The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-01-23

pure ROlu WOulu not De ulmlSneul IL ne
does so continue TO maintain, it will be
painfully apparent that his intrinsic val.
ne delusion is hopelessly incurable.
Again, let me put il this way; about
81 100000 worth Of gold is used in the
United States every year in arts. This
sum represents the total demand for gold
in the UNITED States, the money use
being taken away from gold bullion by
repeating the law for the free coin lge OF
gold. Now double the supply and the
price OF gold sinks from 500 6S per ounce
to $40 "a cents per ounce. Again, double
the supply, the demand remaining the
same, and the price of your gold has fall
len one-half Ii you continue this pro-
cess Of doubling the supply and keeping
the demand stationary, you will see the
price Of gold going down in a geometri-
cal ratio, till it reaches almost zero.
The Professor says: 81 take it that j.
II. A. comedies that inconvertible paper
money will decline in value when there
is an over ISSUE" l assert with the
economists that as the number of dollars
in circulation increases the purchasing
power of the dollar decreases. This is
an axiom in political economy. l con-
cede it, of course. The Professor need
not take up time and space to demon
strate this truism. But the Professor
adds "and hence not good money"
meaning that money depreciating in
value is not good money. This latter
part of his proposition do not concede
at all, and invite him to the proof of it.
That is the very pith Of my contention
that the volume of money in circu-
lation-the number OF dollars-should
be largely increased and the purchasing
power of the dollar diminished. | want
to see the power of the dollar over the
laborer, the debtor the farmer, the bust
ness man diminished. | desire to see
the farmers wheat, corn, cotton, tobacco
and live stock command higher price,
which is the same thing exactly as
shrinkage in the purchasing power of the
dollar. want to see the workers
wages go up which means that a dollar
shall not continue to buy so much OF the
laborer's muscle, sweat and blood here
after as it has done heretofore and is do
ing now. When we have a sufficient
volume Of money in circulation l want
to see the purchasing and debt-paying
power of the dollar kept uniform and
steady. This under the single gold
standard is utterly impossible as | shall
show in future article.
The Professor says that 'if the quanti-
ty Of paper money be unlimited, 1t will
decline in value" This is not to the
point at all, and besides it is very feeble
coming, as it does from the pen OF pro-
lessor.
The Peoples party does not, nor DO /,
declare for an unlimited issue OF paper
money. It's absurd no rational being
favors it. However, an unlimited
issue of gold dollars, if gold bullion exist
ed in unlimited quantities, would possess
no more value than the unlimited ssues
of paper money.
l have stated that money need not and
does not possess intrinsic or commercial
rdlue; that it is solely CREATION Il the
LAW; that government can place its
STAMP on PAPER comforting thereon Il the
functions OF money, under the aut ority
of the great law of legal tender. To
prove my position, quoted Judg1 Tiff
fanny, an eminent constitutional lawyer;
but Professor Shacklett dismisset him
with the cool remark that Judge Tiff
fanny is no better authority than j. fla"
l also quoted the decisions OF the Sup
RENE Court of the United States and OF
one or two State Supreme courts, but
Prof. Shacklett ignores them. will now
give one other authority to refute the as
sertion that money must have intrinsic
value. When the Jews came to Christ
seeking to entrap him and presenting a
coin asked, sis it lawful to pay tribute to
Caesar or no." He only answered,
"whose image and inscription hath itP"
He did not ask its weight and fueness.
He did not believe in the intrinsic value
superstition But the Professor will re-
ject this new authority with the usual
remark that these were only the bare
words Of Jesus without any proof to sub
stantiate His assertion. 1t would be
right interesting 10 know what Prof.
Shacklett regards as authority. He un-
hesitatingly rejects the testimony of
Judge Tiffany, of Henri Cermuschi, of
the Constitution OF the United States, as
expounded by the highest court in the
land.
Does not the Professor know that, il
our government were to issue 100000
600 if absolute, national, legal tender dol
lars stamped on paper making them re-
ceivable for all public dues and demands
of every kind, they would be absolutely
equal, dollar for dollar, with an equal
number OF legal tender dollars stamped
upon gold, one dollar for every 25.8
grains OF standard gold nine-tenths fine?
Does he not know that one OF these
IT PREVENTS THE ENTRANCE
m of disease-pure blood
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