The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-03-06

make an article perform all functions OF
money? is the question.
81. II. A." says, "The work OF increas-
ing or diminishing the supply Of money
is wholly that Of the government increas-
ing or decreasing the number Of stamps
in existence. Hence the conclusion is
irresistible that the stamp of the govern
ment does confer the value OF money"
A similar argument IL, the work Of
increasing or diminishing the supply Of
horses is wholly that Of the Creator, in
creasing or decreasing the number Of
suits of horse hair in existence. Hence
the conclusion isirrrsistible that the suits
of hair does confer the value of the
horse.
-. II. A." says, "If the supply Of
money is not regulated by the stamp Of
the government placed on the money
thing by authority of law, what is it
regulated by?
l might ask, il the supply OF horses is
not regulated by the suits OF horse hair
placed on animals by authority of the
Creator, what is it regulated by2
What does j. II. A think about his
logic?
Again he says, Increasing or diminish
ing the supply OF money is increasing or
diminishing the stamps in existence"
"If SC" say he, "does not the stamp Of
the government regulate the purchasing
power of the dollar ?"
This put in regular form reads Dol
lars have stamps on them Increasing
or diminishing the stamps is increasing
or diminishing the dollars.
The stamp regulates the supply Of dol
lars. The supply of dollars regulates the
value. "Hence, the stamp regulates the
value Put "citizens of Italy" for IDOL
lars," Catholic religion" for stamps"
and "Beggars" for value" and we haye:
Citizens Of Italy have the Catholic
religion. Increasing or diminishing the
Catholic religion is increasing or dimin-
ishing the citizens. The Catholic re-
ligion regulates the supply OF citizens.
Supply OF citizens regulates beggars.
Hence the Catholic religion regulates
beggars. All arguments presented by J,
H. A. about the stamps giving value,
are as false as the one just given.
The stamp is used for one purpose
to give money debt paying power, when
ever it becomes necessary to pay debt
legally The stamp then enables money
to perform one function.
The hair on the horse is used for one
purpose: to keep him warm. 1t does
not enable him to pull load or bear
a burden. The Catholic religion in Italy,
is used for one purpose, to make the
people happy in this life and the one to
come. 1t has nothing to do with the
beggars.
| desire now, to notice j. ii. AS
"horse argument" In the language of
the small boy this is honey"
He supposes p J to owe r P S 500
for tuition, and to pay this, S P j sells
J H A a horse for 500 Of paper money,
and then S Pr pays r P S the tuition
and r P buys supplies with it.
Then he asks, with other things did
not the stamp confer all the powers and
functions OF money on this paper?
Owl feathers have spots on them as
dollars have stamps.
Suppose that S p ] sells his horse to
] II A for 100 owl feathers, with spots on
them, and then PJ pays r PS the
100 feathers for the tuition fee; and r
p S uses these feathers in purchasing
supplies.
Do not the spots on these feathers con-
fer all the powers and functions OF money
on these feathers? Let us see how II
A will show that the spots on these
feathers do not confer purchasing and
debt paying power.
desire now to speak of fiat money
and foreign exchange.
In 1892 our government imported
merchandise to the amount of $1,0l6.OO0
and for the same period exported $S27,-
900 600 worth. This trade was carried
on with more than forty countries, and
thousands of people were engaged max
ing these exchanges.
While this trade is largely carried on
by barter, yet balances will occur, and
these must be paid in the money of the
world whatever that may, by custom,
become. Nothing, without commercial
value can become the money OF the
world. 1t is plain then that interna-
tional balances can not be paid in fiat
money, for ii has no commercial value.
Our citizens, doing business with
foreigners, would have fiat money when
they sell their wares to their fellow
citizens, and would, therefore, be CON-
PEELED TO trade their fiat money for the
world money, to pay balances. The
holders of this money Of the world could
ask any price for their money and our
citizens would be compelled to pay it.
Citizens then doing business with for
eigners, would not take fat money; for
they could not obtain whatever they
wished ia fo,m aud amount, and at times
and places to suit their wants.
Fiat money, then, Is not good money,
for part of our citizens would not take il.