The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1893-10-06
MONEY REDENTPTION.

The issuing of money is an act of
sovereignty, and as such ought not to
be delegated to individuals or corpora
tions. All money should be issued by
the sovereign power of the nation.
When so issued it is in effect check
on society for value, and, like all
checks, it must be redeemed. All
money, whether metal or paper, must
be redeemed. That is what money is
for. 1t rests on the value that is be-
hind it. But let us not be mistaken,
let us not be misled by terms. Swap
ping dollars is no redemption. The
first and primary redemption of money
is it's receivability by the issuing pow
er. 1t must be receivable in the reven-
ues of the issuing government. That
is primal redemption. A money so re-
ceived in the United States and Great
Britain has been and is uniformly
good money. This primal redemption
is like man accepting his own checks
in payment of dues to himself when he
transacts business. But there is
wider and more general redemption,
which arises from the quality of legal
tender. All perfect money is endowed
with this necessary quality, and when
so endowed, all men advertise their
eagerness to redeem such money with
value. In effect this is basing money,
not on gold, not on silver, nor on any
single commodity, but on all commodi-
ties. A money so based is precisely as
good as the issuing government
better, no worse. A money so based,
though made of paper, never falls be-
low coin while the issuing government
remains intact and continues to collect
and disburse revenues. Mr.. E. G.
Spaulding, banker in Buffalo, N Y,
in time of the war chairman of the sub
committee on ways and means in
1861-62-63, and known in financial his
tory as ''The Father of the Greenback''
has discussed commodity redemption
of money as follows:
every time hundred dollar bill
passes from one person to another, it
is a practical redemption of it by the
person who takes it. Every time
at Chicago pays to farmer
$500 in national currency for carload
of wheat, the farmer redeems such ma
tional currency, not in greenbacks, not
in gold, but in a commodity better
than either, namely, wheat, a staple
article useful to all. So every mer-
chant in New York who sells bale of
cotton goods and receives his pay for
it in currency redeems such currency,
not in the way the banks redeem it,
but in cotton goods, which is far bet
ter because it performs the true func
tions of money by facilitating the legi-
innate sale of commodities. So every
merchant or manufacturer pays his in
ternal revenue tax to the United States
collector in national currency, the
government redeems such currency by
receiving and discharging such tax.
So every mechanic or 1aborer who re-
ceives national currency for his servi-
ces redeems such currency by the la
Dor performed. So it will be seen that
JOSC DIS AOA4S do JIG hoG1O1cS4 Clli4 O1ASy ID
practically redeemed every day in it's
passage from hand to hand in the pay
ment of commodities and services, and
in the ramified operations of trade and
business both with the government and
the people, whose operations is greatly
facilitated, there is not the slightest
necessity for resorting to the expensive
and risky operations of asserting and
sending it home for redemption"
A paper money so founded and re-
deemed is always preferred to COIN
John Davis, in Knights of Labor Jour
nal