The times. [volume] (Richmond, Va.) 1890-1903, 1893-02-25
THE MENTAL PERVERSIOS OF
EITHER THE DISPATCH OR
THE TIMES.

The Dispatch takes exceptions TO the
Vicksburg tMiss) Evening Post address,
ing TO it arguments based upon the
hypothesis that It IS "a greenback lu-
matte. or a fiat money advocate" The
Dispatch says its remarks were addressed
to the Richmond Times and the Lynch
burg Virginian. and in this connection
remarks:
1.-The point we made was simply an ar
gument deriving its force from the per-
son to whom il was addressed; in other
words our contention was simply that
man who was not opposed to the Gov
ernment's issuing greenbacks having no
intrinsic value ought not to oppose the
coming Of silver dollars having 70 per
cent. of intrinsic value) on the ground
that these latter were not worth 100 per
cent. of their face value"
The point is that The Times should not
argue against legal tender power Of 100
cents being given to a piece OF silver
worth seventy cents only, IL The Times
grants to the Government the right to
issue a piece OF paper that the people
use as a dollar.
Either the Dispatch is suffering from
some strange mental perversion concern
ing this matter, or else The Times is
The Times is opposed to the Govern
ment issuing greenback or any other
kind Of paper currency. except under
stress OF circumstances. The Govern
ment's function In relation TO money is
10 coin money metals. stamp their value
on the coins. and punish counterfeiters
Of them. Its relation to the subject ends
when 1t has done these things. What we
call currency" is paper promises to
deliver this money that the Government
has coined. 1t is the function OF
private parties to issue these.
Those parties should be allowed
to issue them who wish to do so
(as all men are permitted to buy horses
who wish TO do sol. and those should be
permitted to receive them who wish to
receive them. But the Government should
the matter. II has no business
putting out any promises to pay
whatever. unless its own necessi-
ties require an issue OF them. 1t
should owe no money that 1t cannot pay
from its regular revenues. If it has a
claim upon 1t falling due at time when
the revenues have not come in, IL may
give its promise TO pay money at a
future day. as an individual does, but,
when the revenue comes in. the promise
should be redeemed. the money paid. and
the promise cancelled.
OF course. when extraordinary emer-
gencles. such as are caused by war; are
on the country the Government must
anticipate its revenues for many years
to come but the obligations it makes
In doing this should be paid off as soon
as possible, and the obligations (the pa
pers. we mean. taken in and cancelled.
SO much for the Governments relation
TO money or currency.
This comedies TO the Government
right TO issue it's promises TO pay money
in certain events. and under certain
stress OF circumstances, and 1t comedies
TO individuals the same right TO receive
them that they naturally have to receive
any other paper promises TO pay money.
But the distinction is that it comedies
to the Government the right to issue
these paper promises TO pay money TO
aid II In Its own transactions. and not
as thereby furnishing money Ia medium
OF exehange) to the people; and It IL