The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-29

veloped in the course Of the progress
of civilization, and exist today outside
of barbarous and semi barbarous
countries, we are still constrained to
deny that it is their 'prerogative.'
which means their natural or inner
ent right, to issue money. If, as the
context indicates, the Times means
by money" the note issues OF the
governments, then no modern, enlight-
ened government assumes or claims
any such prerogative, for such notes
are not money any more than the note
Of man is money. They are, in every
instance, merely promises to pay
money which the government must
| honor on demand under penalty Of the
same dishonor that follows the same
act in an Individual
The modern sovereignty recognizes
that which the Times calls Its function
of mcney-making," is, for the common
convenience, to prevent fraud and pro-
mote facility of exchanging, to take
! those metals produced by private en-
terprise, which the commercial world
accepts as money, and give them suit
able form and denomination and assure
their equality of weight and fineness.
1t assumes fer the same reasons and
purposes, as one of it's proper functions;
to provide, when private enterprise
| n loci Of ma
t2llic money with any form Of credit
or substitute money, that it be readily
convertible on demand Of it's holders,
into metallic money. In either case, the
vital but generally ignored fact is that
the function of modern and enlight-
ened sovereignty is merely supervisory
and regulative of the money-making i'll
! Gustry of individuals among whom it
originated and where it still abides. OF
! these modern sovereignties only the
| United States and Austria-in each case
war herita ge-and Italy assume the
prerogative Of making money" All
| the others assume only the function
of supervising and regulating.
in great emergencies the people re-
sumo their sovereignty and make and
issue credit money, as was done so
| extensively during the panic Of 1893,
when the Sovereignty of the govern
ment was nerveless to relieve distress,
and clearing houses, banks, stores,
manufacturing companies and others
| put out their certificates, orders or
notes, duebills, drafts and checks to
serve the purpose Of money. The noni-
nal sovereignty was shocked at this
rude invasion of its prerogative, and,
in turn, it shocked common sense and
! justice with it's proposal to prosecute
| these people who had met a great
emergency and reduced it's disasters by
making money" So it was in the early
days Of the War Of the Rebellion when
similar devices supplied the lack of
either actual or credit monty, and so
| it has been whenever financial panic
! has made money hunt shelter instead CT
| investments. The sovereignty in money
| matters, as in everything, is in the peo-
pie and the money functions of govern
| ment are only such as, fer common
| convenience, the people delegate to it.
| When the Times adjusts itself to the
right point Of view it will realize that
men and money existed before govern
| nents, and can exist independent of
| them. 1t will then perceive where the
| money-making function naturally re-
sides, and it will cease to obfuscate it's
| own mind and its readers with talk
about the money making ra1ctions of
government" or to say that when the
| government regulates the issue of credit
money by individuals to assure its
solvency it "abandons one of it's pre-
negatives"