The times. [volume] (Richmond, Va.) 1890-1903, 1895-09-04
. CRITIC OF THE TIMES.

A few DAYS back, Mr.. tdnlih d't'-
son. OF Buckingham county, had ions
letter in the Richmond star in whlch ne
suokc very Gerisively Of this papers re-
reated announcement that the quality Oh
LEGAL tender had nothing to GO win 'he
value of money and that true money VIII
nerform it's functions as well ana as
enthusiastically without being legal tehuei
as when IT IL.
II is with entire respect we say thal
Mr. Patteson discloses by this criucisr
that his mind is the victim OF the CONF
mon errors regarding the nature ana
functions Of money that have misied so
many thou sands OF people in this couh-
try.
The quality of legal tender IN money Is
necessary for settling accounts between
people who differ about their rights Out
A. is not of the smallest value Tor con-
Quoting the ordinary affairs of business
II money performs it's part In these IL
must he money which the creditor Is as
willing to receive as the debtor is TO pay
H. The moment the debtor comes TO reiy
upon something other than the creui-
tors will to secure reception of his mon
ev he discredits il, and he will never be
able 10 secure that creditors consent TO
another transaction with him. the lesai-
tender quality in money is, therefore, 10
end controversies between men who nave
fallen out. and have stopped trading
with each other. 1t is never thought OF Dy
men who are trading with each othei'
end who have had many transactions III
;he past and expect to have many more
In the future.
The mind that fails to perceive these
elementary truths, suffers from two de-
lusons. The first is that business Is con-
Quoted through the agency of money
and therefore. that the quantity OF money
I'm a country must be in proportion TO
the amount of business done in the eoun-
try; and. second. that it is within the
lower of government to supply the guam
tity of money that he enormously
supposes business 10 need. In re-
spect TO this second delusion, me
victim prefers that government
shall create the money he longs
fer. as by adding fifty cents 10 the value
of silver dollar hat it does not con-
tain, through making it a legal tender
for a dollar, or by issuing It's notes Ike
cur greenbacks that are to be legal ten
der for debt though money in no other
possible sense In respect TO THIS paper
money (as the victim calls IT., he pre-
fers that the government itself shall issue
il, but he will content himself with gov
eminent prescribing conditions upon
which banks may issue it If II will put
spies to watch them TO see that they vio-
late none of these conditions.
Our victims first error is his founda-
ton orc II he c,rld clear his mind OF
that one. the second would probably be
harmless. tie thinks business is doae
with money. But business is not done
with money. Business is the exchange OF
The commodities that one locality has
for the commodities that another locai-
ty has There is little or no money used
In thee e. changes. There are checks
and drafts payable in money used in
these exchanges. but they are not paid
In money. They are brought togethe.
and exchanged The bank OF one locali-
ty enters on It's books the value of a
commodity produced in that locality; TINS
producer gives the producer of another
commodity that he wants In another To-
oality. check on that credit. The pro-
Queer of the commodity in the second To-
cality gets credit al his bank for the
value of his commodity. and he gives
the producer Of the commodity in the
FIRST locality a check on this credit. The
first producer surrenders his commodity
for the check o. the second, and the sec
ond surrende's his commodity for the
check OF tbs first. and the two banks
swap these two checks. This is the ele-
menatry form OF all business. and the
only money used in II is 10 make change
that is. orc OF these checks may have
been for 800. and the other for s0. in
which case $ ss money would be used to
make up the s,aerence. Now, this Is
the business OF the cocnlry. and. IL the
country IL not interfered witr,ey laws
that restrict and abridge the right OF IN,
people to make use OF their credit, they
have little or no use for actual money.
This IL the four dalton idea that the Pop
Mist res never been able 70 grasp and