The representative., 1901-04-11
Nelson's "NOnsense."

Editor Representative: Capt. Nelson
admits my quotations of him to be cor
rect, then apparently realizing that he
was cornered, he resorts to the trick of
the small boy who yelled, Sand in my
eyes," when, as a matter of fact, no
sand had been thrown at all.
Facts and logic are hard things to get
over and before Capt. Nelson waists any
more time writing on finance he better
study up considerable.
criticised Mr.. Nelson simply to show
your readers the fallacy of his posi-
ton, and anyone who has taken the
pains to read his articles must admit
that he is full Of contradictions and
badly informed upon the subject at
issue.
Mr.. Nelson challenged me to furnish
authorities to show that large trans
actions are made in the United States
where gold coins have to be weighed to
pay any debt or obligation, where goods
and chattels have been delivered. l
will get them for him, but if Mr.. Nelson
will take the trouble to step into the
postoff1ce, buy IS worth of stamps and,
after he gets them, offer to pay with
S. gold piece that has = hole in it, is
worn smooth. or has been drilled or
clipped, he will soon get an object les
son that will teach him that gold pass
es by weight, not the stamp on its face.
Again, let him offer to pay for bill
OF goods at any store or to pay his note
at any bank with lightweight" gold
coin of United States mint, and he will
see it weighed, too quick, and will only
get credit for the value according to the
weight.
To see this proposition denied by Mr..
Nelson was indeed a surprise to me,
and especially SO when in the very
article of his, which l criticised, Mr..
Nelson himself says:
The banker with whom you ex
change your coin (foreign banker) may
not have known the value of your coin
from the stamp on it's face any better
than the native who refused it; in fact,
he does not care for the stamp on its
face; the stamp has no value in that
country because it is not their legal
unit hence he throws the American
coins into his scales and weighs them,
after subtracting the alloy in the coin
and cost of assaying, he estimates the
value in their money of the bullion in
the American coins and hands over the
value in their money to the American y
In this statement, which is substan
TALLY correct, Mr. Nelson gives a good
reason why money should be composed
of something which has commercial
value, or else is secured by something
having a well-known value
Counterfeit money, or even treas
ury notes, full legal tender" of nation
whose credit was not of a high order
would not be accepted at all by the for
eign banker. In that case the traveller
would be in a "h-l of a fix" No
sensible American would care to be
placed in that position, he will insist on
money of the very best kind and that
which will pan out at face value any
place in the civilized world.
Mind you, l do not say that money
should be composed of either gold or
silver Tin fact, / believe both metals
ought to be demonetized and purely
scientific money established) but / wish
to be understood as advocating safe.
sound and flexible currency, one that
has stable value and will pass any
where at face value without question.
Treasury notes, full legal tender, ;
unlimited quantities, will not answer
the purpose. We must go farther; the
notes must be secured by something of
comparatively stable value, or else re-
deemable in something of well-known
value.
l said nothing about this nations
going broke" Such "fOolishness" is
monopolized by Bryan Democrats, anti
expansionists and 16 to 1 cranks
But when we remember that these fell
lows have been predicting the downfall
of our government for several years
past, If the gold standard was adopted,
If silver was not coined free and un-
limited at Is to. 1, and If Expansion"
was persisted in, and also remember
that the combinations cast nearly half