The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-11-21
THE DOLLAR, THE ALMIGHTY
DOLLAR.


can Journal Of Politics and d, clined.I
Mr.. EDITOR The word dollar" is
an English euphony of the German
word 'thaler," and by it's abuse by un-
toward legislation has had varied in
trinsic values By intrinsic value is
meant the amount of value produced
by a given amount OF skill and labor.
There are different kinds Of dollars all
differing from each other on account
of the security or base Oh which they
depend for permanent maintenance
of their intrinsic values.
1. The gold dollar has for its base the
gold itself of which it is made, which
gold derives it's value from it's fitne IS
for money-its demand all over the
world for its use as mOney-the skill
and labor required for its procurement
the confidence of man that it cannot
be procured in excessive quantities
All these qualities are sufficient to make
a perfect dollar.
3 The siLUer dollar is based on the
1lG1 L41S4S NC11IO VI IllO S1lNC4 III U44C NOA
lar which derives this value in the same
manner and for the same reasons as the
gold doUar-its fitness for mOney-its
demand for money and other purposes
the skill and labor needed for its pro
duction-the confidenceof man. When
these qualities all abound, they suffice
to make ptrfect dollar.
8. The paper dollar, having little or
no value in itself, has for its base or
security a value untitled and denomi-
mated by the gold or silver dollar, and
and this base may consist real money
or property. Such a thing as a fiat
dollar without a base only exists in the
imagination. They may exist, but if
so, only on imaginary security and
practical utility. For instance, if the
g )vernment issues legal tender treasury
notes without a promise of redemption,
they have a practical utility in the
payment of dues and taxes, and sub
serves all the uses of coin money, and
will answer all the uses in home trans
actions Of real money as long as man
has faith that the nation will remain a
real government, subject, however to
this faith, while real money is not. This
is the difference, and aside from it's use
for expectation, the only difference.
What then have legal tender treasury
notes for their base? Faith in the per-
of government; their practical
use as money, their ability to buy gold
or silver dollars, or which is the same,
to be used instead thereof We have
different kinds of paper dollars.
q. Legal tender above described.
b. National bank bills which have
the same base as the legal tenders.
C. Redeemable paper dollars, such as
old State bank money, clearing house
certificates and old shin plasters and
checks. We will note here in passing
that the gold reserve in the treasury
purports to be for the redemption Of
the greenback or legal tender treasury
notes, and this has done good in max
ing foreign faith and dislocating and
troubling our money relations, but has
added no confidence among our own
people and added no utility to them as
money; if so, the national bank bills
would have long ago been at a discount.
This security is merely nominal.
The basis of the old State bank dol
lar was coin in vault, and in most cases
the property OF the stockholders. Part
coin basis and often part of property
basis. This dollar, nine cases in ten,
did not have sufficient basis A
paper dollar, to be perfect, must per-
form all legal uses and be beyond sus
picion. 1t was not legal tender, had no
government backing, depended on the
honor of man, it's base was deficient.
Clearing house certificates, shin plas-
ters and factory checks having only
property base, possess the same charac.
teristic and is depending on the same
as money.
One element is necessary to make
perfect paper dollar, and that is to be
by a real permanent, honest
Private individuals and
cannot issue a perfect
paper dollar, even if they had two dol
lars in gold to one issued wberewith to
redeem it's money; because. the risk is
on mans honesty alone and this money
cannot be made alegal tender. There
fore it is the duty of government, as
our Constitution contemplated. for the
to make all the money.
And if government backs some individ-
uals and makes their money good by
landing than cyOuorDroopt oro5it it 10 q