The midland journal. (Rising Sun, Md.) 1885-1947, 1891-12-18
Friday, Dec. Is, 1891.
congress Shall Regulate the Value.

of the United States reads: The Congress
shall haye Power TO coin money, and reg
ulate the Value thereof" The word "coin"
in the sense here used is simply 10 make
Congress is INVESTED with the power to make
money and regulate the value thereof. Not
withsianding this solemn duty has been i'm.
posed on Congress, it has never exercised il
other than in partial way. The coinage
of gold and silver has been done by the
government, and the weight and fineness OF
the coins have been fixed by act of Congress,
hut the metals used 10 coinage have belong
ed, generally, to private parties, and with
their coinage passed from the control Of the
government into the hands Of the owners Of
The bullion, either by passing the coins or a
certificate to the owner of the bullion. In
the latter case the ooin or bullion was
stored in the treasury vaults IS pledge
for The redemption of the bill or certificate
sent out 10 do The work of the boarded
coin, passing forever from The control Of the
government. When ownership did not
exist, power to ssregulate the value thereof"
could not A uniform value OF the coin was
in manner fixed by prescribing its weight
and ineness. But in order to regulate a
future and 1uctuatiug value Of thing it
must be retained in control by the maker
or conner. The value of an article is de-
termined by the price it hires, rents or sells
for. Money differs from merchandise 10
the sense that it is not bought and sold for
personal consumption but rather rented or
hired as an Implement to assist the ex-
change Of products. This latter prerogative
which is by far The most valuable part Of
its sovereign power over money, the gov
ernment has never exercised. This power
of regulating the value Of money has al
ways been in the hands of individuals or
corporations called banks.
In periods Of financial commissions caused
by wars when coin money at the first alarm
scurried to hiding places, the government
through sheer pressure of necessity has been
driven for self preservation TO make money
of paper. In this it generally acted timidly
by placing the issue on the public in the
form of a loan without interest by stipulat-
ing on the face of the notes an obligation to
redeem the same in coin on presentation by
the bearer. This paper money was always
used for present needs and put in circula-
tion 10 exchange for goods and payment OF
salaries, Immediately passing ont of posses
sion and control Of the government as COM
pletely as the coin. All future control and
power to ssregnlate The value thereof
passed into the hands of individuals and
banking companies, who proceeded 10 ex-
ercise this important function delegated TO
the government by the Constitution. While
the government OF Congress prescribed the
unit of value of its money il has never reg
ssiated it but has blindly Ignored this i'm
portant franchise, allowing it to fall into the
hands of a favored class who have used ii
to rob the producers of wealth aggregating
hundreds Of thousands of millions, and col
lect tribute from the toiling masses of every
nation under the sun. The masses of this
country are becoming thinkers as we'll as
toilers, and are demanding that their GOV.
eminent assume the exercise of this neglect.
ed franchise, and set about Regulating the
value" of the money II makes.
After the close of the slavery war between
1865 and 1867 inclusive the government
destroyed a thousand millions Of this paper
money it had used TO successfully prosecute
the war, and in its place issued bonds pay.
ing six per cent interest. Had that money
been retained in circulation and repositories
for its safe custody provided by the govern.
ment, and loaned to the people at low
rate Of interest, in place of burning it ul
and becoming borrower and an interest
payer, every one can see what reign o.
prosperity would have been continued fol-
the laboring classes. History has no par
allel to the prosperity lha, would have ad-
vanced among the people by leaps anc
bounds. And history has no parallel of th,
growth Of pluiocracy and millionaires, aut
on the other hand bankruptcies, debt an,
mortgage accumulation, the rapid descen
to want and actual poverty of the prosper
GUS and we'll 10 do classes since those fata
years.
The government not only destroyed il
war money but gave up its power 10 CON
troll and regulate the value'' of any iutur
paper issues it might make by deleeatiu,
that power to the national banks. whicl
regulate both the quantity and value of al
paper money issued by the government
other than coin and coin certificates which
are the property Of the former owners O
bullion they represent.
The greed which engineered the deslruc
ton of a thousand millions of the circulai
ing medium two years after the war
converting 1t into national debt to draw
interest from the pockets Of The people. wa,
not satisfied with this awful sacrifice to il.
rapacIty, but few years later clandestinely
curtaiied still further the power of the gov
eminent to supply money for the needs q
the people who must use il 10 productivs
industry, by demonelizing silver, TIM,
narrowing the power of the goyerumen,
over the money Of the country down 10 the
meagre coinage Of gold and subsidiary coins
With the power to regulate both quantity
and value Of money transferred from the
government to The hands of nln.oo.a,;1