Omaha daily bee., 1890-05-28
ANOTHER VIEW.

TECuMsEu, Ncb. May 22.-To the Editor Of
The BEE; In THE BEE of tho 2Oth inst. ap-
pears a short article from Charles Wooster on
the money question: in which he assails the
views Of the extremists and "fatsts" !"
Extremist is q relative term depending on
who would apply It. To some Of us there Is
nothing so extremely absurd as for many to
accept the shylock's stereotyped expressions,
hard money" "coin basis, - "honest dollar"
etc.
Today the prevalent ideas on the money
question are those of the bankers of Wall
street and the creditor class in general, and
should be accepted by the masses with
the full allowance that they come from men
directly interested in the advantages accru-
ing at the public expense. The testimony of
thief in his own behalf has. but little effect
upon an intelligent judge, though his pathos
and stage demeanor may influence an over
credulouS jury. The real solution of the tinan-
cial question is matter which hinges mainly
upon the prosperity of any nation-hence the
necessity of being fair and honest in an invcs-
tigation. AS examples Mr.IW. instances conti-
mental money, French assignats and paper
money in general. We have read some on
this subject and are familiar with these old
chestnut mentionings in support of argument
against legal tender paper money. 1t appears
our alliance brother is but little acquainted
with the subject he would dilate for the pub
lie, else such statements would not occur
We cite below quotations clearly indicating
the reason why continental money and French
assignats deprecated.
''rhe opponents of legal tender notes of the
United States refer us to the partial failure
of the continental money as conclusive evil
dcnce that treasury notes of our government
must fail. Our authority for what we say
upon the subject is the journal of the conti-
mental congress. This act was more than one
year before independence was declared 1t
authorized the issue of S2,OOO,000 of notes,
which read as follows:
"rhis note entities the bearer TO receive
- mill dollars or the value thereof in gold
or silver, according to the resolution of con-
gress of the 10th of May, 1715.n
We need not say that this was neither
money nor promise to pay money, emanat-
ting from any individual state or nation.
Judge Warwick Martin in his money of
Nations" page 12O) For a complete history
of the French assignats see page 125 of above
quoted author.
The assignats were not based upon the
faith, credit and revenues of a nation as our
legal tenders are, but upon the confiscatcd
estates of priests and mobiles. To compare
these issues with our legal tenders is to COM
nit errors palpable to tho masses
AS to our greenbacks we will add but a
word, as we are using more space than we in
tended. John Sherman said they were pur-
posely deprecated to make sale for bonds,
and the public is familiar with the exception
clause as one method of depreciation. We
continue quotations from highest authorities,
as to what constitutes money, since Mr..
Wooster dealt Messrs. Burrows, Powers, ct
al a backhanded slap by charging that they
are rehashing Edward kelloggs ideas given
to the public over forty years ago
IAN inconvertible paper money made
legal tender is universally admitted to be
money" (John Stewart MILL "The cir
cumstance of convertibility does not affect
paper money" adam Smith) "There is
no such thing as gold money or silver money
or paper money. Money is the sovereign au-
thority impressed on that capable of taking
and receiving the impression. That upon
which the stamp is placed is called coin; the
coin may be metal, parchment or paper"
Judge Joel Tiffany on Constitutional Law
The theory of intrinsic value of
money has been abandoned by
the best writers and thinkers.
Coin is not a safe basis for
money. The base is too small" (Encyclo-
pedia Brittanica.) If any BEE readers doubt
statements herein made we refer them to
such works Judge Martins "Money of Ma
e. ~}s,n Colonel B. S. Heaths "Einance Revo-
lutSon,n S. M. Brice's "E'inancial Cate
shisms,n which are corroborated by Allison's
History of Europe" and our own history
concerning assignatS and continental money.
Facts are what the people want, and assure
my alliance brother that press my individ-
ual opinions with little vigOr, but quote
authorities instead. Like Mr.. W.. l hope the
public will well consider this subject, which is
not complex except as is purposely argued to
mystify the many. &. w. TRICE.