The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1892-04-06
Col. Keitt on Fiat Monay.

To the Editor of The Herald and News:
All money is fiat money because all money
is creation of law. Fiat comes from the
latin word flo, JIM, jactus, satna-whlch
means to make-decreed by sovereignty.
Gold and silver are commodities of great
intrinsic value. They are not money un-
til they are coined. In l7S3 the States
were acknowledged and declared sepa-
rately by Great Britain to be free, sover-
eign and independent. In 1883, by the
adoption and ratification of the United
States Constitution, the several States
compacted their sovereignty into the peo-
pie Of three-fourths OF the States, where
it now resides and by whom it is exer-
cised. Being a recognized government
in the galaxy of nations it was necessary
to have our unit of money. Congress
having the sole right under the Constl-
tuition of the United States ito coin
money and regulate the value thereof
enacted law 2nd of April, 1892, making
as our unit of money certain number of
grains OF pure silver, and its ratio GER
tain number of grains of pure gold, CIV
ing to both the same rights of coinage
and the same debt-paying power. Ihe
silver dollar contained BIB grains OF
pure silver, and its ratio the gold dollar
contained 24$ grains of pure gold. The
ratio was fixed at Is to l. By Act OF
June, 1884, the ratio between gold and
silver was changed to l6 20 l. The silver
dollar as unit of money remained the
same 37l4 grains OF pure silver, while the
gold dollar was reduced from 244 grains
of pure gold to % 2O-lO0 Of that metal.
In 1887 it was discovered that the silver
dollar had been undervalued in the ad-
justment Of the medals in 1884 and the
amount of pure gold in the gold dollar
was increased to % 22-l00 grains. This
was done by making the silver dollar
nine-tenths fine, the same as the gold dol
lar, without changing the weights; 37l{
grains of pure silver has constituted our
silver dollar since the first issue in 1872,
while the amount Of pure gold in the gold
dollar has been twice changed. This is
conclusive that the silver dollar is our
unit of money and the gold dollar the
ratio, the jugglery of the money kings to
the contrary notwithstanding.
Up to the late war gold and silver dol
lars alone were recognized as money; pa
per dollars were only promises to pay
gold or silver dollars. Necessity educated
US and we moved forward. The General
Government creatad morey. Her night
to do so was tested. The Supreme Court
of the United States, the final arbiter IN
the affairs OF the States, declared that
Congress, the legislature OF the sovereign
power, can coin anything into money.
This is in full accord with the opinions OF
the ablest thinkers and writers on pollt-
ical economy in the world, from Aristotle
down to John Stuart NIL. The value OF
money does not depend on the material,
but on its legal tender qualities given to
it by law. II it is necessary for the guam
tity of gold or silver in gold or silver
dollar to be worth dollar it would sim
ply be commodity, and III trade ans,
commerce we would simply be exchans~'
ing one commodity to get third COM
modity--a roundabout way of barter.
The paper dollar has advantages over
the gold and silver dollar. The meta
coins lose by attrition. When taken to
the Treasury or banks they are weighed,
and the loss is sustained by the holder.
There is no loss by mutilation or abrasion
of paper money. 1t is taken at the Treas
urv dollar for dollar, face value, as issued.
This is great advantage paper has over
specie, in addition to its greater con-
venience.
The legal tenders of the United States
based on the faith and credit OF the na-
ton, are the best money IN the world.
They now command a premium IN Lon
don and Paris, the great commercial cen
tres OF the world, over gold and silver
coins. The only trouble is. there are not
enough of them in circulation among us.
1t is our own fault. This is the peoples
government They are the origin and
source Of all power.
There should be direc" primary from
Governor down to cNroner, allowing every
qualified citizen to vote who desires to do
so, on condition he submits to the result
and votes the ticket at the general cleo
ton. Ne will then have government
OF the people, BY the people and for the
people.
Let US put men in chicc, from Presi-
dent to coroner, who will carry out our
demands, and We can then have the gov
ernmeDt issue money according to the
needs OF business. Trust no man who
has deceived US. Require every man
VINO is candidate to speak out plainly
and let Us know where he stands. 1t
will not be amiss to require them to state
in writing their positions. Let us make
no mistake The times demand the high
est manhood No penalty is too severe
to be inflicted upon any man who de-
ceiyes US.
Respectfully,
ELLISON S. kEITT.