The Penn's Grove record., 1897-01-22

price or value ct hped thereon. The
authority which kins or stamps ITSELF
upon the article, Van select what sub
stance it may de suitable TO receive
the stamp and n as money; and 1t
can afix what We Re 1t deems proper,
independent Of tiN intrinsic value Of
the substance up b which 1t is affixed.
e = y The curCency value Is In the
stamp when used IS money; and not in
the material ~IndeAendent Of the stamp.
In other words, the MONEY QUALITY
is the AUTHORITY which makes 1t cur
rent, and gives 1t power to accomplish
the purpose for which 1t was created,
1.-THE power to pay debts.
The U. S. Supreme Court, az Wal.
lace 519) says, "Whatever power there
is over the currency is vested in Con-
eress. If the power to declare what
is money is not in Congress it is ami
Inflated. We repeat. money is not a
substance, but an impression of legal
authority, a printed legal decree"
We could give other authorities but
the Elmer Times upsets its previous ar
gument and belief by saying, "By law
we can stamp a measure of value but
we cannot make value. We can make
promises to pay value, but in that case
the value is in the promise and not 10
the paper on which it is printed or
written"
All promises to pay are made in dol
lar units. You pay in dollars and new
er thirk of what they are made Of so
they are created by law, legally. But
you have to buy dollars with labor or
the products of labor. No one cares
for gold in business outside of the gov.
eminent money fiat and law back OF it.
Money is only a means of exchange of
labor or its products. The gold dollar
is not a stable of value nor a
stable standard of value. 1t is change.
able aud only a unit Of account.
And because silver and gold, are
~changeable in value BENZ. Franklin,
who can teach this generation its a. b.
C. on money, said, SIT seems requisite
to fix upon something else proper
to be the measure of values and this /
take TO be labor. By labor may the
value of silver land gold alsol be meas
ured as well as other things. Yet fur
ther, in order to make a true estimate
of the value Of money we must distin.
guish between money al it is bullion,
which is merchandise, and as by being
coined it is made currency. For its
value as a merchandise and its value as
a currency are two distinct things, and
each may possibly rise and fall in some
degree independent Of the other"
Silver bullion has fallen in value be-
cause it is deprived the use of the mints
to print the money decree on it, but
the silver dollar has not fallen because
of the law behind it. Because there
was no mint in Australia in 1851 gold
bullion with a money value of " sbill-
ing 10! pence per o. sold as low as 45
shilling per OF. Golden Age page POT
Gold bullion is always worth its mint
price now because it has free use of the
minis of two-thirds Of the commercial
world and silver was the same when 1t
had the same privilege.
We advise the editor of the Times to
send 5Oc. to the Farmers Tribune,
DeMoines, Iowa, for a copy of F. o.
Willey's book, "Whither are we Drift
ing as a Nation" Send loo. to G. st.
John Cole, Pub. Co., Minneapolis,
Mimi, for "Cold Facts" Send 10c. to
Vincent Pub. Co., indianapolis. Ind,
for "Ten Men of Money Island" and
lie will be cured of those "whimisical,
visionary vicious and imaginary views"
of intrinsic value and that it is nee
essary in money which is a creature Of
law and not of nature. In the mean
time please give us some witnesses and
court decisions to prove the intrinsic
value of gold.