Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1881-05-26
GOVERNMENT VS.. BANK MONEY,
A Clear and Candid Discussion Of
the Subject we'll Worth Reading.


how they operate.
\ AS gold was brought into use as
medium of exchange by double barter
and then by law was made the lega
standard of value, and a lawful pay
ment of all debts, it thus acquired th,
full functions of money, viz: currency
standard of value and legal tender
The latter function is entirely depend
ent upon the law, it being in no man
ner capable of creating itself.
1t is the function of government t
make all legal tender money, not par
ticularly because it can 50 guarantee
the purity of the coins, us some sup
pose, but because by the act of coming
alegal quality is impaired, and nont
but the law making power of the cOun
try is competent to impart this lega
quality. To allow an individual to dc
this is to invest him with one Of The
: prerogatives of sovereignty.
1t is also one of the duties of govern
ment TO establish justice, and eQuitably
enforce contracts. Hence, when, il
order to "promote the general welfare,
government supplies Il standard and
legal tender, it ought to see that con.
tracts to pay this legal tender are
equtably fulfilled. AS we have seen,
Il change in the value of the unit ii
changes the contract. Now, if the
same power that coins money does not
regulate the value thereof, it becomes
party to fraud, and by neglect estab'
fishes injustice.
To "cOin money and regulate the
value thereof" expresses the entire
functions of the government with re.
gard TO money, and the exercise of the
former power might as well be dele.
gated to individual Us the latter. In
fact, it were better to delegate the for
mer power than the latter, for if the
value be regulated no man could De
wronged by change of contract, and if
merchandise to full value represented
were put into the coins, no gain would
accrue TO the coiner. Hence, the coin
age of such money is of but little mo-
ment. The gain, unless by counter
feiting, comes entirely by substituting
the legal functions, in part OF in whole,
for the merchandise on the one hand,
Tho othnr
If the government receives and coins
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