Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1895-06-20
FIAT MONEY SLAMS.
MR.. FRED PERRY POWERS FINAN-
GAL CATECHlSM.

For the Thoughtful.
The Soeratic method Of exposing hum
bugs and shams is especially adapted to
dispel the malaria of greenbackism,
fiat moneyism and free silyerism con-
tinually arising from the swamps OF ig-
norance and dishonesty. That Mr. Fred
Perry Powers has made good use OF this
method will DO clear to all who read
the following questions and answers
concerning "Fiat Money and Legal Ten
der" taken from his "a Financial Cate
chism," published by the Sound Cur
rency Committee OF 81 William street,
New York city.
Are paper representatives Of merchan-
disc just as good for monetary use as
merchandise itself?
They are better, because lighter and
more convenient, il every person is sure
that tho promise on them will be kept
in full and ut all times
Besides merchandise and promises to
pay merchandise IL there any other kind
Of money?
Yes, "hat" money, which il % piece Of
paper or other thing OF insignificant val
nc on which il stamped statement that
it IL 80 much money.
Where docs it get its name?
From tho fact that "tlat" means "let
uted to the Creator when he made the
universe out OF nothing.
Can any human being or government
create anything?
IL cannot
Why IL not "flat" moneySucccssful?
Because, as President Lincoln said
you can fool some people all the time
and all tho people some OF tho time,
but You cam fool all tho people MI tho
time.
But why shouldn't it succeed?
Because men will not give thoir labor
or goods for nothing
Couldn't people be brought to uso
fiat. money!
Reason and common sense arc against
il, and experience proves that they
won't. Besides il you were asked to fix
your wages or prices in 'rallods" how
many would You charge?
don { know how much "rallod" Is.
Well, you know M much about tho
value of II "rallod" as you would about
tho valuo of u dollar If 1t were not
specific quantity of something
Can congress determine how many
yards Of cloth or bushels Of grain IN
ounce Of gold or of silver shall equal
in valuo2
II cannot.
What IN to preventative constitution?
Not tho constitution Of tho United
States, but the constitution of man.
Congress can no moro regulate tho rela-
tive intonsities of human desire than it
can regulate tho length Of day or night.
II congress can mako 90. = grains of
paper inches by . u dollar?
Yes, but that kind of n dollar would
not buy anything.
Cannot congress pass II legal tender
actp
Oh, yes, If II man in the past has loan
cd 81, 900 congress can say that tho debt
or IL discharged when he offers 900
worthless fiat" dollars.
Isn't that making fiat" dollars just
M good M any other kind Of dollarsl
II il 20 far ms giving the debtor tho
81 900 that ho ought opay his creditor,
but it docs not help man to buy food
and clothes, because tho merchant will
raise his prices for awhile and finally
refuse to soil ut all.
What would tho merchant do then?
Keep his goods till no found custom
ors who would barter thoir merchandise
for his.
Are not legal tender acts passed for
tho benefit of tho common people?
Not much, They ro passed by tho
mon who issue bad money to try to force
il into circulation. Good money will go
Of itself.
Give IN illustration.
When tho Russian government was
using marten skins, which had value
M money III its eastern dominions. it got
short Of funds, as governments AFRO apt
to, and it cut off the scnlps of the mar.
tens and compelled tho people whom it
owed for labor or material to take u
scalp for II whole skin
BY whom have cheap moneys always
beon introduced?
BY smart iinancers and impocunious
kings.
What is tho earliest example?
TWAS ono Of the crimes of DionySius,
tyrant of Syracuse, about 400 b, G.,
that Ms Aristotle says: "Whon ho was
short Of money, he coined somo tin, and
having convened M assembly ho spoke
much on behalf of tho now coinage, and
they passed decree, even against their
will, that each would consider what he
should take of it MS silver and not ms u
baser metal. F."
Mention modern instance,
Emir Abdullah coined II quantity of
copper cartridges which the Egyptian
troops left when they evacuated Harm
i'll 1886 and ordered tho brokers to ex-
change them ut the rate of one silver
thaler for 81 coppors--that is, he ostah-
lished II mint ratio With much dcnun-
citation Of tho sin of usury and of tho
crimes of tho "money power" the omir