Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1895-02-21
THEIDEALCURRENCY.
PAYABLE AND RECEIVABLE BY
THE GOVERNMENT.
The Plan Set Forth by Q. =. Taylor
wOuld Make Good Substitute for
BOndO-HOw 1t Could Re EIoatsd
Among the People.


service and supplies, and It goes from
hand to hand, being redeemed" at
each transaction, and finally received
Credeemed'C by the government in
payment Of taxes, duties, internal rev.
enue, ETC.. this being the final redemp-
ton. The material Of this money need
not be gold, silver, rubies, diamonds
nor any other scarce material. The
government issues postage stamps, and
receives them back again In payment
for the service Of carrying letters, pa
pers and packages. They are made Of
paper mot gold. They are not biased"
upon gold; they are based upon the
fact that they will be received in pay
ment for certain services. This Is sum-
cient to keep them always at par, equal
to gold, and better for their particular
purpose, for the service Of carrying a
letter cannot be paid for in any other
material nor in any other way than by
afixing postage stamp.
Paper money has become the neces'
sity Of the age; but the prevailing fal-
lacy Is that it must be based" on gold.
The governments promise to receive
Tin payment Of taxes, etc. will give
as much value as its promise to pay
wheat or cotton? Or If the promise to
receive is the simpler and better oper-
alton, why not adopt it? In fact, this
is really payment in service. In re-
turn for the money the tax gatherer
gives us a tax receipt, which repre-
sents service, as In the case Of the pos
tage stamp.
So the ideal money would be a paper
money, bearing a promise to receive,
rather than a promise to pay. The
basis will not be what little gold that
can be raked together, or what silver
happens to be coined; but 1t will be,
first. the authority of the government;
and no substance, whether gold, silver,
nickel or copper, Is money without that
authority. Second: the wealth, stabil-
ity and integrity Of the government,
and the faith Of the people in the same.
The wealth Of the government IN
lands, buildings white House, capitol,
department buildings, etc., at Wash
ington, postofice buildings all over the
country, custom houses, etc. coats, riv-
er and harbor improvements, ships,
franchises, etc., ETC., ETC., makes a basis
enough to satisfy any stickler for 'ac-
tual value" But the service to be rem
dered is sufficient to keep at par a post
age stamp; so the many kinds Of SER
vice rendered by the government Is
highly sufficient to maintain at par a
currency based upon such service.
The amount of the currency should
be carefully adjusted to the population
Of the country and the wealth now In
existence. The total wealth Of all
kinds now in this country is about $685.
900, 600, 900, and the population is about
6S,OOO,OOO. AS population, wealth and
business increase, the medium Of ex-
change should increase in a similar
ratio.
Some non-progressive people insist
that we must have gold as basis, be-
cause Of it's intrinsic" value. Do they
not know that about 80 per cent Of the
present value Of gold is "flat?" If the
world would quit using gold as money
today land it will some time), what
would the gold dollar you have In your
pocket be worth? Perhaps about ten
cents. AS metal it has very few uses
that are not as well or better filled by
other metals; and this is the measure
Of intrinsic value. You could use your
gold dollar for filling teeth, covering
picture frames, etc., or sell 1t at a low
price for these purposes. Silver has
fallen In value by the partial removal
Of the fiat, and 1t will go down to the
true level Of its real value when 1t
ceases to be used as money; so also will
gold.
II mastodon teeth were made the ar
bitrary "basis" of our circulating med
ium as gold has been, they would i'm
medIately rise to phenomenal value;
and men would eagerly dig in the beds
Of old rivers and search dark caverns
in quest Of the precious material.
In early colonial times the people
CROPPED in the dark just as we are
doing now in regard to the financial
question. Gold and silver were then
very scarce, and they had to have a
medium Of exchange for transacting
business, as barter giving five sheep
for a COW, or several bushels Of pota-
toes for a pair Of boots) was too awk-
ward and unsatisfactory. Some Of
their attempts in the way Of paper
money would be amusing II it were not
so serious a question. But some Of
the colonies were wise enough, or for
tunate enough to reach almost perfec-
ton, in spite of the objection Of the
English crown to the colonies issuing
money. For example, the following is
a copy Of the phraseology on an early
New York bill: