The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1895-09-21
Fiat Cannot Make Money.

Judge nj. F. Machen has gone wild in
his great desire to tickle the public fancy
and pander to popular error. He CON-
mits himself unqualifiedly to the heresy
that Fiat Makes Money" and has abso-
lutely gone so far as to write several col
umns in the Peoples Demands, in the
vain endeavor to sustain his position, and
thus meet the public clamor, which he
seems to think will secure the good viii
of the suffragans, and eventually capture
their votes.
Now, we know perfectly we'll where all
OF Bro. Machen's theories come from, and
have read them and discussed them for
years. We can ASSURE him he is complete
~ at sea when he attempts to settle upon
'greenbacks" rs bright and shining ex-
ample Of "fiat" money based on nothing.
The greenback was promise to pay
money" and this constituted its value.
If Bro. Machen will examine s. F. Nor
toms primer of Finance" one Of the
textbooks of Populism, on pages % and
%, he will find his theory completely up
set and refuted, and the fact there plainly
stated that they (greenbacks) we're receiv-
ed by the people because they represent
ed the promise to pay (the credit) OF the
American people.
For fear some of our readers may not
have the book referred to, which is also
known as THE Ten Men OF Money Is
land" we give the extract so the public
may understand how utterly divided
against the house of Populism Bro. Ma
chen has become, in mis- vain endeavor to
tickle the public into the fancy that he is
capable Of sustaining an argument on
this subject with logic and reason. And
here is what the great high priest Of Pop
ulism has to say against greenbacks, as
not coming up to the standard Of what
should constitute "fat" money:
I'm 1862 the government desiring to
build bridge across the yawning chasm
of Secession, and having no money to
use, employed whole army and
gave to each one little certificates of in
debtedness for their services or such pro-
ducts of their labor as the government
needed. 1t so happened that the
back of the paper on which they were
printed was partially green, so that in
course of time they became to be popu-
larly called "Greenbacks." 1t is true
they possessed no intrinsic rdlue, yet
they possessed an erchdngedble Udlue.-
1t is true that, in and of themselves, they
were worth no more than the paper OF
which they were made, but yet they were
always received by the soldiers in ex
change for their services, and by the far
mers in exchange for their horses, beef
and breadstuff - because they represen
ted credit, the credit of the American
people. There was, however, one very
grave and almost fatal mistake in the
law that created them. The mistake con
sisted in making them promise to pay
instead of promise to receive"
The greenbacks of the United States
were sent forth dishonored by the gov
eminent itself with the declaration that
they would not be received for import
duties, nor would they be used in pay
ment of interest On bonds
We have neither time, patience, mol
room, to indulge in lengthy controvers!
with Bro. Machen on subject on which
thousands of pages have been written
which is distinctly last year birds nest
and has been long since passed over as
dead issue. We would, however, refe
him to an able article in another column
Of this paper, entitled "Fiat Money il
History" If he is really seeking light OIL
this subject, he can find the true statu
of the question in that article.