St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-03-12
THOUGHTS ON CURRENCY.
Written for the Globe.]
CHAPTER XII.
SUMMARY.

SUMMARY.
In the series of articles which | have
furnished to the readers of the GLOBE,
| have tried to bring out and make clear
the following conclusions:
l. The stamp of government does not
create value.
2. The value" of money depends
either upon the labor required to pros
duce the material out of which the
money is made, or upon the possibility
OF converting the money into something
OF value at the will of the holder.
8. The gold coins of the world are of
the first kind, and owe their value TO
the labor required to produce the gold.
SO, also, are the silver COINS of those
ountries that have single silver
standard
4. Ali our government issues green
backs, silver dollars, fractional cur
rency. silver certificates and treasury
notes issued under the Sherman acO are
of the second kind, and owe their value
to the possibility of converting them
into something of value at the will of
the holder.
D. There are two ways to redeem
government issues. Firstly receiving
them for taxes. Secondly giving
something OF value for each dollar on
presentation. Most of our government
issues are redeemed i'll tax receipts
Now and then a small amount is re-
deemed i'll gold.
6. Government issues, no matter
what they are printed on-whether
paper, silver, nickel or bronze-are
really nothing but drafts drawn by gov
ernment against the taxes that have
been levied upon the people.
z. Such government drafts should
never be paid out. except for public ex-
penses. That is, the government should
never go into the business of lOaning to
the people.
: s. Government issues should always
be receivable for all taxes aud dues 10
government.
.. All such government issues should
be printed on paper, as being cheaper
and better than silver or any other
metal. Small denominations, halves,
quarters, dimes, etc, may be printed on
any metal that is cheapest and best for
the purpose.
10. 1t therefore follows that there is
no place for silver or gold money in thai
part or our currency composed of gov
eminent issues.
Ii. Outside of government issues,
there is no reason why any owner OF
either gold or silver bullion should not
be permitted to take it to the mint, get
1t stamped, pay his bill for the stamp
ing and take his coins away with him
again. But no one should be compelled
tn take these coins in payment of a
debt ii he doesn't want to.
II. Ii has been estimated by good
authorities that about 80 per cent of all
the business of the country is done
without the use of money at all. SIM
pier, cheaper and better means of max
Ing exchanges have been introduced.
Book accounts, banks, checks, drafts
and clearing houses have largely taken
the place of money, because they did
the work better. and at less trouble and
expense. Ii is worthy of note that these
new instruments of exchange are capa-
ole OF expansion and contraction as the
demands of trade may require. There
is practically no limit 10 the possibilities
Of checks. drafts, banks and clearing
houses
The proportion of business done by
money Is growing less from year to
year, and the Importance of money is
therefore diminishing. The currency
question, 50 far as government action
The questions OF real Importance now
before the people are:
First-How to restore to the people
easy access to the natural resources of
the earth so that they can produce tile
things they. need, and
Second-i1Ow TO unite the shackles
that now burden trade, so that people
can freely exchange among themselves
the pfodIcts of their labor.
Free the land from the clutches of
fOreStallerS ana spectators. This Can
be done by supple change in our
system of taxation. which will place Il
heavier burden upon those who are
merely holding land for the rise that
comes with increase of population and
the development of society. This in
crease on the spectators will greatly
lessen the burden now born by the users
of land = the farmers, the homeowners,
the manufacturers and the merchants.
Free trade from the burdens that now
crush il. And every one will be bene-
flied.
Thus, and thus only, can property be
brought back to the masses of the
people. Z. j. BUELL..