New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-03-18

HE TAKES HIS PEN IN HAND AND
FRAMES "a NOTE
,,.7~ ,,r, WV, >,,,,-,.p WIN 4 PLACE IN THE TEN
rI.r OF FAME BY Ills rOf0"'''
DOLLAR BILL.
,T,,,m The wcekly Tribune

,v,, Tn. wceky Tribune
To the Editor OF The Tr'oune' 0,.o, ~.
Sir: Ir reply TO Mr. Danio''"' =" !"" 49,.
.o,hor 10 mis- statement Is mace: me ide" ''a'
- n.r no redeemed in anything not the
res,,,, OF labor Is TO me prepoS'V'"uS
Hos any one ever made such claim 'er'anN
A., nor,ortn did not and in all ;he propositions
~. ..en ret forth OF them hold out such an
10, II am fortunate enough 10 possess a paper
doror ard nv neghbor exchanges TWO bushels o.
wheat for II, is y, not redeemed?
Mr. Horr says The man who viii draft the
nrou,issory note of the United States any other
government which will circulate for ! dollar among
the people without being redeemabe IN q dollars
worth o. the products of human toll need never
win q battle or be President of ne United States.
His fame will be secure Did any person ever pro-
pose such n dollar? IL seems 10 me that Mr. Horr
- lodging the question playing a bluff game
VIVA, we want is a circulating medium How
would this suit yop
This bn is full legal-tender for al dues and
debts public AMI private. and is redeemahle at par
IN one dollars worth of the products OF human toll
Now. honestly. don't you think that such dollar
issued direct from the Government. would facilitate
the exchanges o, all the products of labor? \ dol
lars worth OF such paper would be regulated by Inc
law OF supply and demand Respectfully.
w p MINT1RE.
Carlisle KY. December o. 1884,
The above letter is lair sample of hundreds
The Tribune is receiving every month. although
the form and fine penmanshp of this letter con-
vince me that its author is man OF much more
culture than the great bulk Of the people who
write such ponsense
state in the outset 10 Mr.. McIntlre that. IN
nv Judgment the confusion under which he is
laboring arises mostly from the fact that he has
no real conception OF what actual money is. But
I will come to this point further on
His frs. quote ton from my article in reply to
/, ie The idea that
money can be redeemed in anything not the re-
sult If Ia DOR is t. me preposterous." Then the
writer asks: Has any one ever made such
claim" Certainly they have. The Tribune is
daily in receipt O, letters IN which the writer's
claim that the VIII lie difficulty with reference TO
this money problem arises from the fact that our
paper currency is made redeemable at all. H.
deed a Populist senator of the United States
stated upon the floor OF the Senate that the peo-
pie Of the country would get relief from
their present distress (Which he said was largely
brought about by stringency of the money mar
keD so long as the paper money Of this country
IL made payable in gold or silver or anything
else which can only be obtained by human toll
The Populist Senator from Kansas, l well re-
member. announced the proposition that he
would have the paper money Of the United
States based upon gold and silver but that he
FORE THEY WERE MINED. and before they
had been touched by the hand Of toll. He stated
in so many words -'at he would have the IN
MINED GOLD AND SILVER the basis OF
our money just as 1t lies asleep in the
ground. He said that some one might
make an objection to that kind OF a basis
for paper money on the ground that the
amount Of such material in the bowels Of the
earth is too indefinite for the basis Of circulat-
ing medium. He then added that the basis
would be all the better on that account, because
IL would then make difference how much Of
such paper money was issued No one would
know but that there was an equal amount Of
the metal in the earth: and so long as no one
knew the paper would be just as good. whether
the amount was there or not.
hope Mr. McIntire will not feel offended when
state TO hum that there IS just as much sense
IN that contention Of the Kansas Senator as
there is in this letter OF his
NOT REDEMPTION AT ALL.
An examination of this letter from our Ken
.uckv friend viii convince any that he has
precisely the same idea Of money as the Kan
Gas Senator He says: IF l fortunate
enough 10 possess a paper dollar and my neigh
nor exchanges two bushels OF wheat for 1t, is IT
not redeemed"
Certainly it is not AS strange as that ques-
ton is am compelled to admit that thousands
OF letters making precisely the same claim have
been sent TO The Tribune within the last I'VE
years Let me vary the illustration. Suppose Mr..
McIntire sells me horse. Instead of paving for
the horse in cash give him my promissory note
for $780, due on demand He finds nfghbor
who is willing to give him 200 bushels OF wheat
for that note. He makes the exchange. Does
that pay the note? Does ne think that note IS
toad 4c F,tn
value. but how about the who has parted
with hs wheat? That man may find another
neighb1r who will give him horse and take
the rotr n payment Does that redeem the note
again: Such transactions may be repeated a
hundred times in the neighborhood. The note has
been us,d II that time money. II has been the
medium Of exchange in every one OF those trans
actions. But the note has not yet been redeemed
or paid. 1t MUST PAID BY THE PERSON
GIVING IT before any say that 1t has
been redeemed
Mr.. McIntre coul' not have made his first ex-
change unless the nan VINO parted with mis- 200 |
bushels OF wheat had perfect confidence in the |
maker OF the note and believed tnat the note |
would be paid on demand.
Real money il net simply medium OF eX- |
change. The greatest function Of real money !
lies in the fact that 1t IS measure Of values
and q measure of values must always be some /
substance which has received Its own value T!
through the work OF the human race. Because !
thing passes as money it is not on that account
necessarily good. II Mr. McIntire's notion of |
money is correct. will he tell me why counter |
felt bill is not JUST good as A genuine one? SO
long the people who take it do not know that |
II is spurious. why is IT not just as good as any !
money: IL what he says is true, the counterfeit !
Dill would be redeemed every time it Is received
In exchange for some product OF labor Can he
not see how senseless such position il?
Under my idea of money. every time a counter
felt bill is received in payment for something Of
value an actual fraud has been penetrated upon