The Robesonian. [volume] (Lumberton, N.C.) 1870-current, 1897-05-26
Metallic Money.
Wilmington Star.

wilmington Star.
Some of the opponents of the '
free and unlimited coinage of sill
yer are opposed to it because they
say it Is unnecessary, that we have
already all the silver money we
need, and that very little Of any
kind of metallic money is neces-
sary. Precisely what they mean
by Every little,'' in this connec-
ton, they do not explain, but what
they mean to say is that much of
the worlds business is done with
checks, and that about the only
money that passes is in payment
of the differences between the face
value of the checks. It is true
that in the commercial dealings
between different nations compar-
atiyely little money changes hands
when we consider the amount of
! business. done, but it must be re-
membered that commerce between
nations consists largely in barter
and therefore comparatively little
money is needed, but when we
come to our domestic commerce it |
is different, for in this while there
is some barter, of course, there is
less than in international COM
merce, and consequently more
money is needed. Certainly checks
figure very largely, especially in
the speculative markets where
property does not necessarily
change hands and the same prop
erty, whether it be wheat or cotton
r or something else is sold over and
. over again the same day. But
, these checks are simply the repre-
sentatives of money and take the
> place of money as bank notes do,
: but they must have money behind
9 them to give them credit, as the
!, bank note must have metallic
!, money behind it to give it COM
O mercial standing,
Il The grain manipulation who does
o business in the pit may sell and
.s take checks from the buyer or he
Il may buy and give his check to the
% seller and in the settling up very
90 little money passes from one to
. the other, and so with the cotton
- speculator, dealer in stocks, etc.,
,r but when the grain buyer buys
from the farmer he must have
money, for that is what the far
~ mer must have. He may give the
farmer as q matter of convenience
- a check on a local bank, where it
= will be cashed at once. There is
y no less money used here, although
9 the check figures as a matter OF
or convenience. In these first trans.
v actions money is needed and 8
great deal of it. The fact that
=, checks are used does not lessen thu
: quantity of money used. They
os simply obviate the necessity of us
ID ing the same money repeatedly il
!; passing it from hand to hand, ant
~ serve in this way as a convenience
10 The presumption is that there i
~ money behind these checks, so tha
no the money is performing its off
,o ces through it's representativ
,le checks although it may be locke
Of up in bank vaults.
oo These contenders admit that tn
Tn country needs a great deal of mon
ey, much more than it has now, a
~ least with the present plan of dis
30 tributing it, but they say tina
~ checks and bank notes will suppl
IN the need, and that with thes
j., checks and bank notes very sma
~, amount of metallic currency wi
=, suffice. 1t is true that compar,
not lively little coined money, whetl
toa er gold or silver, is in actual ci
- culation, for neither is convenien
: and therefore they remain in Il
-, vaults and perform servit
through the notes that represel
them, either gold or silver certi1
-, Gates, or bank notes, all of whie
,,aa are based on coin and are accep
hlo ed simply as the representatives
az coin.
s;,~E But every one of these not
on must to be honest money ha
,ol- coin enough at their call to I
tho deem them, otherwise they a
Of frauds. The man who wou
ex give his note payable in coin
mid demand without having the CO
o,,r to meet it when presented wou
, on simply be perpetrating fra
,;cb upon the man he gave the note
and so would the bank which
- = sued notes without making p,
no+ vision for the redemption of th'