Freeland tribune. (Freeland, Pa.) 1888-1921, 1896-07-09
LIVE QUESTIONS.
a Series of Articles Contributed by
Advanced Thinkers.
COMING AND REDEEMlNG MONEY.

| W IeBuldle l'S value applleS 10 paper.
1t is well to be right in this matter, and
l appeal to the writers contemporary
with the constitution and to the very
highest authorities to prove that the
words "coining money" apply to both
metal and paper and to one as truly as
to the other.
Websters Dictionary says that the
word "coin" means to "stamp," and
that the act of stamping may apply to
either metal or paper. DR.. Franklin,
discussing the question of trade and in
dustry, said Moreover, as incontcst-
able advantages of paper, we must add
that the charge of coming or making it
is by no means proportionate to that of
coming of metals. Nor is it subject to
waste by long use or impaired by adul-
teration, sweating OF filing"
Napoleon Bonaparte, writing from
Boulogne Sept. "a, 1905, said: "The
| evil originates i'll the bank having
transgressed the law. What has the law
done? 1t has given the privilege of coin
ing money in the form of paper to q
particular company. In word i'll dis
counting after this manner the bank is
coming false money"
Professor Jevons, discussing the sub
jcet of bank notes, says: According to
the view l adopt, the issue of notes is
more analogous to the royal function of
coinage than to the ordinary CONNER
cial operation of drawing bills. We
ought to talk of coming notes, as John
Law did, for, though the design is i'm
pressed on paper instead of metal, the
function OF the note is exactly the same
as that of Il representative token. As to
the right to issue promises, it no moro
exists than the right to establish private
mints. For our present purposes that
alone is right which the legislature de-
clares to be cXpediCnt to the community
at large"
Albert Gallatin, who was secretary of
the treasury under two administrations,
said, '"The right of issuing paper money
as currency, like that of issuing gold
and silver coins, belongs exclusively to
any individuals. -
Again Mr.. Gallatin said: "But issu-
ing paper currency is not dealing i'll
money, but making money. The unre-
stricted right of coming gold or silver
might be claimed with as much pro-
pricty as that of coming paper cur
rency."
Testimony might be greatly extended
to show that the right to 'coin money,
as given to congress by the constitution,
applies to paper as well as to metal
And as logical consequence, neither
states, corporations, nor individuals
have any better right to issue currency
than they have to coin metallic money
All money must be redecmed that is
what money is for. An irredeemable
money is worthless. But let us not be
misled by terms. Swapping dollars is
not redemption. All dollars, both metal
and paper, need redemption. Money
does not depend for its value on the
value of the monetary material, but on
the values that are behind it, on the
values of the commodities with which
| it is redeemed.
Hon. Il. G. Spaulding, banker of
Buffalo, N. Y, who was chairman of
the subcommittee of ways and means in
| 1S6l-2, stated the subject of redeeming
money very plainly and truly when he
said:
''Every time a 800 bill passes from
one person to another it is practical
redemption Of it by the person who
takes it. Every time merchant at Chi
cago pays to Il farmer $500 i'll national
| currency for carload of wheat the
farmer by the operation redeems such
national currency not i'll greenbacks,
nor i'll gold, but in a commodity better
than either-namely, wheat, a staple ar
ticle, useful to all. So every merchant
i'll New York that sells u bale of cotton
goods and receives his pay for it i'll cur
rency redoems such currency, not in the
way that banks redeem it, but in cotton
goods, which is far better, because it
performs the true functions of money
by facilitating the legitimate sale of
commodities. So every time that mcr-
chant or manufacturer pays his internal
revenue tax to the United States col
lector i'll national currency the govern
ment redeems such currency by receiv-
ing and discharging such tax. So every
mechanic or laborer that receives ma
tional currency for his services redeems
such currency by the labor performed
So it will be seen that just so long as
the national currency is practically re-
deemed every day i'll its passage from
hand to hand i'll the payment of COM