The Providence news. (Providence [R.I.]) 1891-1906, 1897-09-17

self evident "a fraud that il is almost
universally denounced. and il is of late
years seldom used by a civilized govern
ment There is, however. another meth
od by which the same nefarious end
can be attained under the plausible pre-
text of regulating the value Of money,
as If money needed any other regulation
than to be let alone to find its own mar
ket level. This idea of regulating the
value of money has its enthusiastic ad-
vocates ia all countries Of the present
day and has permeated to individuals
in all classes Of society. II is based on
the idea that the order Of the govern
ment, the fiat Of law. gives money its
basic value. 1t is therefore called the
doctrine of flatism, and money that is
tainted with this idea is called fat
money.
"A legal tender law, however,
which makes less an equivalent for
more takes no account Of any mans
ability to fulfill his contracts, but with
one fell swoop strikes horizontal re-
duction of debts for all alike and is in
effect universal bankrupt act When
it is said, as sometimes is, that "a legal
tender law is necessary to avoid bank
ruptcy, such law is in reality not an
escape from bankruptcy, but the most
emphatic confession Of bankruptcy.
Among the wrongs done in liberty's
name legal tender must hold promi-
nent place, 1t seems TO be almost
mania TO rush to legal tender III any
public crisis. At the very time when
business confidence is most needed the
most deadly blow is struck at that con-
fidence.
Again, the lawmakers may believe
that there is not enough OF one metal
TO supply the needs OF trade and so may
think IL necessary TO make two metals
legal tender at fixed ratio If the gov
ernment simply stamps coins OF both
metals, that is a perfectly harmless pro-
ceeding, and business men can use
either or both, as they find convenient
out IL they do not find both convenient
thar is the very best reason In the world
why the uudesired metal should not be
forced upon them The desire, then, TO
introduce new kind of money, con
trary 10 the convenience of the business
world, is not legitimate desire
"A debt in economic contemplation is
al obligation by contract for the dcliv-
cry of specified goods The obligation
arises hv arrcement Of the parties. and
che article TO be delivered is named by
them. Is anything more needed? If
Smith has contracted TO deliver 100
pounds of butter 70 Jones, does Smith
need an act Of legal tender 10 tell him
what he must deliver? Is it not per-
fectly obvious that n delivery of what
is named III the contract is the evident
and only fulfillmcnt of the contract?
The principle does not change if the
contract call. for certain quantity of
a metal. If Smith has contracted TO de-
liver certain weight of silver Of a Ger.
tain quality, is rot that amount of sill
yer the full and only performance of
the contract? Can ii make any differ
ence If Smith and Jones by language
they both understand have called this
certain quantity of silver by the name
100 quods?' The performance or ful
fillment Of the contract to deliver goods
is the delivery Of the very goods speci.
fed; nothing more. nothing less A
sufficient tender cn such a contract is
the performance carried rs far as 1t may
be without the acceptance Of the per
for-r1a"e" '..'i'~- WHIT t''-