The farmers' union. (Memphis, Mo.) 1891-1895, 1894-08-09
FACTS ABOUT MONEY.
ITS VALUE IN THE STAMP, NOT
IN THE MATERIAL.
Money Ia the Sovereign Authority I'M
pressed Oh That Which - Capable Of
Taking and Retaining the Impression
Cleveland i,rowbea;. Congress.
Concerning Our Currency.

Mr.. Carlisle, the present Secretary
of the Treasury, recently remarked
that "this is great country but it can
not make money" This assertion is on
q par with his declaration at the bank
ers banquet at Delmonicon's that We
needed currency that passed current
in all of the leading countries OF the
world, or words to that effect.
Hon. James q. Blaine said, in the
course of speech in 1861, and as he
held up one OF the original greenbacks:
what is this? A dollar; and it is
q good dollar; good for the farmer, the
mechanic, the sailor, everybody.
What makes it good dollar? Be-
cause every dollars worth of property
in the United States is behind it; and
the life blood of every true and loyal
citizen is behind it, and that makes 1t
good"
Judge Tiffany, one of greatest legal
authorities the United States ever
produced, wrote:
There is no such thing as gold or
silver money or paper money. Money
is the sovereign authority impressed
on that which is capable of taking and
retaining the impression. The coin
may he metal. parchment or paper.
The value is in the stamp, and not In
metal or material"
The proper policy for a government
to pursue is to be economical and place
as light burdens on the people as pos
sible. 1t should therefore com money
of that material that will cost the peo-
pie the least and that is best suited for
the purposes of currency. Gold money
il q burden to any nation that adopts
it. 1t costs too great burden OF labor
to produce or purchase it, and it having
o commercial value is thereby led out
of its proper channel and becomes an
article of commerce. Money should
be coined from substance not only
cheap but of a substance having very
little or no commercial value.
The stamp or fiat of the government
is the only money function currency
has regardless of the substance of
which it is created or stamped upon.
There will always he trouble if coun-
try adopts currency stamped on
metals having n commercial value or
changing cmmercial value. Being an
article Of commerce., its value is subject
to the fluctuations, and though the
value of the substance has nothing to
do with its money functions, it tends
to disturb the volume of currency and
interfere with trade and commerce, for
it is hatural that o money having a
commodity value should DO handled
for profit and trade, barter and sale
the same as wheat, corn or other traf-
fc commodities. 4 currency stamped
on u metal with commercial rating
will also leave the country if other ma
tions have demand for the metal. 1t
will so where trade or traffic carries it
regardless of the functions OF money it
has been designed to perform.
If a commodity metal is used to car
ry the money stamp of a Government,
there should be two Of such metals
used to guard against the disaster
sure to result of ono OF them being in
commercial demand. If one Of these
metals is gathered up by commerce.
the other will be left to perform cur
rency functions. That is bimetallism,
or two metals used in coming money.
When the people are sufficiently re-
covered from the disease of metallic
money, it will be discarded entirely
and only paper used. This will be
the dawn of a happy day for the peo'
pie, as gold has been the cause of the
great bulk Of the crimes and conquests
of the world.-Southern Mercury.
Not rn,ernsl,sn,.
The question of Government loans
was never more prominently before the
l. Al, ~
course, as usual. the metropolitan
press that ever stands ready to do tn.
bidding Of the banks denounce it as pa
ternalism. And from the usurer come:
howl that would rival that of til.
money changers whom Christ d,ov.
out of the temple eighteen and hal
centuries ago. But when We boil all
these objections down and sift OFT til.
rubbish. there is nothing left upc.
which to base them but pure unadul
terated seltishness and greed for gain
The Government is already loaninl
not only its credit, but that which cir
culates as money.
The banks are borrowing money 81
per cent. and loaning it to the PEG
pie at rates ranging from 10 to 81 pei
cent. IL Is HOW ASAcl tuAL tulS DIV
ilege-call it pa:ernalism or not ~ you
please-be extended to all alike. A.
it is now it is q special privilege, and il
is but that its extention to Others
Should be opposed by those now enjoy
it all themselves. Every means is re.
sorted to make the theory of Govern
msnt loans look ridiculous and i'm
practicable.
The Government of Greece is loan
ing money to farmers at per cent
Macaulay once observed that Il
large pecuniary interests were con
cerned in denying the truth Of the at
traction of gravitation, that most Oh
vious of phi ysical facts would be strong
" and ably disputed" What wonde
then, that the money power, through
its hired ally. the metropolitan press
is arrayed against the adoption Of
change that will deprive them Of tn
privilege Of taxing the people one bill