The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-08-26
vl,T MONEY ISSUED BY THE FIAT
HI Gmerumcnt. Based Oh Taxes, Not Gold
or Silver.
CONTINUED FROM FRIDAYS ISSUE.


ssued by the government within the
sst 200 years has possessed the es-
ential of stability, unless based
mon some precious metal. Gov.
prnments, in times of great ext.
yeucy, have frequently issued paper
Intended to pass as money, and
Ehich has discharged the functions
II money without such basis, but
was subject at all times to ma
kerial fluctuations, and usually, if
bot universally, ended in collapse
nd disaster. l am not able to ex.
plain why this is 80. l only know
hat it is SO.
Will Judge Clark please listen
bne moment while l explain why
bis has been SO? 1t has been so
because paper money has always
been leg slated against. That is
he reason and no other.
If you mean "iatism" you ought
b cay so and that would end the
rgument.
We mean fatism. There is no
ther kind of money. Let the gov
rnment through congress decree
6ao that gold and silver shall no
pnger be the standard of value here
nd see what it will do for these
betals.
With equal candor, if you mean
ut the currency demanded shall
kbased on and be redeemable in
neaI, you ought to say 80.
We do not mean anything of the
ind. We want our currency based
the same solid foundation that
pr United States bonds are based
u and we shall brook no toryism
elling us that they are not on a
plid foundation and are not good.
Like you, | believe in a currency
sued by the general government as
lfe. sound and flexible, if by "fexi-
e'you mean that it shallbe q justed
law so as to regulate its volume
dramatically according to the de.
ands of trade.
Judge Clark is right about this.
tick to 1t and go to work and help
secure the consumm alton of this
bd.
am opposed to the states issu
lg paper to circulate as money,
|tber directly or through corporate
gencies, because the state volunta
" surrendered that function to
10 general government upon the
'rmatlon Of our Union. am also
opposed to it because every expert
ont in that direction in our past
story has brought ruin to the peo-
am equally opposed to ma
'en banking corporations issuing
per to serve as currency, not only
eeause it places the circulating me.
Pam Of the people somewhat at the
'efcy Of these creatures, but be-
!use 1t is delegation of sover.
gnty to individuals without justi-
ABLE cause or excuse. The issue
money is one of the greatest at.
loutes of sovereignty and should
ever be farmed out to individuals.
Again we stand agreed. Let
uoga Clark stick to it and not
70 a. OF after Cleveland on this:
Inc proper exercise of this gov
umental function is too vital to
&c general welfare of all the people
oe made source of corporate
a.n or individual profit. In the
.smatlon of our federal govern
. 0 the states voluntarily surren.
S sieo to the general government
;ss Us sovereign power hitherto exer-
, ,"lal by them. This grant being
rI;sl;sive, devolved not only great
,a m'ege on the general govern
~ lsI ~ but great duty. By this
hal; ,ne states stripped themselves of
it,, ;a power to protect their own
,"sens and promote their welfare
furnishing safe medium of ex.
hs se and devolved that duty upon
i'ssg general government to be exer-
ts ts 'of the general good of all the
cO, equally. The grant of power
es uT,ugfeas "to coin money and to
"'e The value thereof" is far