The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-05-04
On Important Subjects.
On the Superiority Of Paper 70 Metallic
Aunew.

does it nots
FArHER-It does.
MARr-Why?
FATHH- Because it Vas invented to be. and
should be, merely the servant, and not the
master Of those who produce the worlds arti-
fetal or exchangeable wealth.
MARr-Is il now the master of those who
labor?
FATHER-It IS and they are too often il will
ing worshipers.
ELLES-The poet Burns well exposes the
evil and condemnable power OF money in these
lines
!" See yonder poor o'eriabored wight,
So abjecs. mean. and v,le
Who bags : brother Of the earth
To give him leave-7o roni
And Sc his lordiy fellow-vorm
The poor petition spurn:
UnmIndul though > weeping wife
And helpless offspring mourn.
FATHER-Yes, those who toll now have to
solicit permission 10 earn, while those who do
not labor usually command the means of exist
ence. This il not - it should be.
MARY-Who has conferred on money the
powers by which it now tyrannizes over man.
kind.
FArHER-Man himself
MARr-Nhat are those powers?
, FATHER-The first is the power TO represent
and measure the value Of natural wealth. The
second 10 the power TO increase independent Of
labor.
MARr-What values are there in money!?
PATHER-Two. All money, whether of gold
or paper, has . natural or inherent value; it
has also an artificial or exchangeable value.
MARY-Who gives it its natural or inherent
value?
FATHER-The Deity.
MARY-Who gives it it, artificial or exchange
able value.
FATHER.-Nan.
MARr-Senator James G. Blaine said God
gave gold its salue. Was he ngnt?
FATHER-Certainiy and God gave the value
to piece of paper in Greenback also, for it
as well IS gold has . natural value but the
artificial or exchanseable values Of both are
conferred on them by human agency.
MARr-Man has set up gold or silver IS
standard money. Can he deshrone them?
FArHER-Cer.ainly as easily as he set them
up.
MARY-Ought he to do so?
FATHER-He ought. In this age of art and
science metallic moneys are simply barbarisms.
MARr-Why do you call them barbarisms
FATHER-Because paper money now could be
30 manufactured that it would not only be less
costly Is regards human labor. but safer, more
portable, and more durable.
IARr-Piease explain how paper money
would be safer 2"
FArHER-Metalhc MONEYS are eounterfeited,
split and filed, bored and sweated everywhere,
at all times, but no attempt has been made for
years to forge : note of the Bank of England,
though they are to be found in Ill countries
III
and science, 10 safer than metallic money
ELLES-It IS easy to prove it il more portable.
FATHER-Cer;ainly and that is one reason
Why our people, from the first setIemen: Of our
country, have ever preferred it to metallic
money.
ELLES-Commissione Knox, speaking Of pa
per money at the late Bankers Convention at
Niagara Falls, said: 1t il bone Of our bone,
and flesh Of our flesh"
FATHER-Yes; and he also said -
"on Nov. 18th 1879. the amount d balances in
gold CON paid TO and received from the Clearing
House Wa g. 500 0Oo ~eighing about afteen and 8
half tons. and on the End Of last month July 1851
the Clearing House banks received from the Assist
ant Treasurer 1850. ooc. weighing . little more
than eight tons. The Assistant Treasurer pays to
the banks daily IN average Of ton and hall OF coin
which form OF payment Is . RELIC BARsARIsx that
EL.Ex-Is Commissioner Knox in favor OF
/ paper money?
FArHxR-I think not; but he admitted our
people generally preferred paper mediums Of
exchange.
ELLES-wha. did he say on that subject,
| FATHER
The people throughout the country everywhere
sAk for paper. and the banks ind difficulty IN sup.
fhad and \
their dealers to accept coin in payment
MARI-You have yet to prove that paper
money is "more durable. than metallic
money
| FATHER-An metallic moneys are constantly
and rapidly decreasing In value By wear.
Forty per cent of the gold coins in use in Great
Britain are said to be Of light weight.
MARY-On whom falls the loss IN such cases
! FArHKR-0n the people. When amounts are
paid into the Bank of England almost ALWAYS
some coins are deficient IN weight. and the
party paying them into the bank has to make
good the deficiency.
MARY-Does it reissue light soyereigns?
FArHER-It does not but that loss Is Fl ght
ful tax on the British public, amounting TO some
millions Of pounds sterling per annum.
/ AARY-Of course, such loss could not occur
in paper money!
| FATHER-Certainly not. A ten-pound Banl
Of England note . century or more old would
be ~ valuable now as when it Was issued. /
would have suffered no loss by wear.
EILES-It would be difficult to get one cen
fury old.
| FATHER Certainly. have read the average
life, il may so term 1t, Of the notes of thu
Bank Of England ID not more than three
months, All, when they are returned to thu
!, bank, are destroyed.
ELLES-Suppose they are in good orders
FATHER-It il of no consequence they arr
never re-issued. II ron 90 to one department
Of the bank and draw ont : hundred fye-pound
notes, and, An hour after, decide to Obtain gold
for them, you take them 70 another DEPARTMENT
receive the gold, and, though the notes have
not been in use day, they are destroyed.
MARY-Can you tell rs wherein consists thei,
security, Is regards their not being counter
feited?
FATHER-I think mainly in the manufactur.
of the paper and the water-mark. The iorme,
liz made from the finest new linen, and, though
Exceedingly thin, 30 strong that 1t will bear ].
ipounds' weight on . square foot. But, o.
course, here are many other securities.
MARY-Is not nine-tenths Of the business O
our Republic and Europe transacted with paper
mediums Of exchange. q
FATHER-I think 30, and advocate the doc
Urine that the entire volume of our money rec
ognized ~ such by law, should be manufac
tured of paper and issued by national author
lity. Gold gambling rises on. of the vast Va
Iriety IF mediums Of exchange, national ans
individual, which are not but pass among oul
people 40 moneys. Congress has no constitu
Itional right to issue anything but money % fol
the use and service Of our people, and th.