New-York tribune., 1891-05-18

MORE MONEY FANhTJCISM' -
Ketween the extravagances OF Mr Mn-
,;l,or whose letter is printed on the hith
maze. and the extravagances OF Mr. A'S'ii-
son. whom he criticises it is rather haru "
choose. Indeed it is extremely difficult TO COIL
nrebend how a man of average sanity ana cohi-
,non-sense can get into a state OF mind to say
some of the things that MIR. Mlliken does say u
oil amearance with absolute sincerity of con-
viction. His notion that paper can be ana Is
{. coincd.u and made absolutely money, by re-
oo;,,inc the stamp of the Government, is con-
t,od;cted as he well knows, by the language
,,hicb tho Government itself has placed upon
every note issued by it. The notes 10 noO ue,
oloro " this is one dollar" more or less, but
:" the United States will pay one dollar" more
or loss. 1t requires more than ordinary IRE
snonsibilitv of mind to ignore this OBVIOUS
declaration by the Government, in order to as
srmo that the stamp imprinted has Transformed
a piece of paper into money.
There is not the slightest support in the de-
cisiou of the Supreme Court OF the unlteu
States for the assertion that the legal-'ehuet
naper issued by the Government is money III the
sense in which the Constitution empowers Ooh-
cress TO coin money and regulate the Vaiue
thereof The Supreme Court recognizes only
the mower of the United States to issue its EVIL
donces of debt. and to require those evidences OF
debt 70 be accepted in the settlement OF pubhc
or nrivate obligations. Neither is the criticism
of MIR Atkinson. on account of his statement
that GOLD is the standard of the worlds com
merce," by any means more reasonaoIe Vnan INC
settlement itself The word standard is apt to
he confusing to the majority. oone'lineS "
means measure of value, but sometimes IL Dears
IN the mind a very different signliicaton' "naV
ur Atkinson meant was not that gold was the
only money in circulation, having power Dy It's
volume TO control prices for Mr.. AVkihoo"
knows as MIR. Milliken ought to- that all the
cold and all the elsver, and all the paper anu
considerable part of the outstanding creui'S oo
sides. operate in the market to anecV prices
What Mr. Atkinson meant was that the "oilu
commerce accepted gold as the measure VI
values. in transactions OF great magnitude anu
nun,her in which, as rule, no gold Whatever Is
emnIoyad. The money of account IN this ana
in other countries really includes great deal
that Government neither creates nor recognizes.
Hut The money which the commerce OF the world
accents as its measure Of value Is that 10 Wiilch
+ronsactions are adjusted and by which they are
covorned II is in this sense and in no other
tbat sane men propose to employ the gold stand
ard only. 1t seems amazing and almost lncom-
prehensbe folly in Mr.. Milliken and otner men
like him to imagine that prices must OF neceS-
sitv be depressed by the use OF gold alone as
standard when the purchasing power belongs 10
and is held by all the paper in circulation ana
large body of the commercial credits. These 40
the buving. and prices are affected by the
volume of these. and not by the volume in CIR
cuIation of a particular kind Of coin. Does Mr.
NslIiken really imagine that doubling the num-
her of yardstcks in the country would douoIe
the wards In every piece OF cloth'
II is hard to conceive Of more foolish statute
than the one proposed in Pennsylvania, ana ad-
vocated with such frantic enthusiasm by the
writer namely. an act to forbid individuals from
making contracts to pay gold or any other
snecifc form of money. The theory on Whlch
such an enactment is urged happens to be
fuv exposed by the statement of Mr.. Mllliken,
who saws: "The statutes of the State govern
the construction validity and obligation OF con,
tracts. and under those privileges the declared
policy of The Government Is daily nullliied Dy
the making of special contracts, payable IN
specially designated pieces Of gold nevertheless
money and by this avoidance of the law usury Is
attempted and the public welfare is attacked"
No man can point out wherein usury is accom-
pIished or in any way facilitated by the making
of specific contracts to pay in gold, or in any
other thing upon which the parties may agree
No one can suggest how the Government IS IN
the least degree assailed in its pocy by such
contracts Yet Mr.. Milliken imagines that IN
dividuals ought to be arbitrarily robbed OF their
right to make such contracts as they may agree
upon between themselves. The sole motive for
such an arbitrary injustice is to force into clrcu-
latlon and more general use some kind OF money
which the common-sense of the business COM
munity does not desire, will not accept, and
which is therefore, in spite Of all enactments,
comparatively discredited.