The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-03-06

supply and demand, whether it he
artificial or intrinsic 1t is no difference
what creates the demand for gold,
whether it be its use as money in the
arts, or both there is a demand Tor il
sufficient, with the supply, to give it
value, and this value to distinguish il
from its value as money, is called intrinsic
value. Intrinsic rolue is the power OF
money in exchange, when exchanged as
a commodity; money value is the power
Of money in exchange, when exchanged
as money. ~. II. A." argues that the
value of money depends upon the num-
Der OF pieces in circulation This is true
OF fiat money; but not true of a money
worth as much without the stamp as
with it.
Such money is regulated by the supply
and demand OF the quantity of the article
and not by the pieces of money made Of
t-"money. stamps" issued by the govern
ment. So ]. H. A. argument, about the
stamp regulating the value OF money, is
false.
Sixth-"What makes the bullion in a
gold dollar worth the face value OF the
coin?"
A.-The bullion in gold dollar will
command, in exchange for itself in the
markets of the world, as much, as the
face value of the coin, will command.
The bullion will buy as much in the
markets of the world as the coin used as
money will buy.
wish now to ask j. H. A. some ques-
tions and wish definite answers with
out evasion.
First.-How is the quantity of money,
necessary to do the money worR in any
country, regulated ?
Second-How can we tell when we
have enough money in a country and
not too much ?
Third.-Will the paper in paper dol
lar, of the kind the Populists want, be
worth its face value?
Fourth.-What are all the functions OF
money as given by economists
Fifth. H. A says gold is worth
$40 6S per ounce, which makes a dollar
worth without the stamp, $1,000 1916.
What is "A gold dollar worth with the
stamp?
Sixth.-Will j. III. A. tell us why the
greenback dollars did not circulate in
1864. with the gold dollars, dollar for
dollar?
Seventh. he define fiat money
as he understands it?
Eighth. H. A. says, "money de riyes
its ualue from the limitation of its quantity"
and again, "The stamp OF the government
does confer and regulate the real rdiue OF
money" Do Limitation OF its quantity"
and "stamp OF the government" mean
the same thing?
Ninth.-Can j. II. A. quote tn de-
cision of court or writer Of an ecoi ony,
who says that the stamp gives money
purchasing power?
/ desire j. H A. to give clear cut
answers to these questions. My friend
does not seem to think that quoted
enough writers to show that economists
do not favor fiat money.
He says there is no one on my side but
one or two writers of note and a news
paper man or two.
j. II. A. fails to say anything about
what Walker, Say, Burke and Bayehot
say on his money.
l quoted extensively from these
authors and he was as dumb as an oyster
on what they say. In my next | will
give him John Stuart Mill, ]. Stanley
Jevon, Ricardo, DIR. Wayland and F. A.
Walker on his kind of money; and will
continue to give him authors against his
money until the list is exhausted, or. ].
II. A. says enough. For Walker says,
Economists have generally agreed to
deny that such issues is money" Yet
j. II. A. says the economists are against
me.
! will quote Alexander Hamilton this
week; perhaps the greatest financier of
Revolutionary times. He says, '1n great
and trying times there is almost a moral
certainty Of fiat moneys becoming mis-
chievous. The stamping OF paper is an
operation so much easier than the levy
ing OF taxes that the government, in the
practice OF paper emissions, would rarely
fail to indulge itself too far in the en-
ployment of this resource" Space for
bids my quoting more this time.
~. II. A." writes as II held that the
stamp is not necessary to make an article
money j. ii. A. holds that the stamp
only is necessary to make an article
money hold that in addition to an
articles having the stamp that it must
have value and be traded in the markets
OF the world as commodity. No article
can be money and do the money work
without II has the stamp; for the stamp
gives money debt paying power, and II
IL not money in the full sense without il
performs this function.
sALT-RHEUM; FLESH CRACKED OPEN
AND BLEDl
NJ. I'LL.