The independent., 1903-05-07
BOOK 2-CHAPTER I.
All Rights Reserved.

Having, as / trust, made clear the
origin, the nature, and the functions
of that device which is "a money" we
will now endeavor to discover the rea-
sons which have caused governments
to coin that money"
The power to coin money has from
remote times been the high, exclusive
and sacred prerogative of the sover-
eign, governing power.
By the constitution of the United
States the states granted to congress
the exclusive power ito coin money. "
Any citizen who attempts to coin
our money" commits a high crime
and is subject to imprisonment in the
penitentiary. Kings have risked their
lives contending for the high prero-
gative and right to coin money. The
states of the Union are, by the con-
stitution, deprived of the power to
coin our money, and congress alone
has that prerogative.
The circumstances which have al
ways surrounded it, and the vast i'm
porrance always attached to it, prove
that it is power of vast and mighty
import.
Notwithstanding it has been the
most precious and highly priced pre-
rogative of kings and is exclusively
committed by the constitution to the
congress of the United States, numer-
Gus "authorities" assert that no more
important function is involved than
the mere act Of terrifying the weight
and fineness of the metal used"
Were this theory correct, and moth
ing more important were involved than
the mere act of certifying the weight
and fineness Of the metal, it is at once
apparent that the Importance of the
function has been foolishly magnifieG
by kings and by our constitution, and
that the magnitude Of the service in
volved would correspond more nearly
with the dignity of notary public or
justice Of the peace, than with that
of king or congress.
Moreover, the purpose ascribed by
these same authorities" for the ex-
ercise of the power to coin our money,
is to furnish the people with cir
culating medium" the paramount duty
of the power having control being to
see to it that the circulating me-
dium" shall be Sound and stable"
The authority of the Professors of
Economics is good deal weakened,
in my estimation, upon all these
points, by the discovery, already set
FORTH that their opinions upon every
matter heretofore involved in the in
vestigation have been shown to be
monstrously erroneous and generally
absurd.
1t is to be observed that congress
is clothed by our constitution with the
exclusive power to coin our money
Now, we have found In our preceding
investigation that the sole purpose
of governments in instituting the de-
vice properly called money" is to
enable those governments to exer-
else the taxing power, and that it's
use to facilitate exchanges" is a mere
voluntary adaptation of it to that
use, History forbds us to expect
generosity or consideration for the
welfare of the people as a motive for
governmental action.
Accordingly, having discovered that
tuc utNlCS CdllSu d IllOuSy was not IN
stituted for the purpose of enabling
the people to easily and readily ex-
change their commodities, but on the
contrary that the device called mon
ey was created to enable the govern
ment to support and maintain itself
by the exercise of the taxing power,
we are prepared to expect that when
the government coins that mon
ey," it is for some purpose beneficial
to itself and not for the disinterested
purpose of supplying the people with
sound and stable circulating me-
dunn"
Finding that the device which is a
money was instituted as a necessity
in exercising the taxing power, the
presumption arises that every govern.
mental dealing with that device (in-
! Guiding the act of coming" it) is in
some way connected with the process
of exercising the taxing power. A
presumption arises, therefore, thai
| when government coins our money,
| the process is part of the machinery of
| taxation, and stands in some relation