The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-06-30
LEGAL STATUS OF SILVER.
A Vigorous Reply to Some of the
Recent Arguments For Mon
ometalism.
Mr.. James Milliken's Able Article
on Law and Legal Tender
Money"
An Advanced Stand in Favor of the
White M~etal-Reply to an Emil
nent Statistlcian.

eliminate silver from our legal tendt
money, and that accomplished, and gol
made sole legal tender, then to coin FIRE
all silver offered. The first, and it shout
ever be the last, answer to this question
stated under the conditions argued, is
Because there is moi gold enough in til
world to fulfil the functions of money.
all the great commercial nations use n,
money but gold as a legal tender, withou
robbing debtors and Taxpayers by a conse
quent and inevitable lowering of the aver
age scale of the prices of all products o
labor, and consigning a large portion O
labor to enforced idleness. This ia demon
strated by by the financial crisis wrough
when England alone attempts t
demand that all obligations due t.
her people shall be paid in gold. And t
legal tender value is, that it would be
crime against the best interests of tn
nation and a hindrsnce to the prosperit.
and welfare of the whole people 1t woul'
delude the masses with a material supposed
TO be "money" in easy times, but which
would prove to be worthless at the frs
mutterings of a financial storm. And j
would furnish opportunity for an army O.
brokers to levy tribute on the people b,
buying and selling at varying discounts s
material In the likeness of money, but no
money, Because not a legal tender.
Baron Alphonse Rothschild, that emf.
nent merchant, banker and financier, whose
name is a synonyme for knowledge on the
subject of money and its functions, before
the Monetary Commission which met in
Paris in 1869, opposed strongly any purpose
to maintain and adopt gold as q single
standard for money, and presented cOGent
reasons Why such a step must prove alike
injurious to creditor, debtor and enterprise.
Baron Rothschild said:
"The simultaneous employment of the
two precious metals is satisfactory and
gives rise to no complaint. Whether gold
or silver dominates Tor the time being, it is
always true that the two metals concur to-
Rether in forming the monetary circulation
Of the world, and it is the general mass of
the two metals combined which serves as
the measure of the value Of things. The
suppression of silver would amount to a
veritable destruction of values without any
compensation" The presidents of the bank
OF. France, in earnest argument. presented
similar views to those expressed by Baron
Rothschild.
The statistician next proceeds to discuss
the creation and functions of money, and
says: "The government rightly assumes
the function Of coinage in order to give alb
solute assurance that each coin contains a
certain quantity of gold measured BY
weight in grains, or a certain quantity of
silver measured by weight in grains"
The function and power conferred upon
congress, in the ~justness, beneicence, and
wisdom of the constitution, is in no sense
expressed as stated by the statistician, and
the statement that it is "in order to give
implying defined specific purpose or object.
is a perversion of fact. The constitution
conferred upon congress- the power 'to coin
money, and regulate the value thereof" In
the exercise of that power and in the fulfill
ment of q specific purpose, congress has
coined gold, silver, and paper. and declared
each "a legal tender in the payment of
debts" The doctrine that 'to coin money!
means, of necessity, the use of metals is as
arrant a piece OF humbug as was ever pro-
mulgated bv self-proclaimed scientists to
mislead the minds of a busy and too-con-
fding people. The time is present when
the sham of such teaching should be ex-
posed. To coin is simply to stamp. "To
coin money" is to stamp with any device,
seal, and inscription which the government
may adopt. The authority granted neither
asserts nor directs anything more, and
means nothing less. The material to be
used is left entirely to the option and dis
erection OF congress. Every piece of paper
money issued by our government for legal
tender purport contains tho coin stamp-in
sNN t%o'SA AiSAi AN ~ Y Wiz
tue OF this coin stamp, and this paramount,
the legal-tender act of congress applying to
the use of paper money was sustained
almost unanimously by the supreme court
of the United States.
no coin is to form. fashion, fabricate.
or convert into money anything of which
it may be made. ''-Farrar's Manual of the
Constitution.
Amid the perils which from time to time
have oeset our republic congress has fire.
quently authorized the issue of treasury
notes for currency, but those issued prior
to the act of congress of Feb. %, 1862, were
not made a full legal tender, and uuon
those the stamp of the government, in EVIL
dence OF lawful issue money, was not re-
CURED; but upon those issued bearing the
words, legal tender in payment Of all
debts. public and private,', the REQUIRED
coin stamp of the government came forth
III compliance with the language of the
law, which declares shall bear as ev-
ldence OF lawful issue the imprint of a coDy
OF the seal of thetreasury department.. This
was the creation of money, of coined paper
money, and in the power granted by the
constitution, with the authority and majesty
OF law, for the beneicent use of the people.
In pursuance of this poUer to ''coin money"
not dollars" as the statistician tries to
persuade the people-congress has declared
u certain piece of paper, a certain piece of
silver, and a certain piece of gold. each
-N@'fS N'S eh' Min III Slutl Do
money" and Il legal tender in the payment
OF debts; and under the adoption by special
statute of the decimal system, shall be
known as Collars and units thereof-the
name adopted from n foreign language.
And under the power ito regulate the
value thereof" congress has declared that
metal money and paper money. under the
decimal system of designation, shall be of
equal and uniform value in money of nc
count, and In the payment of debts. Con
gress has not directed what amount of
money shall be paid for a horse or any
other thing of value. A legal-tender
law merely prescribes how purchases
and contracts shall be legally fulfilled.
And, as q law and guide to the coiner in the
selection of metals for metal money. the
kind to be used has been specified, also the
weight and quality of metals: but in no in
stance asserting as to grains of weight that
they were or are of an exact parity in bull
lion value, although defining relative rela-
tions III grains Of weight-at times the sill
money being of greater bullion
value than the gold; at other times, as at
present, the g~old-metal money being of
greater bullion value than the silver. It is
passing strange we never heard the cries of
gold dollar, when silver was at a remium
by the gold standard. And congress from
time to time changed the weight and the
relative relations of weight, and changed
the KIN OF metal to be used for coins, but
has never changed their value while per
forming the functions of money in the
payment of debts for which thew
were created, with the exception OF
the Ghorflivad ap6 ;rpabJn 81. n