The times. [volume] (Richmond, Va.) 1890-1903, 1896-06-19
Fiat Money-Carllsle, The Times and the
Dispatch.

Editor OF The Times
sir-It would be difficult. II not impos-
slblc, to improve upon your discussion OF
the financial questions now agitating the
state aud nation. The whole tenor ana
substance Of your daily arguments are un-
mistakabie except 20 those who wish
TO pervert them. There are none so
blind as those who do not wish TO see.
Your explanations OF "iiat-mOncy' are
given in the recent utterances OF Nj.
Carlisle. and. therefore. for the sake or
variety only, they are herewith given.
In his speech IN New York November
10. is9j. he said:
while the pecuniary loss TO which the
people have been subjected by the issue
and continued circulation Of legal-teuder
paper has been almost incalculable, this
has not been. by any means the only
injury inflicted upon the country. The
widespread generalization OF public senu-
mcnt. resulting from the false theories
which such a system necessarily engen-
dera, has been, and still IS, one OF the
greatest sources Of our financial difficult
ties. Theories that the Government can
create money by placing IT'S stamp upon
paper or other material, that legisla-
tive enactment can make fifty cents equal
I'm value 10 one hundred cents; that arti-
fcially inflated prices paid In depre-
ciated currency are better for the people
than natural prices, paid In sound cur
renCy, and various other vagaries now
floating Ike bubbles in the political at
mosphere. are all directly attributable
10 the long continued use of legal-tender
paper. Npplause) The proposition that
= promise Of the Government 10 pay
money is money is just as absurd as the
proposition that a promise 10 deliver a
horse IS horse Gsughter): and yet there
ore eminent men, high I'm the pubic coun-
ellis. who believe that the United States
promissory note is actual money. and
that the statute which compels all the
people 20 receive IL as actual money is
constitutional and ought 20 be continued
IN force"
In his speech az Bowling Green. Ky.
May -. 1895, he said:
"Now, IL the Government Of the United
states can. by the mere force Of its laws
raise the value OF sixteen pounds Of silver
Up 10 a parity of value with one pound Of
gold. / would like for my free-conage
feliOw-citizens TO tell us why IL is that
the Government cannot raise ten pounds
Of silver or ono pound Of silver 20 parity
with one pound OF gold. (Appiausc) II
il is the law that gives the value. If Tie
law. by virtue OF its own force, can make
sixteen pounds of silve, equal 20 one
pound Of gold. there Is no escape from this
propositions: for, II Il IS the fiat of The
Government n IL is the stamp OF the
mint. that gives the value 10 the metal in
coin. then you had just as well put one
stamp On Il as another. No. gentlemen.
- fr, .f..I
world will ALWAYS be determined by the
intrinsic value Of the metal contained I'm
the coin
Tn his speech az Louisville, Ky, June
II. fs9j. he said.
II the mere fat OF single government
can impart actual intrinsic and exchange
able value 70 a coin or TO a commodity.
these gentlemen may be right but the
whole world has been wrong for thou
sands OF years.
II the Government can create money or
which IS tho same thing. give II a value
independently OF the actual value Of the
material OF which it is composed. then all
tho philosopher and statesmen and politi-
cal economists who have written or lcgis-
lated upon the subject have been mis-
taken. and all the labor and taxation 10
which the people have been subjected IN
the past have been unnecessary and I'M
jus,inable. ApplaEse) The promise OF
the Government. or Of an Individual, 10
pay money IS quite a different thing from
a mere declaration by law, or otherwise,
that certain thing Is money The
promise may be good on account OF the
solvency and integrity Of the party that
makes Il, and II may have a purchasing
power equal 10 the amount Of money sDe-
cired. but az last IL can be satisfied on,
by the payment OF actsal money. IL /,
the promise Of the Government. its pledge
TO maintain the parity OF the two metals
and IT'S DIFFERENTIATION AND ABII.I-
TY 10 DO so that now keep the pur-
chasing power OF the silver dollar equal
TO the purchasing power OF the gold dol
lar; but the moment free coinage is estab-
lsbed for the benefit OF private individuals
and corporations this promise would
cease. because the Government would De
under no obligation whatever. moral or
legal to tax the people at large in order
TO keep these private coins as good rs
gold tApplause) The silver dollar coin
ed under such policy-that Is. coined for
private persons and not on account OF
the Government-would be OF no greater
value than tho bullion contained In IL.
unless the fiat OF the Government. the
stamp or the mint should impart add
tionai value to it. That itwouid not do
so was thoroughly demonstrated In the
case OF trade dollars coined under the
act OF February l., 1873. (Applause)
THIS is your argument thousand times
re pe ated In different Iangna1e