New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-01-04
o be receivable in place of anything of intrinsic


value.
| insist that in the nature of things nothing
can discharge the functions Of money and aid in
the exchange OF commodities among civilized
people and at the same time furnish standard
by vi ich the values Of all commodities can be
estimated, or which is not in itself intrinsicay
valuable, can never DE converted into something
OF intrinsic value As we'll might YOU
expect thc Capitol at Washington "a rrst securely
upon foundation of air, or our Nation to become
wealthy without lands and without chattels, as to
expect " fiat currency" with nothing but d" fiat
in it, and nothing but fat back of it, to answer
permanently the purposes of successful and salts
factory monetary system.
FIAT MONEY A HUMBUG.
This discussion, however seems TO be unproft-
able II admits, as being disputed, questions
which TIE ableSt statesmen, the most successful
business men, and the most celebrated writer's
upon political economy, both in the United States
and the Old World, regard as settled. During
the past twenty five years. the Fiat Money" advo-
Gates have had their hearing and the court of
last resort lthe people of tie United States has
decided that in this country lawful money shall
consist Of gold and silver coin and Of paper money
redeemab bic at its face value in such coin. There
many difficult questions. constantly arising.
10 the best method of utilizing all the gold and
silver possible as the medium of exchange for the
business of the world. Able men differ as 10 the
best methods of procedure TO accomplish that re-
suit. The problem is a difficult one. and is we'll
worthy the careful study and most painstaking
investigation of thinking men. That problem
presents to me many important questions which
are hard of solution. The proposition. however.
which would usc as money nothing which has iu-
Sip * oh a on n tp
and such practical abandonment of anything
real that the whole scheme has no further charms
for me.
am not unmindlul Of the fact that there has
been in this world a set of philosophers who ella i'm
that the universe is simply a bundle of scnSa,
tionS and that there is such thing in existence
as matter. Berkeley WAS the great apostle of that
school. Hume followed up that line of thought
and with that marvellous logic for which he was
50 celebrated, seemed 70 demonstrate that the
theories OF Berkeley are trIC. Yet IT has been
stated that Hume finally admitted that his theory
was plausible and seemed to HIM lnc0ntIoVcrtloie
except when he was hungry. lie admitted that
he never applied it as substitute TOR ms dinnei
1t has occurred to me that Nr. Sherman would
he perfectly delighted with the Berkcley phloSo-
ply. He seems 30 have such passion for what lie
calls the ideal.
| propose now 10 close this discussion. 50 far
The Tribune is concerned. ] do II with thiS
remark that. 10 dOubt. the world will always
nave IN ~ an o'fiNthHil Nfu WHO VIII 't ''n-
siantlY discovering some new way tn AVOID The
difficulties which must always be- connected with
thr work of tho world. The common. plain
people in spite of Nh" visions OF those dreamcrS.
will 20 on having foil faith in the actual IN the
real When hungry they will insist on
some kind Of food as an actual ncces
sity When exchanging property, they will
iuslst on something winch represents actual
value They will utilize in thousand forms
bank bills, paper money OF all KINDS. checks,
drafts notes of hand. every modern device pos
sible bu' they will always insist chat every such
piece of paper no matter how stamped, or by
whom issued shall be looked upon simply as a
promise 10 pay in hard cash, in something pos
sessiug intrinsic value The idea that something
can in any way bc obtained in this world. hon
estly for nothing. the people will br SLOW 70 be-
licve. Mr.. Sherman may succeed III convincing
himself that he can liz himself over fence by
Juggling M his own boot 81; raps but il will take
him long to convince people Of common sense that
lac can succeed in such attempt, and a still
longer time before he viii find tho mass Of our
people TRYING the same experiment. Iheorlzing
is often marvellous but little everyday com
mon ~ensc is on the whole to bc preferred.
let ms turn now to livc issues. This " Fiat
Money" humbug has been too long dead To be
either instructive or pleasant. II Is sort ot n
disease which. for many years, has claimed now
and then victim Let rs hope that. like the
smallpox, n man never has 10 have II more than
once. T. u. liokk'