The Lake Charles echo., 1893-10-06
Nghaf Is BHoney and what are
Htsa HsumcfIORs3


10 AaAH4f II Altts kAnth III NAlbn Alb Ayo#tEt 4
Of governments has been exercised in
marked degree, in the issning Of
coined money. The eoiniRg the nlckls
or 5 cent piece was passed on the
10th Of May 1866. The metal Of
which this coin is made is as parts
copper ana IS parts nickle. At that
time the commercial value of that
metal was 70 CENTS per pound (lt is
now less than balf Of that, ] believe
shout 80 cents). Now a pound Of
fhis metal will make 100 nickles, equal
as money to ab il gold or other legal
tender money. Therefore there is
&4.39 money or fiatValue when coined,
and only 20 cents commodity yalne,
(and probably to day only so oents).
SO that, taking the original value Of
the metal, 70 cents q pound, we have
10 10 per cent commodity valns and
924 l0per cent money or fiat value
in one dollars worth Of Bickles. Here
IA evidence that the vslue of money
is fixed by Law and not By the intrinsic
value of the material Of which it is
composed. ~
Ahofhef instance Of the exercise Of
the Gas Of government, il the making
Of aubsidary coin 2 per cent light
This was done to prevent it's exporta
tion as bHllion. again. the standard
silver dollar contained 4125 grains
the trade dollar 40 grains, a difference
of ~ grains; yet thsy were bnth legal
tender forl00 cents mp TO 50. The
legal tender quality was Withdrawn
from the 42e grain dollar in 1876 and
heneefofth it became buiIioD, and had
only a commodity value. f..
From what has been said it is clear
that the money vaiue impaired To any
subsistence abides with the government,
and is not due 10 the substance of
which il Is composed, and while 1t is
true that silver and gold have been
money substances since the first days
of recorded civilization, yet as The.
bnsipess of the world bss so much 10
creased, they have been found TO be
entirely inadequate to the demand as
a medium of exchange, and resort has
been had for tba last two or three
centuries 10 paper. And while it il
true that paper money has nearly
always bad aD ostensible metallic basis,
yet it is almost universally true that
the specie basis was a mere pretence.
Take for example, the greenback of
10 day; there were in round numbers
$436, 600 900 10 circulation and yet
only @l00,a00,0nO Of gold in the
treasury for their redemption, The
other S946, 100000 rest upon the
honor and ability Of the government
to pay. Who is there 10 doubt either
only the Shylecks and money mon
geFs--thoss who are the descendant
Of those who worshipped the colder
cali, or those whose ancestors weFl
scourged from the temple. Juniul
gaId, 'tPrivate credit is wealth, pnhii,
is security"
Many Esm lr The state banks d
Rnte-bellnm times. They Frequently
did not have one to len or twent,
dollars in specie to redeem their pape
issne, and in some instances lhei
vaults were empty when they iuFren
dered. The banking system nov
spoken Of at Washington, iato remoy
lie tep Der cent ,sax On state banks
and 70 easablisfl 1 system, s,half horse
half ALLIGATOR and toucb of th
snappino tnrtle . founded unop nation
al bonds. state bonds. mnpicipal bonds
and on down she DESCENDING seal
gtsgue aa aeassam, the national goy
srnment to play wet,nurse 10 al
This may not he 1paternalism . bn
Oil how maternal /
The eonetitutiop IL thc TTnite
States ,laeea tha mower ttto ooip none
and repnlaie the value tbereof,' IN Is
hands 81 the eeneral .rovernment an
that means "a tbe hands of the peopl
through Their TenFeseutatiges. wbeF
II properly belongs Gold and siIge
have been The principal money meta
Of the world, and vet tlhcfe neyer ha
been. and The probability Il there neyt
will be. d sufficient quantity mined i
supply the commercial Reoessities (
All nations. The scarcity oflthese NE
als and their increasing use ID the ari
must necessarily cause deficiency I
metallic money; aud ia addition a
present policy. of many conntsies 4
reduce iii money 10 q mona. nietaiiI
bass Is the prolific eouFee Of tba dl
preston which ii now visiting and ia
been sor ages visited upon the mass,
of the producing people thronghor
fbe world ana iudicates cleafIg n
power 81 money 70 oppress Tbe,
can be no doubt Of This iact "a made,
economic science ihas demonet rate
bovond = .sna.ttao
You ask why has not science
political economy developed this "a,
befureg Ifeply bv asking why has Il,
science developpd nntil recently II
nnwar of alartrieitv9 EVhat Aid 4