The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-06-12
Shows Up After a Few Weeks In a
Lengthy Argument.
Money Constantly Increasing In
Purchasing Power Is Un-
just Money"
he TOO WANTS SIX QUESTIONS
ANSWERED.

EDITOR NEws:-I must hold r S to
the text he is inclined to stray away.
These annoying questions must be dns,cer'
ed. They have not been thus far.
First-WHAT MADE THAT BAR OF GOLD
TO BIZ MONEY TO BE LEGAL TENDER
Seconds ANY ARTICLE wHATEvER
MONEY BEFORE 1T RECEIVES THE STAMP OF
GOVERNMENT BY AUTHORITY OF LAW?
Third-WHERE LIES THE MONEY FUNc-
FIoN--IN THE METAL OR IN THE stamp
Fourth-HAvE NOT THE PEOPLE OF THE
UNITED STATES POWER, THROUGH THEIR
GOVERNMENT, TO PLACE THEIR MONEY
STAMP UPON PAPER CoNFERRING THEREON
ALL THE FUNCTIONS OF MONEY
FIFTH-WHAT MAKES THE BULLION IN A
GOLD DOLLAR WORTH THE FACE VALUE OF
THE COIN?
SIxTH-WHAT RESPECTIVE PROPORTIONS
OF VALUE MUST THE STAMP AND METAL
VALUE POSSESS IN ORDER TO FORM A GOOD
DoLLARP
1t will be remembered that in my last
Article l said, at is useless to insist upon
r P SIS answering my reasoning against
the doctrine of intrinsic value. He will
? not attempt it," AS anticipated he did
not even make an attempt at answering
me. He now admits that he was not
using the phrase intrinsic value" in the
sense OF intrinsic value. He says, 81
hat ha ,,,k. II.
tionable." Then why did he, in his
article OF February 6, after quoting a
number OF authorities to prove that
money MUST have intrinsic value, say,
81 have also shown that where the
money has INTRINSIC VALUE as well as
money value, its purchasing power is not
effected by an indefinite issue ?" A
writer should use the proper words to
convey his intended meaning. The
point l here make is, r p S has aban-
doned the theory OF intrinsic value. 1t
is to his credit that he has, be it said.
RIP S takes exceptions to my quota
Qon from the North British Review that,
Metallic coin while acting as money is
identical with paper money in respect to
being destitute of intrinsic value" and
to show my dishonesty he adds this
clause from the Review following the
one quoted: "With this single differ
ence, that when it is desired to repro
duce that intrinsic value the sovereign
can be instantly turned into bullion"
He thinks he has turned the quotation
against me. But stand by my first pro-
position. When coin is converted into
bullion it ceases to be money.
The Professors quotation as he gives
it in full might be put this way "Metal-
lie money while acting as coin is iden-
teal with paper money in respect Of
being destitute OF intrinsic value; with
this single difference, that when it is
converted into bullion and is NOT money
at all, then, OF course, it is not identical
with paper money"
congruities and absurdities, but will
note this one which shows that he is
making mighty slow progress in the
study OF the money question; LET the
government stop redeeming greenbacks
and silver in gold, and you will see that
the silver's exchange value is so cents
and the legal tender value is 100 cents"
Well then, what is TO keep us from
seeing that result now; for the govern
ment is NOT redeeming silver dollars in
gold? Who ever heard OF the govern
ment's redeeming silver dollars in gold
Where did RI S get his information
Neither is there any law on the statute
books of the United States to-day re-
curing the redemption Of greenbacks in
gold. There is no law for the gold re-
serve. That reserve was collected into
the treasury by John Sherman without
authority OF law; and the Democrats
have been worshiping that illegitimate
offspring OF Sherman's ever since.
The Professor accuses me OF being
dishonest in my investigations. Yet
from investigation and study | have
reached the conclusion, that money
should at all times have the same pur-
chasing and the same debt paying pewer,
30 that the debtor shall pay what lie
agreed to pay and no more. This is
what conceive TO be just financial
system. II robs neither debtor nor
creditor.
But money constantly increasing in |
purchasing power is unjust money; II |
fobs the debtor for the benefit OF the |
creditor. Such money system is an
unjust and dishonest system. Let me
illustrate the workings Of such system.
Under our present monetary system the |
unit Of money is now and has been for
more than twenty-five years increasing In |
value at the rate Of "a per cent. per an
mum. Let us take debt OF 81 900 run
ming over period Of Ave years, payable
at the rate Of 900 per year, interest at |
the rate Of per cent per annum, and
we have;