The independent., 1903-06-25
BOOK 2.-Chapter VII.
All Rights Reserved.

maintains the quantity OF human val
uation of that force at the value
stamped upon each coin, is statutory
force Of demand, resulting from its en-.
doWment by law with exclusive power
to perform a beneficial statutory ser
vice for men, which they are COM
pelled by statute to perform. 1t is
placed beyond question that the power
ito coin money is simply a portion
of the machinery for exercising the
taxing power; and that the govern
ment no more owes duty to supply
the American people with "a circulat-
ing medium than it owes the duty to-
furnish to American poker players the
chips" used in operating the game OF
draw poker!
The power to coin money is power
to be exercised simply for the benefit
of the government possessing 1t. In
properly exercising that power, the
government is enabled to anticipate
the revenues" and to bridge over
deficit by coming its money symbol
and giving these coins in exchange for
the things needful in its operations.
Governments are thus armed with
the power of preservation and by
exercising that power for their own
benefit they can choke the deficit. :
1t is simply the power to anticipate
taxes, by collecting them in advance
AID giving out to the people, who thus
pay in advance, tax receipts called
coins" which are by law made con-
elusive proof of such payment by their
tender in favor of the bearer,
against all tax levies Gin the public
Offices" and against all judgments in
the courts" No coin in the world
today has any other power except
this, no matter what substance may
compose the vehicle upon which it
lides.
It is the evidence OF extravaganza
or misfortune whenever government
is el lmpelled to "cein" its money. II
is likewise a misfortune to country
whenever coin is issued. The reason
is, that coin, being imperishable and
always in urgent demand, becomes a
secure investment for the surplus per-
ishlhle commodities of the greedy and
selfish, of which they Immediately
avail themselves; and by storing up
their surplus in that fmperishable
commodity, protect and secure them
selves against loss through the nat
ural rclishability of commodities en-
dowed with utility.
The poor, on the other hand, can
| no. avail themselves Of these advant-
ages because they have no surplus TO
| thus store up. Nature herself, by in
cessantly devouring surplus perish
able products, tends continually to
maln,ain equality of wealth among
men, which tendency is overcome by
| the possession of imperishable "coin'
as an investment in which to stor4
| UP the surplus of the rich. Storing up
| their surplus thus in imperishable
coin, enables the relatively rich to
| command the services of the relatively
poor and thus to create form of ser
vitude not beneficial to the race as a
whole.
| All the excited discussion about the
power of government by its fiat to
inject value" into such things has
been waste of energy. "Value" can
not be injected into things Value"
is simply our appraisal or valuation"
| of the quantity of the force of demand
! for possessable things endowed with
| utility; which force is generated by
| human energy in action in combat
| between individual men, stopped short
of violence by law, and expending it.
self in that struggle in efforts for ex-
elusive individual possession of pos
sessable commodities, either naturally
or artificially endowed with power to
render beneficial service to mankind.
1t is our valuation or appraisal OF
a force in action in the presen
of those commodities, but it is
never IN them. 1t emanates frora
selfish man brought into collision
with all other selfish men, by the in
stitution of private ownership and ex-
elusive individual possession of COM
modities endowed with utility.
Whether "value" exists among us
is a question that depends absolutely
upon whether there is force of de-
mand for possessable commodity
endowed with utility, and in its pres
ence. 1t matters not what the nature
of the perishable commodity may be,
NOR what NOV ho pot,,ro af 49,