The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1894-12-19


other substance"
Again, Sec. 402: "There is no such
thing legally as gold or silver money and
paper nancy. Money, as the measure
OF price or value, is the sovereign author
ity impressed upon, and attached to, that
which is capable OF taking and retaining
the impress OF that authority"
quote thus literally, and from a
standard work too, because "R. p. s."
wants the proof Now, in his reply, l
want him TO come up and meet my argu-
ments and proof without lodging. Let
us have no evasion, but let him face the
issue courageously or retreat from the
field. Now, to the courts, the interpre-
tiers OF the law. The Supreme Court Of
Iowa, Iowa Reports, vol. IS, page 246,)
says
''In business transactions gold is not a
commodity, but money, nothing more
nor less. This gold had and has a
statutory value, the parties dealt with it
as 80 many dollars, and not as a COM
modify having a specified or fixed intrin-
SIC value; legally each dollar passed for
one hundred cents, and legdllyh had no
other rdiue."
Again from the United States Supreme
Court Reports, vol. IL, page 548:
CONTRACTS for the payment of debts
are subject to the authority of Congress,
they are engagements to pay with lawful
money OF the United States and Congress
is empowered to regulate the money.
II cannot therefore be maintained that The
legal tender acts impair The obligation ofcon-
trdcts."
Here is the decision OF the highest
court in the land declaring that Congress
has power to place the seal OF sovereign
authority Of this nation on piece of
paper making it legal tender for the
payment of debts, bestowing upon it all
the functions OF money, "R. p. S."
dictum to the contrary Notwithstanding.
Perhaps, il ar. P. s." had been retained
by the claimant, who demanded coin Of
the debtor instead of greenbacks,to argue
his cause, the decision of the court might
have been different Judge Tiffany may
be wrong; the Supreme Court OF Iowa
and of the United States may be wrong
but ar p. s." is unerringly right
There are many other decisions of
State Supreme Courts which / could
give in support of my position, but these
are sufficient. To my mind, it is not
debatable question. The contention OF
"R. p. s." would have no standing in any
court OF justice in this country. There
is not an economist of note to-day who
would entertain his contention for
moment. His position has been reject
ed by all writer's of responsibility on eco
nomic science. He will reject it too
when he sees his error, and that will not
be long.
/ now desire to cite some OF the auth
critics on money. Henri Cernuschi,
great Italian scholar, called before the
United States monetary commission,
testified;
81 will give you my definition of
money; money is value created by law
to be scale OF valuation and valid
tender for payments" Further on
in his testimony he said: Certainly
every one understands that, as regards
paper money, the value is created by
law; but it is, perhaps, not easy for every
one TO admit that, with regard to metal
lie money also, the value is created by
law. 1t is, however, the fact. IL you
suppose that gold Is not money, is not
legal tender--if you suppose that silver
is not money, is not legal tender-the
value Of gold and the value of silver is
lost "
/ turn to Macleod's Elements of Eco
nomics, and ON page 23l find;
"This unhappy phrase, intrinsic value
meets us at every turn in economics; and
yet the slightest re Election will show that
10 define value to be something external
10 thing and, then to be constantly
speaking OF intrinsic value, are self-cOn-
Trajectory and inconsistent IDEAS
The Encyclopedia Britannica says;
"The theory OF intrinsic value has been
abandonded by the best scholars and
writers
The United States Supreme Court says;
st is hardly correct to speak OF a stand
ard OF value. Value is an ideal thing"
Not only has the government power to
place its stamp on piece Of paper Great
ing legal Interchangeable the govern
ment has done 80 repeatedly. This point
then, must be regarded as settled.
'R, P. s." says that ''If the govern
ment can give value 10 paper, 1t would
be benefcent act to create few mil
lion for each man, woman and child, and
distribute it among the calamity howlers
OF this country, that they might live in
luxurious ease" This is hardly peril
nept TO the question at issue. The gov
eminent in creating money, does not
create any new wealth. Money is not
wealth. The government must be the
judge OF the quantity OF money necessary
for the wants OF the people.
"R. P. s." says thing has value be-
cause 1t supplies a human want" Does
be mean value in exchange or use value?
The atmosphere we breathe has great
use value, so great, indeed, that we could
not live twenty minutes without il; but
rxrxv,.uruwx, CAST OUT,