The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-05-22
R. P. S.
Comes Again In A short But
ForclbIe Argument.
Gives a History Of IrredeemabIe
Paper Money. An Easy Way of
Paying Debts, But Death to
Trade and Industry.
WANTS SEVEN QUESTIONS ANSWERED.

HAEDINsBURG, Ky May 10, 1S9j-MR.
EDITOR Il have delayed answering my
friend, that he might have an ample OPP
portunity to answer my last article, in
as many articles as he deemed necessary
to meet what / said.
l have accused him of dishonesty
quoting me, yet he neither gives the lam
guage attributed to me nor does he tell
his readers that he placed his own Lam
guage in quotations as coming from me.
charged him with coming his quota
tions and rehashing secondhand" ones;
so as to misrepresent the views of the
authors. That he might extricate him
self from this charge, asked him to give
the book and the page, which he has
failed to do; thus confirming the sus-
picion that no such quotations are to be
found. He quotes from the North
British Review thus: "Metdlic coin
'Ohle acting as money, is identical with
paper money, IN respect TO being destitute Of
intrinsic rdlue." What the North Brit
fish Review did say is this, "Metalic
money whilst acting as coin, is identical
with paper money, in respect of being
destitute of intrinsic value with this
single difference, that when it is desired
to reproduce that intrinsic VALUE the
sovereign can he instantly turned into
bullion"
So his authority when accurately quot
ed teaches the very reverse of what he
would have it teach. Still my friend
thinks this is honest investigation, and
he does not desire to gain a victory, but
just wants the truth to come out (?) In
his article OF April II, ]. II. A. quotes a
decision OF the Supreme Court, but who
knows whether or not the court ever
said this, or any thing like it; for he has
failed to tell us where he got it.
]. II. A. quotes approviggly the opin-
ions Of Jevon, Walker, Perry and Mac
Loid. Will he accept the definitions and
functions OF money as laid down by any
of these? If not, why accept their
opinions on intrinsic valueP If their
definitions and functions of money are
not to be trusted, why trust their opin-
ions on intrinsic value?
l will accept either one of the four on
intrinsic value, if he will accept either
one on the definitions and functions OF
money, and | will let him make both
selections. There is no use for me to
answer his questions again, until we can
agree upon what money and legal tender
are, and what the functions of money
are.
]. II. A. will take an author when he
writes to suit him, but when the author
says something against inconvertible pa
per, he cries out gold bug" "shylock."
J II A says that the face value of silver
dollar is now 100 cts and the metal value
is 80 cts. and that according to my logic
the legal tender value is 100 cts and the
exchange value is 80 cts.
Why did not he take green backs, their
real or metal value is nothing, while
their legal tender value is 100 cts. Let
the government stop redeeming green
backs and silver in gold, and you will
see that the silver's exchange value is
80 cts and the legal tender value 100 cts !;
the greenbacks' exchange value would
drop much lower than silver and the
legal tender value would be 100 cts.
Why is it that II A can not be hon
est in his investigations? He knows
that am talking OF the standard money
OF the country, and he knows that it
makes much difference as TO its value,
whether or not money is the money Of
final redemption. l promised in this
article, to give an account of the history
of irredeemable paper money. Space
compels me to be brief.
jill A says, in his article OF Feb. 9TH,
"All this colonial money that history
gives us an account Of, bore the requisites
of money, viz: Stamp and authority Of
government He says Of the Pennsyl-
vania paper money, that it was the kind
that the Peoples party advocates.
Francis Walker Money, p. 3O4) says
of the paper money OF the colonies, ave
find here the three usual forms OF paper
money; that issued on landed security /;
that based on taxes and that represent
ing the pure credit or authority OF the
government" Walker gays money p.
3ll,) "Of all the New England colonies,
Connecticut managed her earlier ennis
sions with most caution and judgment"
So it would not, in reality, be necessary
to examine any colonial money but this,
and il it prove failure, than it all fails.
This money was based on taxes, and for
this purpose it was given per cent. adj
vantage OF other money, so ii was thus
kept at par with other money for some
tine.
DIR. Bronson, as reported by Walker,
says Of this money, can ounce OF silver
which in 1880 could be bought for TWEEN
tv-aiOht shillinOa In nlnar and In I7l4