The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1896-10-17
WHAT is MON Ely?
THE POWER TO CREATE VESTED
IN CONGRESS ALONE.
The Value. OF Money Is Legal and Not
liaterlal-lron and Steel Intrlnsically
Worth Mote Than Silver or Gold
Some Sound ReasoninS.

! While verybody-and most par
ticuIarly those who have the least of
it-are talking about money and dis
cussing the money question, especially
gold and silver money, it might b.
well for them, in order to better III:
form themselves, to stop and ask
themselves the sober question in the
above c2ption-"What Is Money!"
The child will tell you that it is what
YOU buy candy with. Some men,
who pass for great statesmen will tell
you that it is gold and silver and
bank paper based on gold and silver
'with nickel and copper for currency.
THIS IS true. But these metals have
not always been money, neither are
they necessarily the only substance
out, of which money may. be made
i. Money: is q creation of law The
constitution Of the United States says
that Congress shall have power to
coin money and regulate the value
thereof; and it does not specify any
particular substance out of which
!; such money shall be coined. At diff
ferent: periods in the worlds history
nearly, everything has been used as
money. Probably the earliest money
IN general use to any great extent
were sheep and cattle. In ancient
Britain slaves We're used as money
and were called living money In
Sparta. during the reign of Lycur-
gus, iron was the medium of cS-
change. Rome first used gold for
money about two centuries before the
Christian era. Carthage used leather
bearing the stamp Of government.
Cathay used as money tho amer bark
Of certain tree. cut i}so circle and
bearing the imprint of the King. 1t
was full legal tender, and to cou:l-
terfet it or Gnnrnc.ito it or attempt
10 deprcciate it by refusing to accept
it in payment for debts H;;s death.
Glass coin was at one tinc TIC cur
rcncy of Ara3ia and goldfish was
used as money in Newfoundland. AT
one time in Massachusetts musiot
balls were used as money. In 1882
tobacco was legal tender: in Mary
land, and nails were used for small
change in Scotland is late as 1776.
George W. Childs stated in his paper.
the Ledger, that turnips circulated in
Philadelphia in the place Of copper
cents as late as 1861 A hundred
other instances could be mentioned
Money. is a representative OF value;
simply a medium Of exchange, and q
creature Of law. We will quote little
from high authority
Money is ya!,e created by law.
Its value is legal and not material. It
is, perhaps. not easy to convince enc
that the value Of metallic money is
created by law. 1t is, however, q
fact. Henri Cernunchi.
TO coin money and regulate it's
value as an act of sovereignty in
wolves the right to determine what
shall he taken and received as money:
at what measure or price it shall be
taken; and what shall be it's effect
when passed Or rendered in payment
or satisfaction of legal obligations.
Government can give to its stamp
upon leather the same money value
as if put upon geld or silver, or any
other material. Judge Tiffany, in
"Constitution Law page 22l.
Metallic money. while acting as
coin, is Identical with paper money in
respect to its being destitute Of in
trinsic value. NORTH British Re-
view
Money is a medium of exchange.
Whatever performs this function,
does the work, is money. 10 matter
what 1T is made ot"-Walkcr's Po-
litical Economy.
Gold and silver are not intrinsically
Of the equal value OF iron. No meth
DDS have been hitherto formed 10 cs-
tablish medium Of trade equal in all
advantages to it's bills of credit made
legal tender. benjamin Franklin.
The first legal tender established BY
Massachusetts was the beads Of the
Indians. and though insufficient in
quantity, it answered the purpose Of
money quite as we'll as English gold
or Spanish silver. Later the infant
colony issued paper to pay soldiers
sent on an expedition against Canada.
. The issue was for five thousand
pounds in notes from five Shillings to
five pounds, and was redecmable in
taxes. This money was not made a
legal tender. It was not stamped as
money by which private debts could
be paid; but in 1892 it was ordered that
they should be received at the treas
ury at five per cent over metal money.
This fiat" brought them at once to
par with gold, and they stayed at par
with that metal for twenty years, un-
til taken up in the revenues of the
colony.
In 1775 Virginia put out her notes
tn sustain the war Of that neriofl and