The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-11-18

A correspondent asks Tor = EefaisEon 81
Gas momev. Fiat Fzoney 10 thzs whsrh -
rnade 80 d the ofZiee 81 r1oney by virtue
Of tie command CT the governnarnt rnsk-
Ing II legal tender tor dsbss, ard which
waEsd he q 30 vasre wftheEs fhas COM
mand. Paper money refsssasbIs ia cain
10 rot ann.. = for Il il worth the money Il
- payable IA, indepsz1ent Of It's legal ten
der qnaiisy. The silver dollar would BE
Ezt nsone~ 70 the extent Of the difference
between its bullion and ifs legal tender
vase bar for The faei that Il Is exchange
sbis for gold. This puts il On = par with
the ereenback, which Is backed ~ the goT-
ernmens's promise 20 par "a COIN
The Greenbackers % Is5t and tie Popu-
i.sss 81 the present dap regard aii money
Is Cat. that Il. a. taking sts valne from the
government stamp npon il. This is an
sbsuFd view. There we're greag generals,
like Epaminonaaz. Alexander and Cesar,
before there wsrs any books written upon
tbs art Of War" Jomini followed
Nsroieon. he did NOS preeeas him: Napier
followed Wellington. but he was not Well
ington. So there vas money before gov
ernfnsnts. and there would be money or
some medium Of exchange If governments
we're abolished tomorrow. The medium
Of exchange would have to represent
value. The wampum Of the Indian repre-
sented value 20 him in bis Chiness-walied
barbarism, bat IL did not represent yalue
to the Puritan, 80 when the founders of the
Plymouth colony traded with the Indian
they made him give them furs, not wan-
pun. in exchange for beads, muskets,
gunpowder and frewater.
in primitive civilizations cattle was q
medium Of exchange The pickets OF the
Union army had plenty of salt and coffee
which they bartered with the Confederate
pickets tor whisky. The Confederates
showed their sense Of values by boarding
the United States greenbaeks they OBJ
tanned ard spending the Confederate
money. In early colonial days salt, dried
Goldfish. tobacco. sugar. hides, leather and
furs have served for currency. This kind
Of currency represented value, but there
was no government stamp upon il.
Commercial convenience soon displaced
this cumhrous currency and gold and
silver were soon found TO be the best
medium of exchange. The par Of exchange
between these precious metals and other
commodities was the cost of production.
The government stamp was finally affixed
attessing the weight and fineness of the
coins and the making coins so attested the
only legal tender for debts This was q
convenient and necessary protection 10
the people against light weight or de-
based GEMS.
Concerning this question of "fat money"
the Philadelphia Press says;
IF ell the important minis were closed
to the coinage OF gold IL would undoubt-
eddy fall In value. In the same way IL tho
leading markets Of the world were for any
reason closed 10 wheat that staple would
fall in value and its production fail off
greatly. Demand and supply together go
70 make mp the market value of any pro-
duct. The mint mark no more gives gold
its value than the peck measure gives
value to wheat. Both mint stamps and
peck measures are convenient instruments
for ascertaining and proving value. and
that 10 ali. 1t 10 a long way between this
and fiat money, which one instant 10
blank piece of paper and In another reads:
This Is dollar aud legal tender for all
debts