Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1890-01-01
q Lerter fronn vallette.

.
q LETTER from vallette.
NoRwIcH. Conn.,. Dec. 1e.-Editor
TRANSCRIPT: "a l'n'' It appears to me people
are very careless about question Of as
much importance to them as is the money
question. Money enters into our every.
day transactions, and yet not one in
fifty understand the true functions and
nature of money. Comparatively speak.
ing. butss very few understand the source
from which money comes. For the benefit
ofyour many readers. I will give them q
few simple points, easily understood,
and II any one wishes to pick it up, so
much the better. First, then, moneysis,
creation of the law, regardless Of the
material on which the impression is
printed or stamped. All money, then,
must be "fiat" money. There can be no
money unless it be fiat" This being
true, there can be no such thing as a
money of the world" for our nation
cannot dictate to another what it shall
use as money. Another thing. a nation
creates money only for its own people.
Congress may declare Is $40 grains of
gold $40 fine to be dollar, but when
that dollar crosses the line between the
United States and England it loses it's
money quality and becomes bullion, or
commodity. Why? Because in the first
place, England's money is reckoned in
pounds. shillings and pence, while ours
is reckoned in dollars and cents. In the
second place, England's coins are II parts
gold and one part alloy. or 11-12 fine,
while ours is 8 parts gold and / part al
10y. or $40 fine. England never takes
our goldSdollars by count, but by weight.
We do not take English sovereiyns by
count, but by weight The sending of
one million of our gold dollars to Eng
land does not increase their money VOL
ume, it only increases the quantity of
material of which ENGLAND stamps
money. While it does not increase Eng.
lands volume of money, until it is melted
and stamped as sovereigns, but it does
decrease r our volume of money or
dollars. This is what plays havoc with
our business, the increasing and decreas-
ing our numbers of dollars, which in
crease and decrease the price of all pro
ducts. The increase in the number of
dollars increases the prices of labor
products, and the decrease in the num-
Der of dollars decreaces the prices. The
sirableEthing in business is stability oi
prices. This cannot be- had as long as
the number Of dollars is subject to de-
crease and increase by the will Of few
The most desiarable material of which
Imoney should be made. then. would bt
I that Rhich Is non.exportable. This
brings US to the assertion that gold anc
silver is unfit to be the money of civil
lzed nation. This may seem to some 8
strong assertion, but facts will bear Ut
out. We will admit for argument sake
that there can be no money in the United
States except gold and silver, because
they have an intrsnslc value within them
selves. All right. Now. as there is no,
enough of these two metals available fol
money, it becomes necessary to provide
a substitute, and as paper is the mos
convenient and handy, it is substituted
and based on the gold and silver dollars
we will say dollar for dollar. Now i
happens, as it often does. that the bal.
ance Of trade is against us, we have tt
send our gold base off to settle the debt
| Now, let us ask you what your substi
tute papers promises to pay" are worth
now your base is gone? 1t is wortl
nothing. You see, then, your pape
promises to pay" which were used to d.
business with, based on gold for thei
value, are now worthless, for their bas
is gone. You see, then, you have COZ
tracted or decreased your volume of dol
lars, as many as you have sent off to set
tie the debt. In decreasing your volum
you have decreased your prices, and peo
pie must sell for less than the cost o
production, which entails loss and cause
business failures. Can this system b
changed so that we can ship gold, nc
dollars, out of the country and not d.
crease the volume? Money is creatio
OF the law. Money is ''fiat." Congress
, has the power to create money. 1t ma
create 1t out of any material it sees Il
1t is the duty of CONGRESS- to create su
flcient amount of money for the peop
, to do their business with. And why MOI
, Congress is but the servant of the PEI
r pie, to do their bidding. Some one say
must Congress create money and give
to the people promiscuously2 Oh, n
not at all. Not one dollar of none
should 60 into circulation from the go
, ernment only for value received.
But, says another, must everybod
= work for or give value to the governmel