The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1897-09-07
WHY A REDEMPTION MoNEYa"


The following article appeared in the
Texas Farmer of September 81, 1895.
as it is too good to lose, we cheerfully
reprint it at the request of Mr.. J. H
Foy, of R.chlands:
DALLAS, Sept. 16. On September 2 I'D
1 wrote and asked you to please tex
plain why we should have, or what
is the n-e-c-c-S-@-;-t-y for a 'redemp
ton money or a paper money CONVEX
tible into ~coin,'" and in the Texas Far
mer, of September 14sh, you answered
as follows:
The same why or necessity that
would attach to your note of hand:
Given withou a redemption provision,
it would be worthless; given with Ie,
demption proviso, it's value would be
accordii G to your worth andreputation
for honesty. All obligations, whether
of governments or peoples, as well as
all peoples, should to able to say: L
know that my redeemer iiveth.'"
Your answer not being satisfactory,
l beg space and privilege to show why
it is not. In order that 1 may be un.
derstood, I ask the question: What is
moneys l answer Money is the crea
ture of law, without regard tothe ma
terial upon which the stamp Of gov
eminent may appear.
Money exists not by nature, but by
law."-Aristotle.
Money is a universal medium or
common standard, by comparison with
which the value of all merchandise
may be ascertained; a sign which rep,
resents the respective value of all com
modities. The lawful currency Of a
country, that which may be rendered
and must be received in discharge of
a debt" Gam. and Eng. Encyc. of
Law, Vol. Is, p. 1922
Money is purely the creature Of
law."-U. s. Senator I. Ct. Harris.
tine only power money has is the
power to pay a debt, and it is only
through the legal tender laws that this
power to pay in its compulsory form is
available."-U. s. Senator John f.
Morgan.
"Ihere is no money but fat money,
and there never can be any kind OF
money but fiat money."-R. NJ. Wild
ney, President University Bank, Los
Angeles, Cal.
"1he authority which coins or
stamps itself upon the article can se.
lect what substance it may deem suit.
able to receive the stamp and pass as
money, and it Gao afjx what value it
deems proper, independent Of the in
trinaic value of the substance upon
which it is ef1xed = 4 Toe currency
value is in the stamp when used as
money, and not in the metal (or mate
riaD r In other words, the money
quality is the authority which makes
il current. 4 To coin or stamp
money = = includes the whole power
of sovereignty in respect to currency"
II IF my on Government and Consti
tutional Law, Chapter XII, page 221.
1.-The ofice or function of money is
to circulate-a medium of exchange
to measure the value of al merchan
disc and commodities, but not to meas
ure itself and fix les value of standard,
because the law has fixed that for the
purpose of measuring all other com
modities. w. 81. L9ckett.
1.-The theory of the intrinsic value of
money has been abandoned by the best
writers and speakers. "-Ency clopedia
Britannica.
Whatever the government agrees
to receive in payment of public dues is
money, nc matter what it's form may
be."-Henry Clay.
There is no more Insignificant thing,
intrinsically, in the economy of society
than money.'-John Stuart Mill.
Money is not a substance, but an
impression of authority-a printed
legal Decree Elk Attorney General
Alderman.
Metallic money, while acting as
coin, is Identical with paper money in
respect to baing destitute of intrinsic
value. NORTH British Review.
IAN article is determined to bemoney
by reaeon of the performance by it of
certain functions without regard to it's
form of substance. "-American E 1cy-
clopedia.
Fiat; IAN authoritative command or
order to do something; an efectual de
cree. Fiat money, irredeemable paper
currency, not resting on a specie basis.
but deriving its nower from thu 6o,Io