The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-10-27
What Is Coinage +,

In these days OF new things, when W
hear much OF the new astronomy" tn
new chemistry" and even the "nev
theology" Some OF US are inclined {,
expect great things OF the new finance,
which would revolutionize monetar,
matters by unlimited silver. But tn,
sciences have not been revolutionized sine
astronomy succeeded astrology; since
chemistry succeeded alchemey. Theol
ogy is but little changed since the writing
of the Ten Commandments and money
today il measure OF value as il wa,
when the coins OF the Caesars or the
talents and shekels OF the Jews were cur
rent money.
| What is coinage? Simply the certify,
ing to the weight and fineness OF piece
of metal. Coins have been madeby other
than government agency. In California
and the west many private coins have
been minted. II there is some occult ere
alive power in the act OF coinage indiyid-
uals as well as governments have been
creators. Coinage is but thedoing away
with the necessity OF every man carrying
scales and an assay outfit. Ii Is not a
scheme to give value to any metal and
has never been 80 considered by any OF
our coinage laws. 1t remained for the
muddled brains of populism to give coin
age any such meaning.
From the talk of the silver people we
might infer that the chief concern of gov
eminent was the price of silver. Pres
emily they will be advocating new con-
stituton something like this, Eve, the
people, in order to make market for
silver and boost up the pr.ce to S1.29 an
ounce. and incidently to cripple that
roorback, "Wall street." and puncture
the hide OF that jabberwock, 1.-The money
power" do ordain, ETC., etc.
Now this no more absurd than the con-
tention that the government is under
special obligations to MAINTAIN certain
purchasing power in its coins. When il
takes a money commodity and changes
il from bullion TO coin on private account
It's responsibility ceases. Ii is not con-
cerned With the value or purchasing
power of the COINS. The money unit then
is usually a certain amount OF some CON-
modify. Most coins get their names
from term meaning given weight.
When Abraham weighed out the 400
'hekels OF silyer-current with the mer-
liant, shekel was unit OF weight,
.hough latter on coin bore that name. |
The words penny, mark, liyre, drachma,
ialent, etc, were used ss given weight |
'efore they were applied to coins
Much stress is laid on the constitutiona
'ower OF government to "coin money and |
egnlate the value thereof" But the |
'nly power to regulate the value OF coin,
possessed by government, is its power to
hange the weight OF the COMA power
has always used, The idea that it has
my other means OF regulating the value
II coin il another Authorization OF the
liver tiatist. About here they will ask,
How does the government circulate
liver dollars at par having a metallic
'alue OF 53 cents?" The answer is plain.
Dur present circulation Of some $50, 100.
100 oil silver is on the same footing az
'ur subsidiary coinage. Ii has been the
ustom OF nations TO purposely put less
han the lace value OF metal in minor
oins to keep them from being melted,
nd by limiting their amount they are
bic TO redeem them at their face value
nd thus keep them in circulation at such
alue. This has been our practice since
S53 and the course OF events under
'hich silver has declined In price has re
ulted in practically placing our silver
ollar in the list OF subsidiary coins; the
My difference being that silver dollars
re legal tender to an unlimited amount.
A good illustration OF the limits OF gov
power regarding coinage and
urrency was that OF the late Confederacy.
t the opening of the war the Conieder-
te States got possession of small
nited States mint and coined some gold
caring the stamp OF the Coniederacy.
ow that government il az dead as it
yer can be and yet those gold coins have
'st no yslue-are as good today a ever.
: it any wonder that the world esteems
old so highly considers it to be the
est money? We all know the worthless [
ess oil the notes issued by the Confeder- ,
cy. Have we not good reason for con-
GINNING fiat money ia all its forms, and
'si-ting the best money IL none too
God? Nobody complains of too good !
othes, too good meals, too good houses
r too good an entertainment and these /
re the things money buys. Yet the
postle Of this new finance" is preach
z the doctrine that our money is too $
pod, that it buys too much"