The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-03-06
{ The DISCUSSION.
OF THE MONEY QUESTION BY
In. A. and r. p. s. IS JUST
GETTING IN A GOOD WAY
There Is No Abatement In Their
Cross-Firing Or In Their
Ability to Shoot,
Both Seem to Have Plenty of Am
munition and the War May
Go On
FAR INTO THE SUMMER.
RIP. s. ~ Loaded With Intrinsic
vaIue,' Honest Money and the
Stamp of Government.
Which He Says Is Required to Give
Any Article the Function
of Money.
He Calls on J. n. A. Not to Mis-
represent Him, But to Quote
Him Correctly.
In the Meantime The People Are
Enjoying the War of Words
And Are
Becoming More Interested As The
Battle Proceeds.
He Calls on ]. n. A. Not to Mis-
represent Him, But to Quote
Him Correctly.
In the Meantime The People Are
Enjoying the War Of Words
And Are
Becoming More Interested As The
Battle Proceeds.
Fiat Money Is Not Good Money.

HARDINsBURG, KY.-MR. EDTToR.-My
friend has two articles that wish to
notice. SO my article may be some longer
than usual.
My last article seems to have stirred
the gentleman some.
He, like a lawyer with bad case,
whose arguments are exhausted, heaps
infamy upon the opposite counsel, by
calling him vile names.
Hu'his last ]. H. A. quotes me as say
ing, "Gold only is honest money" and
in his present article he qutes me as say.
ing OF piece of gold which he holds in
his hand, "This piece of gold has all that
is necessary to make it money" ]. H.
A. would like the best in the world for
me TO say am in favor Of the single gold
standard, SO he could abuse gold.
never said anything like either one
of these statements, and he Intentionally
misrepresented me or does not know the
meaning of language. II he is ignorant,
he is excusable; but l consider it be-
meath the dignity OF an honest disputant
to misrepresent. In his last article ~.
II. A." labors through two columns, and
quotes various men, to show that fat
money will some times perform some of
the functions OF money.
Grant that he has honestly quoted
these writers and has not garbled their
meaning and words, as he did mine; and
still they do not prove enough for him.
II is not enough for him to show that
money, whose value depends wholly
upon the stamp, will sometimes do the
money work but he must show that it
will do so at all times, and under all
conditions.
A man may be clever or kind; but TO
show that he is honest, it is not enough
to prove that he is sometimes so, but so
at all times and under all conditions.
]. III. A. asks some questions and desires
clear cut answers.
First--"What is honest money!"
A.-Honest money is money no part
of whose value depends on the govern
ment stamp.
Second-"Will you please point out
some money somewhere that is not fat
money !"
A.-Prof. Ely Professor OF Economics In
the University OF Wisconsin, in his Out
lines OF Economics, says, fiat money"
is kind OF paper money not based on
economic demand of any kind"
In this view, gold money is not fiat
Third.-"What is your idea of an
honest standard OF value?"
Al can not answer this question bet
ter than to quote the eminent writer just
quoted
"Money must serve directly and inn
mediately as a standard OF value T;
but value measures value as length
measures length. We must take unit
of definite concrete value like our gold
P1ollars. When we say that.a commodity
Is worth nine dollars, We mean that its
value or quantity Of utility Is nine times
our unit measurement; conse-
quently money must be composed Of a
material in itself valuable"
Fourth.--"Ii there were no gold or
silver. would people be obliged to do
without money 7"
Al think not. They could use any
thing else with intrinsic value.
Fifth. -"What is Intrinsic value2
answered this question fully In my