The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-02-06
INTERESTING READING FOR THE
MASSES.

PADUC1H, KY.-EDIToR NEws:-R. p.
S in his last contribution to the News
on the money question:" said, "no one
ever doubted that the stamp OF the gov
eminent is necessary to give an article
debt-paying power or to make it legal
tender for payments" He adds, "my
contention is that the stamp Of the gov
\ ernment alone cannot give money pur-
chasing power and that any article to be
gold money must have in addition to
the government stamp intrinsic or com
mercial value"
Now, wish to ask r. p. S. this ques.
ton: What was that article or any article
before it received the stamp of the gov
eminent comforting thereon the legal ten
deE or debt paying function? That arti-
Gle was only gold, silver, nickle, copper
or paper before it was endowed by law
with the legal tender function. / hold
at this moment in my hand bar of gold
weighing exactly 25S grains. 1t is pure
gold, nine tenths fine. 1t has not receiv
ed the stamp OF the government. ! also
hold a certificate from the assay master
in the United States mint certifying that
it is precisely the equal in weight and
the fn-ness of gold eagle. But is it
money! Can l compel any creditor of
mine to accept this bar Of gold in pay
ment OF debt? Can compel the sher-
iff or tax-collector to accept it in pay
ment OF my taxes now due? Can | COM
pei Il p, s. to accept it in cancellation OF
debt due him for tuition in bis school?
II. p. $. and every reader of the News
knows that | cannot do so. Then is il
money? No, it is not, and everyone
knows it is not money. Now | present
this bar of gold at the mint Of the United
States for free coinage. 1t is received at
the mint under the law for the free coin
age ofgold and the stamp OF the govern
ment under the authority OF the great
law OF legal tender is placed ON 1t making
it a legal tender for ten dollars. Now,
what? That which before was not money
at all is now full legal tender, absolute
money OF the United States whose pur-
chasing and debt.paying power is pre-
cisely the same. Nog Whdt made that bar
Of gold to be mOney-to be legal tenders
suppose X, p. S. would answer. "The
memorable law OF supply and demand"
or perhaps he would answer GOD or ma
ture made 1t money
But am persuaded that there is not
student in X. p SIS school who would
not answer unhesitatinRly, "The law and
the law only made that bar Of gold 10 be
money" There is exactly the same
quantity OF bullion in the coin alter re-
ceiving the stamp that there was before.
Where then lies the money function
Not In the metal but in the stamp based
on the law. The FIAT OF the LAW placed
the STAMP Of the GOVERNMENT ON that
piece OF gold making 1t MONEY. Then ii
is clear that gold dollars are as much
creation OF the law as absolute govern
ment, paper money is. Neither Is or can
be endowed with the money use and
function without authority Of law. Law is
as necessary to clothe the substance ex-
isting In the form OF gold with the money
use and function as II is to clothe the
substance existing in the form Of paper
with the money use and function The
one--gold money--is created by the fiat
Of law; the other-paper money-is also