The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1894-10-24
CLOvERPORT KENTUCKY, WEDNESDAY, OCTOBER o. 1894

assertion in order to be believed. | re.
peat, "All money is fiat money" | will
give 500 to look at piece of money fol
one moment that is not fiat money. That
which is not legal tender is not money.
The legal tender function is conferred by
hw. When the legal tender function is
made full and complete for all debts and
dues public and private, we have a per
feet money. Checks, notes, drafts etc,
serve as a medium of exchange, but they
are not money. / mean by fiat, decree
of the law, let it be done. Shells, skins
and wampum have been used as money
and medium OF exchange both by civ
ilized people and savage tribes, but in
every instance the money function was
conferred by the let it be done OF the
people or the tribe in their collective
capacity. God no more makes money
than he makes lawyers or politicians
individuals do not make money, cannot
make money. Let Mr.. Bush attempt
the circulation of some of his own man
ufacture and he will view the subject
from different standpoint. Judge Tiff
fany's work on Government and con-
stitutional Law" is authority and is
recognized by every jurist in the country.
quote from this work, chapter II,
"Power of Congress to coin money!"
page 22l: "The act of coming money
consists in aliixing to that which is to
constitute money, the stamp or seal of
sovereign authority, by which it may be
known and recognized in the market as
being authoritatively entitled to be re-
ceived at the price or value stamped
thereon. The authority which coins or
stamps itself upon the article can select
what substance it may deem suitable to
receive the stamp and pass as money;
and it can afiix what value it deems
proper, independent of the intrinsic value
OF the substance upon which it is affixed.
The currency value is in the stamp when
used as money and not in the metal Tor
materially independent Of the stamp"
Again, "Thus Government may put its
royal or sovereign stamp upon paper,
affixing its money value, and if it limit
the quantity and fully provide against
the counterleiting of it, it will have the
same currency value as gold or silver, or
any other substance" But 'R. p. S
says "Money to be good must have a
commercial value" Mr.. Bush says
"Money must have intrinsic value"
Perhaps, these gentlemen are better
authority thanJudge Tiffany. My friend
"R. p. s." says he doesn't know what is
meant by intrinsic value Let him ask
Mr.. Bush, he knows.
The Supreme Court OF Iowa iowa Re-
ports, vol. l6, page 246) says: ain bust
ness transactions, gold is not commod-
ity, but money, nothing more, nothing
less. This gold had and has statutory
value; the parties dealt with it as 80
many dollars, and not as commodity
having a specified or fixed intrinsic
value; legally each dollar passed for one
hundred cents, and legally it had no
other value" The Supreme court of
the United States (Wallace's Reports
vol. II, page 54S) says "The Constitution
does not ordain what metals may be
coined. Nor does it prescribe that the
legal value shall correspond at all with
the intrinsic value in the market. No
one ever doubted that a debt OF one
thousand dollars, contracted before 1884,
could be paid by one hundred eagles
Isl ,000) coined after that year, though
they contained no more gold than ninety
four eagles ($040) such as were coined
when the contract was made, and this,
not because OF the intrinsic value. of the
coin. but because of its legal value"
But Mr. Bush says that the Govern
ment stamp adds nothing 10 the value OF
the coin" He knows better. He knows
that in the case cited above the Govern
ment stamp added sixty dollars of value
to the same quantity of gold bullion.
He is upholding bad cause, and he
knows it. Perhaps, Mr.. Bush is better
authority on money than the United
States Supreme court, the court holding
that all money is law-made money,while
Mr.. Bush holds the contrary doctrine. /
cannot give the demonstration OF the
currency's contraction in this article, but
will do il in future article. Mr.. Bush
says the panic resulted from an effort to
"put in practice the cheap money
theories advocated by the Populists."
This is not true. The Populists don't
advocate the purchasing OF silver bullion
and tie issuance OF treasury notes
therefor with gold redemption privil-
ege."
Mr.. Bush should read the Omaha plat
form. II says what it means and means
what it says, and speaks in plain Ian
guage. 1t does net equivocate like the
Democratic and Republican platforms.
Mr.. Bush says that Sin recent years
wages OF labor have materially increased
all over the world. Let him tell that to
the striking weavers in Massachusetts
who are now on strike against reduction
OF wages; let him tell it to the 5000 en-
THEY CAN'T ESCAPE. E-
The liver when active Is the I 4