Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1892-05-19

spect the monetary function Of the issue.
Again: Many persons write and talk of
the national banking system as if it were
the sum total of our financial methods,
when, as [ have shown, the circulation
tor which the national banks is response
bic is not much in excess Ct $123, ,000, 900,
less than one-tenth of the entire sum of
our currency. Therefore, if this specific
issue be immobile by reason Of "inelas-
tic" quality, not one-tenth of our currency
has this feature of rigidity. Therefore, the
Hinelastic" theory may be discounted 90
per cent: when considering the currency
as a whole. And as We are now enlight-
ened as to the non -perishability of the
monetary function of the national bank
note, we may multiply and subtract for
further discounts by the use of a cipher
known as a naught. Further, the national
bank note loses its identity, and is follow
ed with less apprehension regarding its
functional power than the little silver
dollar, while wherring in the eddies of
commerce, performing a mission similar to
other emissions of currency.
The fact that these notes, which may to
any extent increase the circulating volume,
have reached us through the medium of
a government bank, does not disturb men
Of brains, providing they haYe drifted into
the habit Of using brains for thinking pur-
poses, and not merely to keep a cavity in
the head properly plugged
The false assumption that our national
banking system is the only medium
through which money is issued is largely
with ome, and wholly with others, the
pretext for the silver craze; a rebound from
the theory of ''inelasticity' to an elastic"
quality; an unlimited coinage of standard
dollars, stretching with such elasticity as
to presumably reach from time to eternity
Last week, Mr.. Bland's latest move.
happily futile-tO authorize the Secretary
of the Treasury to coin the bullion in the
government vaults and to use the seignior-
age, the difference between 3714 grains
of fine silver and the weight of an ounce,
4S0 grains, or, what is more the purchase
value, in meeting appropriation bills.
This was another move in the interest Of
Montana and Colorado silver mine OWL
ers; another desperate attempt to make
3714 grains fine silver supplemented by All
grains of base metal or alloy, worth a S
much as a gold dollar.
For the silver owners it was not enough
that in 1891 the government should filch
$11 100000 in seigniorage, or excess of
coinage va ue above purchase value; but,
with the greater supply now in the treas
ury, this crusade of thievery by the govern
ment was to be legalized beyond previous
exploits of dishonesty.
However, it is not of paramount concern
with the bullion owners what the govern
ment may do with ingots of silver when
they shall have passed from their hands
Thelaw under which the treasury is issuing
treasury notes and coin certificates on the
market value of bullion instead of a one
dollar note, or certificate on the quantity
in the standard dollar, is unsatisfying to
the ayarice of the bullion aristocracy.
Nor will they be placated until dishon-
esty so dominates legislation that 66 cents
to them shalt be worth $1.00, and $10O
for the people worth but 66 cents, so far
as their patriotism would avert such a
result. The Third Party co-adjutor of
Of silver stamped one dollar, but with a
possible purchasing power equallfng
only its commercial value as metal. may
go, after the end of the bullion owner
has been attained, to the region where
an unfriendly gentleman, with cloven
feet, is popularly supposed to superin-
tend a large and hourishing sulphur
works without the aid of modern stand
pipe and improved water supply.
Heretofore, in this article, 1 have used
money, as a1nedium of exchange, inter
changeably with currency. Bnt such is
not a nice nor even correct use of the
terms. Money is a measure of value.
What will not measure value can uot be
called money, though it. may be curren-
cy. Money is stable, currency is unsta-
bic, at least that part which is not mon
ey. Gold, by the common consent of
mankind in all ages, is precious and of
stable value; therefore, gold, bearing the
| imprint Of the government, is money.
Silver is money to the extent that after
| coinage it may intrinsically approximate
the worth of gold in the ratio established
| by law.
| But silver has flucjuated more than 20 per
cent. in one year; therefore, silver is an
unstable money hence, excepting within
certain limitations, an unreliable money.
The treasury notes issued in payment for
bullion and the certificates for deposits of
bullion are not money, though they are as
good as money, being representative of
that which is the measure of value. The
issue of greenbacks during the war was
! not money though it was currency. Each
dollar of this issue deprecated until it was
worth, at one time,a S. little as 3S cents
| while gold-real money-lost none of its
value. Silver, however, fell far below its
stabler companion, gold. Silver, though
retaining to an extent the measure of value;
lost its parity with gold; and the lesson
taught by the fiscal history of our country
| from 1861 to 1879, 18 years, demonstrates
that nothing but gold is the true measure
of value.
To obtain decree sustaining the heresy
that greenbaeks were money, Mr.. Lincoln
packed the Supreme Court. Later, Granl
did the same thing. But despite the act
of Congress, the decree of the treasury and
the illumination of the sovereign law bench
of America, one dollar, as denom,nated, il
greenbacks, dropped to 39 cents. Nor were
these several pronunciamentoes, nor the
lpestige of victorious arms, nor the declara
ton of peace, nor the general tranquility
pot mt to raise the value to the denomina
tiopal standard. But when the inceptivt
measures of Democratic House of Repre-
lsentatives eliminated in 1879 in the re
sumption of specie payment on golt
bases, what was the result? The Golt
Exchange, of New York, dissolved, ad
Il journing sine die no more to play witt