored. In the discussion of money
rinsic value is not considered. In
Isle value and money are as distinct
separate as two things well could
They have not the slightest CON
Etion, only that money must be is
ID upon something of value. That
,ething Of value is no part of the
ney.
% have money issued upon two
nmodities and the money issued upon
commodity to be paid and redeem
with the money issued upon the
Ter commodities is not within the
sc Of intelligent conclusions. If all
money is needed at the time it is
ed it will continue to be needed,
why redeem and take up any of it?
loney upon paper should be issued
the general government without
promise to pay, and be the peer of
hey issued upon any other thing.
ney can't be issued at all without
ting it upon something of material
ne, and paper is the most appropri-
being light and convenient.
the government were to issue two
J, one with a promise TO pay, and
other without the promise, and the
eminent fail, the bill with the prom
10 pay would be as worthless as the
pr, Money issued by the govern
t rests upon the stability of the
ernment and that confidence the
pie have in it, or the real founda.
of money is the wealth of the ma.
and the intelligence and capacity
he people to make that wealth pro
i've. The government honors and
ems the money by receiving it for
lues in the course of its administra-
As there is not enough of coin
answer commercial demand the
question is, what shall we have
lppiy the deficit? There is grow
disposition to d2monetize silver be-
e it is too heavy and inconvenient
circulation, and the time will come
u the same will be said of gold.
t. eu we go to exchange money for a
MODIFY If it is necessary that the
CIV should hav like intrinsic value
the commodi Y, we might as well
back to an exchange Of commodi-
old and silver have often huctua-
n value as other commodities, and
are as likely to do so again.
ey does not measure values. 1t
" carries or passes values from