Willmar tribune., 1899-10-11
The Currency Question.
MONEY.
1t II Only an Evidence Of Debt-Ex-
lists Only by the Fiat OF
=" Government. ~

Money is merely evidence of debt.
"What 8 crazy writer, he ought to be
in the asylum the reader, especially
if he is addicted to the gold standard,
will exclaim. He, the reader, might
admit the proposition so far as paper
money, bank currency or even silver
coin is concerned, but gold coin, the
only intrinsic value, God created money,
never! Away with the idea, cruelty,
hang, draw and quarter the base
iconoclast who would dare to utter such
SANDER against the foundation of
the world of credit, the keystone of
the arch of prosperity. We will not
be dismayed, however, if none of our
readers agree. with our statement at
once. We will examine the idea little.
We will try>to prove that money, even
debt as is a note of hand, the only diff
ference being that money is evidence
of public debt, while note of hand is
evidence of individual debt. There are
two absolutely essential elements
in money, and only two, gov
ernment stamp, and legal tender
quality. Money cannot, never did,
never will, exist except by the
fiat of stable organized government.
Such stamped or shaped metallic discs
as served the purpose of a medium of
exchange before the existence of stable
government, were not money. They
were simply merchandise that appealed
to the personal vanity of barbarous
peoples. They had no settled price.
They were traded for at agreed valua-
tions in other merchandise, such as
coon skins, meat, fish or bread. They
would not satisfy debts except by
agreement. Such they would remain
to-day but for the legal-tender quail
ity impaired by law. The fact that
government might stamp and certify
their weight and fneness would not
make them more desirable. People not
vain enough to desire personal adorn-
ment would not accept them in ex-
change for commodities. It will be
admitted that legal tender quality can
be impaired only by act of government.
It will be admitted that when govern
ment puts its stamp on paper, makes it
legal tender and sends it out, that it is
accepted at the hands of government
in payment for services, and he who re-
ceives it has nothing, until he has ex-
changed it for goods. 1t will be admit
ted that this kind of money is mere
ly the evidence that he who holds it is
entitled to some service, that he has, di-
rectly or indirectly, rendered service
to the whole people, that in fact the
whole people are indebted to him an
amount of service represented by his
paper money. But gold coin, "the
hardy miner goes. into the waste places
of earth and: brings therefrom at the
expense of great toll and danger, the
precious yellow metal, brings it to his
kindly government, which stamps and
hands it back to him, he has rendered
government no service, he is entitled
to no service in return, he simply takes
his glittering coin and everybody
tumbles over his neighbor for chance
to trade him goods for it." Are you
quite sure that is all there is to the
transaction, that he gets just what he
gave the government? "Ah, there's the
rub" Service to the government may
be direct or indirect, direct by filling
government positions, as mayor, gen
eral or humble private soldier, as presi.
dent of the United States, or as custo.
dian of the cuspidors in territoria
court room; or by selling goods di'
rectly to the government for govern.
ment use. Indirect by furnishing gov.
ernment officers the necessaries of ex
istence, by helping to manufacture
government supplies, by furnishing
government the metal on which tc
stamp its coin. The miner who brings
metal to the mint to be coined does not
receive back what he brought. HI
brought merchandise for which he il
paid in money, money which certifies
as much as did the paper money that
this miner has performed service fol
the whole people for which he is en-
titled 10 equal service in return. HI
will not have had this service until his
money is converted into goods that hi
can use. The only advantage that gol6
coin has over other money is that il
can be directly converted into mer:
chandise, by destroying it's money
quality, and used by the holder pro