New-York tribune., 1895-02-11

hreproof. Mr.. Benson's dwelling Is made OF wood.
Fire will burn wood Therefore. Mr.. Benson 8
dwelling is not fireproof." This statement is
LOGICAL and in exact conformity with my state
ment as to the quality Of gold and silver. have
nowhere ever stated that all true money Is inde-
structble by Are Indeed I insisted that when
paper money is burned up. THE PROOF OF
THE PROMISE MADE ON ITS FACE Is de-
stroyed, and the value OF such money has dsap-
peared In smoke. did insist that the money OF
ultimate redemption should never be MADE OF
substance which will not stand the f1re test
Understand me. SILK goods Of certain quality
could be used as money. yard OF such SILK could
be made the unit Of value in country Stranger
things than this have happened before now IN
some places on the face Of the earth. In that
case all the values in that country would be ex-
pressed in so many yards OF silk. Such money
would be possible but not convenient. One OBJ
lection to such money would be that In case OF
fire. the same as with paper money. II would be
absolutely destroyed. But because silk Is not fire.
proof I never intimated that 1t could not be used
az money I do say that IL would lack many
qualities which good money ought to possess. and
one OF those qualities Is indesructibility by re.
The money Of Snal redemption should never be
made OF such material
THE REAL THING AND IT'S SHADOW.
Mr. Benson says that he could never see why
one kind OF money should ever be redeemed in
anv other kind That must be because he has no
clear conception Of the difference between paper
money and actual money or between token money
and real money.
Paper moneyjis cnly possible by its being A
PROMISE TO PAY something 1t cannot De
drawn except by using terms which SIGNIFY
certain amount Of some substance In which 1t Is
to be redeemed Consequently. when paper
money is a promise to pay on demand a certain
amount Of coin 1t can be redeemed only by the
payment Of the sum named in coin
Token money 8 purposeIy made. so that It's
commercial or rea! aue is less than It's race
value and all such coins the world over are
made good by providing for their redemption III
money which Is worth its face
When money is WORTH as much coined as un-
coined then the coin OF such money need never
be redeemed by any other kind OF money, De-
cause all such money Is redemption itself. An ar
t!cle which Ia intrlnsicaly and commercially
worth certain amount need never De cnahgeo
into one which is only worth the same amount IN
order to establish its value.
To me these propositions are self-evident HOW
then. can believe In fiat money! 80 OBNOXIOUS
are the theories of the advocates OF such money
to me that | cannot see how any man In MS
right mind can believe in them. l call the whole
business craze Not because l desire 10 De
harsh or uncharitable toward men who DeneVe
as they do but because to me the whole theory
seems devoid OF common-sense as 10 ADMIT Oh
no milder term.
II NAV be that my view Of this question Is owing
70 my lack Of comprehension. II so. cannot neip
IT, 1t is my duty TO follow the highest light
have II there Is any common-sense connected
with the theories OF these fiat money men, tnen
am |. indeed. in total darkness. r. u. HUM