The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-04-03
R. P. S.
In Reply to J. n. A. Tells Why Gold
Is a Legal Tender.
And Why The Stamp Of Govern
ment Is Necessary to
Make It So.
Any Article of Value May Be Used
to Pay Debts, But to Give
II Legal Tender Value.
II Must Be Stamped BY Govern
ment.
This ls Done, But for One Purpose,
to Still Disputes Between
Debtor and Creditor.
Getting After ]. n. AS Record As
An Economist.
SaysHis ExtractsAre CARRIED From
Writers Whose Books Can Be
Purchased at the Rate of
Twenty for 81.
Fools Rush In Where Angles Fear
Getting After J. n. As Record As
An Economist.
Fools Rush In Where Angles Fear
To Tread"

HARRISBURG, kY.-Mr. EditOr:-My
friend does not seem to think that he
misrepresented me in attributing to me
the statement that gold only is money"
He has failed to show where l used
such language or any thing like it. 1t
may be that he is ignorant Of language,
or that he is afflicted with malady that
is said to prevent Populists from accur-
ately stating the position of an opponent.
We will notice H AS questions first.
First.-"What made that bar of gold
to be money-to be legal tender ?"
This question involves fallacy. 1t is
asked on the assumption that all legal
tenders are money and that ill money is
legal tender, both of which are false at
times Silver certificates are money, but
not legal tenders.
The stamp of the government makes
gold legal tender and the metal value
with the stamp makes it money.
A legal tender is whatever the law de-
clares must be received in requital OF a
debt While thousands OF debts are paid
by articles without the legal tender
quality, yet to prevent disputes and liti-
CATION money usually has this quality.
owe A a debt, when l come to pay
him, he may demand mole skins. instead
of silver, and it may be that cannot
procure the skins, so he still holds me as
his debtor and deals with me according
ly. If instead of paying him in silver,
offer him rags and insist that he must
take them or nothing, l defraud him.
To settle this dispute between debtor
and creditor, the law comes in and in
justice TO both parties names an article
which is sufficiently abundant to make it
easily procured by the debtor and at the
same time sufficiently valuable that the
creditor may purchase with it the article
he wishes TO use.
The metal value makes the gold
medium of exchange, value denomina-
tor, and store OF value.
Second II A asks, "Can any article
whatever be money before it receives
the stamp Of government by authority Of
law p
Not in the full meaning Of money, for
without the stamp it will not settle the
dispute between debtor and creditor as
explained above, and hence 1t will not
fill one function.
But II will and does perform all the
other functions of money. We could
use any article of value as measure OF
value, without the legal tender quality.
We could aud do pay debts every day
with articles not stamped. An article OF
value, without the legal tender quality,
may be used as a medium of exchange
and hundreds of articles for thousands OF
years have been 80 used An article OF
value without the stamp may be used as
store OF value. The stamp then is
needed but for one purpose, to settle the
dispute between debtor and creditor.
Third, ] II A asks, "Where lies the
money function-in the metal or in the
stamp"
The debt-paying function, when need
ed, lies in the stamp; the others, value
denominator, medium OF exchange and
store OF value lie in the metal value.
Fourth, II A asks, "If placing the
stamp ON gold makes It a legal tender.
why, when placed on paper is not it
illegal tender?
NIuA ..La.,ha s.,,a ,,,ist.ka -,