The Louisiana populist., 1895-04-26
BATON RorGr, LA, April 10, 1895.
Editnr Tirnns- Democrat

Editor Times Democrat
Your correspondents, MessrS Groh
and l.. NJ. G., are becoming elementary
on the subject OF money. | will en-
deavor to follow them. | disclaim orig
inality, which Mr. Groh thinks is so fun
nv, and take up the authorities. and
first. as to whether or not the conditions
of depression or prosperity prevailing
at any given time depend on the guam
tity or quality of money in circulation,
] cite McCulloch-who says at is pos
siblc, by sufficiently limiting its quanti-
ty to raise it's value in exchange to any
conceivable extent" This simply means
that it is possible by sufficiently limiting
the money supply to make the dollar
command any conceivable quantity OF
product or labor, and conflicts with Mr..
Grohs idea on the subject ; but some
economists of the New York Tribune
school thinks that when you bear on
prices of commodities, you add to a
peoples prosperity. Professor Nichol-
son says our most important factor in
determining the general level of prices
in country, is the quantity of money
in circulation"
"And, in fact, we cannot proceed n
single step in any argument on general
prices without assuming their depend
ence on the quantity of money"
But have before shown by the re-
cords that the professed purpose of de-
mopetization was to decrease the money
supply, and thereby reduce all prices.
1t must then have been assumed that
the prices of commodities, labor and
the conditions of all trades, did depend
upon the quantity of money, and the
fact that price does depend upon the
money supply, ought not now to be
questioned by any informed person. 1t
is fact as Mr. Groh states, that the
creditor will press the debtor in case We
attempt the relief of the debtor and
producer by increasing the money sup.
ply by supplementing gold with silver.
do not see that that would better the
situation of the creditor, because we
shall inevitably reduce the value of his
enhanced money, thus wrung from the
debtor to its just, equitable and proper
level. Consequently the creditor could
gain no advantage by hurrying pay
ment in enhanced money to-day, and
which money must, tomorrow, drop to
the level of all other money.
Since have learned thai Mr.. Groh ID
disciple of Henry George, l think il
is well | so soon gave up the attempt
to draw him out of the one idea rut.
thank him for Mr.. Johnson's speech
but will reciprocate with Sibley's speech
Now as the next idea treated by both
your correspondents-the intrinsic val
ne theory of money-the authoritie!
run in this wise:
The theory of the intrinsic value Of
money has been abandoned by the bes
writers and speakers, Enc. Britain
MICA.
IAN article is determined to be mon
ey by reason Of the performance by i
OF certain functions without regard t.
its form or substance, Apps. Am
Encyclopedia.
THAT upon which the stamp is placed
is called coin; the coin may be metal
parchment or paper. The value is in
the stamp, not in the metal or materi
al"-Judge Tiffany's Const'l Law.
Government. like the Spartan law
giver. may put its stamp upon leather
and make that currency and so Ion,
as it can provide against counterfeit
ing of the same, and so regulate the
quantity in use, it can give its STAMP
upon the leather the same value as
put upon gold, silver or any other sub
stance. ."-Tiffanv.
Mr.. L. NJ. e., says the governmen
ought not to coin a dollar on its owl
account; what does Tiffany say? "a
the people of the United States confer
red upon Congress the 'plenary author
ty to coin money and regulate its value
and denied to the States the exercise o
such powers. they thereby made it th
duty of Congress to make all necessar
provision for supplying the nation wit
money as a medium of exchange.
was the intention of the people that thi
power should be exercised in such mar
ner as to make the currency of the M
ton adequate to- any emergency chs
might arise.
There is need in every society Of e,
change. 1t is a public necessity as we
as private and it should be provide
in such way as to subserve the pull
lie as well as private use. The necess
ty which requires money as a mediul