The San Francisco call., 1896-11-20
Letters From the People.
FAIRS PENCIL WILL.
That 1t Should Teach People About tn
Nature of Mouey.

That 1t Should Teach People About the
Nature of Money.
= Editor San Francisco CdlE-SIR 1t is with un-
teigned satisfaction, but not with surprise,
that read in the leading editorial OF THE
CALL this morning on Currency Reform
that ''it is evident that one of the issues which
Will be forced upon the attention of the next
Congress will be that of reforming our system
OF currency" and that '.the new issue will
diner from that which was appealed to the
people in the last campaign. inasmuch as it
Will affect paper money rather than COIN;
also that "the chances are that it will form
the dominant issue in our politics for some
time to come" l desire to add the single COM
ment that it was In fact the dominant but
concealed issue on the part of the conserva-
tive interests in the recent cam paign, as
stated ~ the opening of the campaign in
"letter" on the -four money pIanks," though
the silver Issue was unwisey, as / believe,
made paramount by the "reform forces"
NOW, since paper money rather than coin is
to be the issue in our politics for some time to
come, would it not be good thing for US all
10 Try 10 get at a true and really scientific
better to judge whe ther it should be issued by
the 1overnment or by the so-called National
panks? l assume that we can all come to a
study OF this now dominant issue as American
citizens who desire the best form of money for
the common good of our country and the
general convenience of the public. / offer
bhNSO ouSeCotiOus III Llat HOU-Ddrt1San Sp1rit.
lhere are two fundamental conceptions now
nAeo IN the public mind as to the nature of
money. Our gold s. piece has on il these
words: ''United States of America; Five D."
and the figure OF the eagle. On he other face.
surrounded by stars, is the symbolic head of
Liberty, as indicated by words also on the
prov with the date below the head. That is
all, and that piece of gold is So. That is one
conception OF money, though but few people
In the whole Nation ever see the S. piece.
ihey are accustomed TO use the So ''note," as
i &c tlrf frad doar a trrit
tne metal money ii desired, but matter of
TACT is never so redeemed in life time by any
one except those who deal in money as trade
OF occupation, whom we call bankers. Now,
dlo IL ever occur to the reader that the paper
money is just good for all people ex-
cept those who deal in money as trade,
very small part OF the whole population, the
metal money which the great mass of the
not, why not?
The now celebrated "pencil will" of the late
Senator Fair illustrates to my mind the true
nature OF paper money, as do also his pencil
DEEDS" SO much lead in lead pencil is
necessary TO trace a few lines on q small piece
OF paper. both worth the hundreoth part of
one cent, Will convey the title to millions OF
oth o1tiars IN property or in money and upset all
other wills made with all due iormality. The
law does it all. The law makes his will or
wish so expressed all-powerful. His deed does
the same. The law makes 1t so. A deed to
lot worth 50 or $4,000 conveys that property
just the same in either case. and in the same
way In the same sense So greenback con-
yeys just that smount TO the holder of all
Uncle Sans property. and his word is pledged,
with his army and navy and the unlimited
taxing power of his Congress, to make his
word good. In a word, the Government paper
money is the will or deed of Uncle Sam which
conveys all the gold and silver, ali the mer-
chandise all the factories, all the railroads, all
the ships. all the farms, all the wheat and cot
ten, and the cattle upon thousand hills, TO
the holder of that paper money, SO far as the
face value OF that paper money calls for it.
A SO greenback is title deed to an undi-
vided interest in all the property protected by
the stars and stripes, including the gold and
silver of all the Shylocks in the land; just as
Government bond is mortgage upon ali
such property. In fact greeDback is a bond
bearing no interest and bond is greenback
bearing interest, and both are made good by
the same promise secured by the same prop
erty, the same army and navy, the same Con-
gress and the same people with their valor
and their lives. All that upholds the flag is
committed to the defense of the greenback as
well as to the bond. Bonds are better than
gold, and all the gold ITSELF as well as all
other property, is pledged to make the bond
good, and Just so, too, 10 make Government
money good. JOSEPH AsBURY JOHNSON.
San Francisco. Nov. 10, 1896.