Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1891-06-16


"value of dollar is an idle thing"
That which we regard as the value OF
dollar is something which is in the
mind only. There Is general concur
renee of opinion as to what that value
is in practice. 1t came originally from
the value of certain weight of silver
among the early Germans-an ounce, If
our memory is not at fault An ounce
of silver was called "thaler," which
has gradually been anglicised 10 IDOL
lar" and it represented, or was assumed
to represent certain amount OF labor
Today we all have an indistinct and yet
somewhat indefinite idea of what the
value of dollar is, but we apply it not
according to the value of the material
out of which what we call dollars are
made, but according TO the value of the
thing which we are buying or selling
A farmer has wheat; he asks dollar
bushel for it, and he will take his pay
in dollars. 1t matters not to him
whether the dollars are in gold or in
silver or in paper, unless the amount i.
very large, in which case he would pre-
fer that it be in paper, which. for all
other purposes except that OF
money. is absolutely valueless
while if paid in silver or in gold coin
he might use the coins in the arts and
obtain some money for them, in case
from any cause their money value should
be destroyed. The only reason why
gold and silver are favored by the COM
mon people for money coins, or ever
were so favored, was the belief that the
intrinsic value of the metal would also
be serviceable to them in case the gov
eminent should fail. During the mid
die ages, and indeed until the nine
tenth century was far advanced, Eu-
rOpean nations, which controlled the
money of the world, were unstable, con-
staptly changing, There was time
when Englishmen quarreled at the
fairs, beating one another over the
head with sticks, because of the clip
ping" of coins, making them of lighter
weight. When the government of a
nation changed there were also more or
less changes in social conditions, and
people preferred to have silver and
gold coin because that was always
worth in the open market its bullion
value, whatever that might be. In case
of paper money, it was liable to be de-
strOyed by war or accident, and that
was the last OF it.
We surely learned enough in our own
recent history to teach us the fallacy OF
the metallic theory of money. In 1861,
when trouble came, we had the same
experience that all of our predecessors
in every nation had, that whenever
trouble came the gold and silver of the
country was Immediately withdrawn
and something else had to take its
place. In December, 1861, the banks
suspended specie payment, and from
that time until about 1880 there was nc
gold or silver coin used in the transac.
tiOns of the people. Duties on imports
were paid in coin, and the law re.
quired that the coin so paid should be
used to pay interest upon the public
debt. The reader remembers very well
that greenbacks were legal tender for
all purposes, except for duties on i'm
ports and interest on the public debt.
From the beginning of 1862 until the
beginning of 1854 period Of eighteen
years, there was not enough of gold or
silver coin seen by the common people
of this country to be talked about. We
used paper money exclusively. All our
contracts were made on a paper basis,
and as far as our debts were paid, they
were paid in paper. Not a dollar oil
gold or silver coin was used by the gov.
eminent during all those years, except
in the two classes of transactions
duties and interest. And as to the peo
pie, they used their money wholly. That
being the case, to say at this late day
that we cannot get along without gold
and silver is to quarrel with facts and
to deny the truth of history.-Kansas
| Eo,.,