The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-02-06

| VI ~ 10 tHuV"t" ny 10" WIN bhO hiOhOy
use and function. Hence all money
phether metallic or paper is fiat money.
now place my ten dollar gold eagle
on an anvil and strike it blow with a
hammer and my money has vanished,
disappeared. Now let r. p S. tell the
readers OF the News what has become of
my money-my ten dollar eagle2 1t has
disappeared. But insist; where was the
money function-in the metal or in the
STAMP? 1t is not in the metal for l still
hold that and il is no longer money. THE
MONEY FUNCTION is IN THE STAMP BACKED
by THE LAW.
Now then If the people Of the United
States have power through their agent,
the government, to place HeN stamp Of
authority on gold comforting the money
function thereon, why cannot the same
people through their same government
place their same stamp on paper conferrirg
on it all the functions Of money!
r. p. S. will not tell us why, he cannot
do Il; neither can any other advocate of
the gold basis humbug
Is not r. p. s. ready to concede that
there is no intrinsic" value in money
l still hold that piece OF gold bullion from
which the money function has been eff
faced by the blow of the hammer 1t
possesses the same comm rcial value it
possessed when it carried the stamp of
the government. Now this question,
why is it not money! 1t has all the re
quisites which II p S. says are necessary
to make it ten dollars. This is his idea
of honest money. Why is this metal
r. p. SIS. sound mOney'-more honest
or Sound money than silver metal or
paper material, when It is not money at
aW
Once more The material whether
metallic or paper on which the stamp OF
the government is placed acts only as
| the agent or messenger conveying evid-
ence of the money function in the mark
ct, as a medium of exchange or as legal
tender for payments.
Says h. p. S, "The stamp OF the gov
eminent alone cannot give money pur-
chasing power" Again, "The purchas-
ing power OF money is regulated by the
memorable law of supply and demand"
These are certainly logical and consist
ent propositions And note that both
these propositions are from professor
one of our best teachers.
The demand for money is represented
by all the wants OF all the people, for it
is by means of money that all the wants
OF all the people are supplied. The sap
ply of money is the creation solely of the
government If the demand for money
remains stationary and the supply of
money be increased by placing an addi-
tional number Of stamps on an additional
supply OF materials-any kind OF mater
ials the government deems proper to re-
ceive the stamp-will not the purchasing
power of the dollar or other unit of
money be diminished? r. p. S. is
already committed to the supply and
demand theory" and | ask him whether
it is not true that an additional supply
of money put into circulation will dimin-
ish the purchasing power of every dollar
of money out p? III So, does not the
stamp Of the government regulate the
purchasing power of the dollar?
Again, il the demand for money be
steadily Increasing and the supply of
money be cut off, (as was done by re-
pealing the purchasing clause Of the
Sherman silver law or diminished las
was done after the close of the war by
destroying 81, $40, 100000 If the peoples
currency and the issuance therefor Of i'm
terest-bearing bonds will not the pur-
chasing power of the dollar be liner iased
in exactly the same ratio that the ? rtion
OF money cut off or destroyed bcars to
the total amount then in existence If
So does not the stamp OF the government
under the authority of law ncreasi lg or
diminishing the number Of money units
in circulation, regulate the Calue ~ pur-
chasing and debtpaying pO'cer OF money
Does not r. p S. think he would bet
ter re-adjust his logic and place it on
basis of reason and common sense ? If
the supply OF money is not regulated by
the stamp of the government placed on
the money thing by authority OF law, what
is it regulated by? Every increase in
the supply OF money, the demand re-
naming the same, diminishes the pur-
chasing power of the dollar or other unit
OF money. Every diminution ofthe sup
ply OF money; the demand for its use re-
naming the same or increasing, increases
the purchasing power OF the dollar or
other unit Of money. The work of in
creasing or diminishing the supply OF
m oney is wholly that Of the government
Increasing or diminishing the number of
money stamps in existence. Hence ths.
conclusion is irresistible that THE STAMP
OF THE GOVERNMENT DOES CONFER AND
REGULATE 1.-THE RIAL VALUE OF MONEY,
4, t.ATrr 4, nnDDHCppyVE1