New-York tribune., 1891-12-27
CR4NBEPRIES As MONEY.
A JERsEYMAN WHO WOULD BE GREATLY Ac-
CoMMoDATTD IF THIS COULD BE ARRANGED

CoMMoDATTD IF THIS COULD BE ARRANGED.
gentleman in New-Jersey writes me letter.
which he does not wish me to publish but in which
he treats of question Of interest to many people.
The same point has been suggested in other com
muncations. and substantially the same question
is asked. / will give his statement TO the public
and call attention to my reply. lie says:
1t has just occurred to me- if it is right for the
Government to purchase large part Of the sur
plus silver, go to the expense of storing it, hire
men to count and watch it, and pay the expense
of coming it, or the issue of silver certificates to
circulate in its stead all because it represents so
much labor and capital land. suppose also to
keep those silver capitalists out of the poorhouse
if that is right why would it not be right for the
Government to purchase the surplus of farm prod
uce, which represents just as much capital and
little more hard labor. and then go through the
same proceeding, issue grain certificates or make
the grain up into pancakes and issue pancake
certificates, If you please =? Now il would help
me out considerably this year If the Government
would buy up the surplus of cranberries, the
healthest of all fruits, and go through the same
process. know you will say the last would not he
right THEN why the frst2
This correspondent puts bis questions squarely
No doubt the point has occurred to many farmer
a.
gutted market Yet little reflection will, 1
am sure. convince this writer that the wheat and
cranberries are not parallel Of silver
First, the Government does not coin money
either gold or silver, especially to aid the men who
mine these metals but to aid all the people of the
country. As thf law now stands land as it ought
to remain) the Government pays for silver only
the market price, just what these capitalists who
mine the metal could get for it in the markets
OF the world The coming of it is for the benefit
Of the people who use it as money. Coinage with
its attendant process of assay is simply the esta b.
fishing the purity Of the metal and guaranteeing
the amount in each piece. No more, no less If
certificates are issued for the silver, they arc
issued for the benefit Of the entire people who
need money to use. The certificate is a promise
to pay so much silver and guarantee that the
silver is in the Governments vaults and will re-
main there to pay the certificate whenever the
holder of the certificate wants the coin. That too.
is for the benefit of all the people and the man
who sells the silver to the Government has no more
interest in the safe keeping of il than have all
the other people who handle the certificates or
coin as money. The whole business of coming
money, and of using gold and silver bullion US a
basis for certificates TO be used us money, is done
for the entire people and the expense is properly
paid out of the public funds
This whole matter turns upon the fact that
silver and gold have been adopted as the money
substances of the world. They are everywhere
used as the medium of exchange. We have come
to express our ideas of value by naming certain
coin. which contains fixed amount of one Of
these metals Not so with grain. Not so with
cranberries. Neither of those articles is used
as money. They might possibly be used as
money but the people of the world have not In
recent years treated them as such. They perish
too quickly Suppose certificates were. issued
with cranberries as a basis Of value A certih.
cate is q promise TO pay demand, O certain
quantity OF that against which IL has been
issued. The cranberries would In q few months
have decaycd. II the certificates were not re-
deemed lin cranbcrries) almost Immediately after
their issue, the basis Of their value would have
entirely disappeared, and the certificates would
be worth merely the paper on which they were
printed. end no more There would be nothing
left with which 20 redeem them.
The coinage act as 10 now stands, IL simple
effort 10 utilize as money all the gold and
silver produced in the United States; and TO