The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-02-19
A POWERFUL LETTER.
The Whole Philosophy Of the Money Question
Explained is Honest" Money.

Editor Representatives:
The terms sound money, honest
money and other similar expressions
are often in the mouths of the advocates
of the gold standard, and It would seem
that all the mouthing of these terms is
done to convey the idea that gold only
or substitutes redeemable in gold can be
honest money. It is a we'll known fact
to those who have looked into these mat
tiers. that only about 400 millions of the
population of the world are now using
gold as a standard, while there are at
least 800 millions using silver for that
purpose, and even those who profess to
be ON the gold standard are using at
least half as much silver as gold.
The catch phraZe eve must maintain
our national credit has been very eX
pensive one to the people of the United
States and has no doubt cost them over
a billion dollars of their hard earned
money I believe that the great major
;ty of the people CT the United States
are Intentionally honest; they mean to
pay their debts, and are also as anxious
for national honor as they are to pre-
serve their own individual integrity.
But they are not we'll versed in National
finance, and have been misled by design
ing knaves by such catch-phrases as !
have quoted.
In order to know what IS Sound or
'honest" money we must first know what
is money. Various materials have been
used as money in the history of the
world; but money is not material, it is
the fiat of law, or custom which makes
law Money may have both intrinsic
and commercial value, but neither of
these qualities is used when the metals
are used as money, as our supreme court
has decided, and all political writer's of
note agree in this opinion. | quote from
Arpleton's Cyclopedia
"An article is determined to be money
by reason Of the performance by it of
certain functions, without regard to it's
form or substance"
Money. them is not the substance, but
the office which is performed by the gov
eminent stamp on it. Bastiat uses this
illustration describing money:
"You have crown piece. What does
it mean in your hands? If you can read
with the eye of your mind the inscrip-
ton it bears, you can see these words:
PAY to the bearer a service equivalent
to that which he has rendered to soci-
etv. Value received and stated proved
and measured by that which is on me-
| That is, the stamp or fiat of government
| denotes it's value, and is certificate OF
services rendered to society,"
1t matters not, then. of what material
| money is made, whether it is of gold,
| silver. nickel. copper. paper or any other
| substance that will receive the stamp.
| We use neither the intrinsic or CONNER
| cial value, but the fiat of law on it. For
| nearly 20 years this country had no metal
money in c:rculation; paper was the only
money used. and we'll it performed its
| duties The cry for dollar that will go
around the world IS simply a knaves
catch phrase to gull the people, while
| they are being robbed. No money of any
| nation is current in any other country
| than where it originates. unless made
so by law. as was done N this country
| in its earlier history, when congress
| made Canadian. Mexican and Spanish
| dollars current on account OF an INSULT
cheney of money coined here.
| Having now an understanding Of what
| money is constituted, we will consider
the adjectives sound" and honest" a:
applied to it, Sound" in the sense
| here used. means complete. not defective
honest means just or equitable Take
the two terms together and think the
following definition will cover them
| Sound or honest money. is that money
which will completely perform the func-
lions for which it was designed. and dc
no injustice to any party using It.
The advocates of the gold standard as