The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-05-15

|
silver dollars OF legal tender value, your
annual bounty OF 5000 OO0, 900 being as
sured by redeeming your dollars in gold
which is current throughout the world.
To accomplish this we will be compelled
TO sell bonds with which to draw the
gold necessary to carry out this charity.
But we have already learned from the
great party which originated this policy
that national debt is national bless
ing, encouraging industry and thrift
amongst the people in order TO earn the
means Of paying the interest on the
great national debt, OF which we will be
so proud. And as the Lord loveth
cheerful giver, they will not repine,
but toll gladly day and night to sustain
us in the perpetuation OF this magnih-
cent charity.
at would tax the imagination of
Dante to depict the disasters which
would result from the adoption Of a
policy so suicidal The disastrous ex-
pertinent we have already made demon
strates conclusively, believe, the utter
inability of our country to sustain, alone,
the price Of silver, and shows the wisdom
OF the Democratic party in RELOCATING
the question to the tribunal OF the com.
mercial nations Of the world who are
equally interested with us in the solution
OF this difficult problem"
"But might not these disasters be
avoided by repeal Of the redemption
act and by placing silver on its own
merits tn FREE coinage at 10 to II"
suggested the Courier-Journal represen-
tative, by way of calling attention to the
argument OF the free-coinage advocates.
"This question involves a considera-
ton Of the difference between sound
money and fiat money" replied the
Governor. Though not the only form
of good currency the precious metals,
gold and silver, are themselves sound
money, because they have an absolute
sxchangeablu value irrespective of their
form or of any inscription upon them
Their value, as Adam Smith shows, is
based upon the labor cost of producing
them They possess qualities so dtsira-
BILE that they can always be exchanged
for anything the holder wishes to- buy,
Their value depends upon their weight
and fneness. The earliest record OF
their use is in Genesis, where it is re-
corded OF Abraham that he returned
from Egypt very rich in cattle, in silver
and in gold : and where we also find that
in paying for the burial place OF his wife
he weighed to Ephron the silver which
he had named in the audience OF the
IONS of Heth, four hundred shekels of
silver, current money with the mer-
chant The middlemen of that day
used these metals and they circulated
amongst the people long before Gov
ernments intermeddled with them.
When they did so it was but to recog-
nize the already established value of
the metal, by coming it into pieces OF
convenient size and by placing upon the
coins stamp certifying, in effect, that
its weight and fineness correspondent
with that which had already been ac-
cepted by the merchant and by the
people. Copernicus, in his treatise,
states this fact in saying that the stamp
is only certificate that the coins con-
tain the proper quantity of gold and
silver. The learned Oresine, more than
500 years ago, after showing to his Prince
that no authority resided in the State to
stamp on the coin value greater than
its just weight called for, said that to do
SO 'falsifes the stamp which thus be-
comes liar and commits perjury, and
bears false testimony He even de-
nounced against those who committed
such an act the maledictions uttered by
Isaiah against those who make unjust
laws; which, doubt not, were grievous,
aud should induce those who are medi-
tating such proposal to pause at least
long enough to ascertain the penalties
which may oyertake them for the perpo-
tration OF such an iniquity.
But, notwithstanding this, We are
seriously confronted with the populistic
theory that the value OF a coin depends
not upon its weight and 6neness, but
entirely upon the potency Of the govern
mental stamp. Like most other popu-
listic theories, this is not new. 1t was
probably received by them as legacy
from the famous Kentishman, Jack
Cade, who was an eminent populist
during the reign OF the 9th Henry. Like
those OF the present day, he believed
firmly in the potentiality Of government
to regulate all values, either by written
statute or by word OF mouth, greatly pre-
ferring the latter method, however, as
he does not seem to have been anything
OF scribe. Burn all the records OF the
realm, he exclaimed, as he entered Lon
don at the head OF his rebel force; my
mouth shall be the Parliament Of Eng
land. - There shall be in England,
seven hali-penny loaves sold for penny;
the three-hooped pot shall have ten
hoops, and will make 1t felony to drink
beer. Unfortunately, the reign OF this
eminent Populist was cut short, the
memorable law OF supply aud demand
resumed its tyrannical sway and regu-
| lafa1 snf onlu fha r,riaa 80 hraaI onI