The Winslow mail., 1899-10-26
ACKNOWLEDGEMENTS
The Currency Question.
Ssssssssssssssassa Observation-Disclosures.
sssssssssssssssssssss ssssssssssssssssssssss
MONEY.
IL IL ohiy an Evidence of Debt-Ex-
ISIS Only by the Fiat of
Government,

Money is merely evidence of debt.
"What 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
slander 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
gold money, is as much evidence of
debt as is a note of hand, the only diff
ference being that money is evidence
of public debt, while a note of hand is
evidence of individual debt. There are
two absolutely essential elements
IN money, and only two, a gov
ernment stamp, and legal tender
quality. Money cannot, never did,
never will, exist except by the
hat 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. 1t will be
admitted that legal tender quality can
be impaired only by act of government.
1t 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 ad NIT
ted that this kind of money is mere
iy 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 a 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 a territorial
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 to
stamp its coin. The miner who brings
metal to the mint to be coined does not
receive back what he brought. He
brought merchandise for which he is
paid in money, money which certifies
as much as did the paper money that
this miner has performed service for
the whole people for which he is en-
titled TO equal service in return. He
money is converted into goods that he
can use. The only advantage that gold
coin has over other money is that it
can be directly converted into mer-
chandise, by destroying its money
quality and used by the holder pro-
vided he have skill in certain arts. Its
chief advantage is that it costs vastly
more in human labor than its face
value represents. Good judges have es-
timated that it costs labor worth four
dollars for every dollars worth of gold
produced. Has the writer made it clear
that money is merely evidence Of debt?
If he has, he has furnished the key for
the easy understanding Of the money
question. of all so-called economic sci
ence. of the financial operations of the
world. The principal difference be-
tween the issue of paper money and
the coinage of gold is that the issue OF
paper money is, in effect, the coinage
of the useful labor of providing publlc
protection or producing public utilities
into money, while coined gold is the
coinage of the useless commodity, and
worse than useless, it is a commodity
without which half the ills of the world
would not exist, a commodity, the cause
of nearly all that inhumanity of man
to man which is the worst feature OF
human observation-disclosures
An Interrupted story.
.sWell." said the story teller in front
of the grocery store, Just then 13-
ircher struck telegraph pole, and at
the same time a 60-pounder fell i'll