The times. [volume] (Richmond, Va.) 1890-1903, 1893-09-17

do not mean 10 say It's purchasing power
every day was the same that II was the
preceding. but II was not huctuatinS
| metal: as coined IL had stability and was
money
The Romans also made representative
| money. and they made II by the nat OK
law. / see a senator in front OF me VINO
| objected one day to certain proposed
| amendments TO the bank bill by saying
that Il would be fat money. Mr.. Presi-
dent. there is no money that Is not fiat
| money. There Is no money that Is not
| made so by direct declaration OF law.
| old Aristotle laid down that principle
| and nobody has been wiser on this sub
| feet than he So the Romans made rep
| resentative money; that is TO say, they
| had other money than gold and silver
| While they allowed the Roman Emperor
| 90 coin money whenever he saw nj out OF
/ gold or silver, and 10 fix the relation OF
one metal 10 the other, they said nobody
| bat the Roman Senate should ever issue
| any other money except gold and silver
! and whenever they issued bill-some-
! times it was of one material and some
| times OF another-they put upon ~ In
| great capital letters, $. G. FIX Senatus
| consuito-''The Senate has consulted and
/ issued this, and therefore we order that
II shall be taken as MOI ey." That Is what
| Il meant and It became the money OF the
realm and was current everywhere
| The fonians did the same thing that the
/ Spartans did Let me say 10 some sena-
! tors who are so frightened when you talk
| about fiat money and about making money
| by law. and who seem 10 think It in
| dicates n low intelligence and lack or
| information upon these subjects, that the
/. period az which Greece had iron money
is the most glorious OF all Its history.
1t was then its great poets lived: II was
then its great scluptors lived. who left
70 us those wonderful specimens OF their
skill.
The same is true as TO the Ionians. IL
has been said by n distinguished writer
upon this question that It is only the high
est civilized people in the world VINO can
maintain money out OF anything except
gold and silver. Why? Because 1t can only
be done by a people who have learned
self-restraint, a people who will not lis
ten 70 the clamor that may be MADE when
some interested parties want TO increase
the money beyond the necessary unit for
the transaction OF business. 1t is people
who have studied finance, who under
stand these questions. and they alone
who ever have successfully maintained
anything az money except gold and silver
unless It was specifically redeemable In
gold and silver, and the money Of which
l am speaking was not.
II some future Dickens writes the his
tory of this contest over the effort TO
coin air into money we may expect him
to put this identical speech into the
mouth OF a Buzfuz. and II will not sound
to the readers OF that day at all more
extravagant and absurd than Mr.. Buzz
\
known nonsense more clearly stated.
What do the people who follow the
teachings of Senator Daniel. Judge
Hughes and the old teachings of the
Dispatch, think OF this speech CT Senator
Teller? OF course II Sparta could make
iron money. and Its sole money for three
hundred and fifty years. the United
State, accordin to Senator Teller,
cen do the same tfirg, and Judge
Hughes. Senator Daniel and the old Dis
patch cannot stop short OF Mr.. Tellers
position. Are thu people OF Virginia
ready to have ths United States do as
Sparta did, establishing iron as their
cole money and forbidding any gold or
silver to be brought into the country?
The records OF Spartan life are not com
pltte enough for vs to know the exact
otIdition Of So ciety in Sparta that en-
abled them to get along with iron money,
but we do know enough of her man
ners and customs TO know that the
following question WI ich MIR. Hoar put
to Mr.. Teller was most Apostle Hear
him.
Mr.. Hoar. May / ask the senator
a question as 70 a after Of fact In re-
gard TO the statement he has just made?
lie says that Greece In the time Of her
glory and letters and so on had iron
money. 1 should like TO ask the senator
II any Grecian State except Sparta
ever had the iron money OF which he
speaks, and If when Sparta had 1t she
did not also have community Of goods
and lived IN common with community
OF wives, heving no separate properly
whatever and whether ner annals
are not absolutely barren either Of
literature or art?"