Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1895-11-22
Money and Value.

The PLAIN DEALER on the Sth in
slant propounded these two interro-
cations to those who deny that money
is solely and purely a creation of law.
eff the silver in the silver dollar is
worth only about 80 cents, what makes
the coined silver dollar worth 100
centsp
If the paper in the greenback note
is worth only about the hundredth
part of a mill, what makes the note
worth the sum named on its face?
Respectfully addressed to those who
say money cannot be made by law"
The Charles City Citizen essays re-
ply, in the course OF which it says:
..Law alone can make money-that is,
money that people will be obliged. to
take in payment of debts. But no law
on earth can make money that peo-
pie will be Obliged to take in exchange
for things they have to sell.
With debts national, state, munich
pal, corporation and individual, aggre-
eating about three fourths the APP
praised valuation of all the property,
real and personal, in the United States,
a money that will pay debts is the
great need of the nation, of the state,
of corporations, municipalities and O
individuals. 1t is the duty of the gov.
eminent to create an ample supply Of
snch money; not for the banks, but fol-
the public and for itself. The consti-
tuition gives it exclusive control of this
function, and the supreme court says
it has exclusive control of the ques-
ton in peace or in war.
If the Citizen knows of any money
that will compel man to part with
property he wishes to sell, what is il
made of and what power issues it?
The nation or the state in the exercise
of its right of eminent domain may
take private property for the public
use, paying first compensation there
for, and that payment can be made in
any kind of lawful money. The right
of way through farms for railroads,
and for public high ways is obtained
by its means when the owner refuses
the right or asks what is considered
an exorbitan Mt price.
The Citizen, in it's self conceit, says
claw can not create value" but every
well informed person knows that the
so cents worth. of uncoined silver,
when coined into dollar, is of the
value of dollar, and will exchange in
the markets for an equivalent of its
products, because it will pay dollar
OF debt or replace the product eXchan-
ged for it with profit to the dealer.
Law by exempting property or securi-
ties from taxation thereby creates a
value in them to the full amount OF
the exemption. Value is impaired to
an article or thing by adding to its
utility or usefulness. By adding the
legal tender quality to the silver in
the silver dollar adds to its utility or
use in paying taxes, state, municipal
or federal, land a value is thereby i'm
and the same may be said Of
the treasury note.
The relative values CT silver and
gold are determined by law. 10 one
is given free coinage with full legal
tender power for debt payment, the
other by law is refused further access
to the minis for coinage, and by con-
tract may be discriminate against in
payment of debts. This makes com
modify of the one metal and money o.
the other through the free mintins
privilege it has.
The first 60-million dollars of treas
ury notes issued by the government
and made a full legal tender for al
purposes always commanded the sam
premium as gold when measured b,
notes that were but partial legal ten
der. When gold measured in note
that the government might refuse il
payment Of import duties, or that tn
bondholder might refuse in paymen
of interest on his bond was wort
$2.S5, thus full legal tender not
was also worth $2.85. If the Citize
thinks this did not impart value /
them, created solely by the law, il
opinion differs from that of the me
who needed and sought after them.
If the Citizen is aware of any kin
of money, no matter of what materi;
made that is not made money by th
fiat of law, that creditor is oblige
to accept in discharge of judgmel
or debt, it will confer a lasting bene
upon the public by imparting to it i
knowledge.