The independent., 1905-08-24
irredeemabIe Money

lrreQcemdole money
Olympia Wash, Aug. Ito the Editor of
The Independent: Seeing that some OF your
readers misunderstood my position, will try to
make it so plain that all will understand.
I will state right here that am not in favor
of the greenbacks being called in till their place
is supplied with an irredeemable government
money; for as Tom Watson says they are not do
ing us any harm, and they never would have done
us any harm il they had been let alone But
can tell you where the harm came In lt was
when they were converted into an lntereSt-Dear
ing bonded debt and they were burned up by the
hundreds of millions year, back in the seventies
when they were preparing for specie resumption
They contracted the circulating medium to less
than Onethird of what it was at the close OF the
war and of course, values shrank in proportion.
Now l claim that if, instead of issuing the green
backs-prOmises to pay-as they DID, tney nad
issued an absolute money, it would have answered
the purpose even better and there would nave
been no hereafter to it.
Mr.. Yeagley says he has read the Missouri
World and the Southern Mercury for several
years, and never saw any claim that the green
backs were irredeemable. Well, SeVeral years
ago when I was taking the Southern Mercury,
the editors and some other party, had discus
sion in several issues the editor claiming that the
greenbacks were not redeemable, and the otner
party claiming they were redeemable Several
wears after that / sent the Missouri World
statement of my plan for issuing money, and it
was published but the editor came out advocating
greenbacks, and stated that the business OF this
country had been run for sixteen years with an
rredeemabe government money without a dol1ar
of anything else. Now he must have meant from
the time the greenbacls were issued till the re-
sumption act went into effect. When the green
backs were issued knowing that they could not
redeem them then, they suspended specie pay
ments But surely that did not make them nom
redeemabie currency. But what does Mr.. Yeagley
mean when he says populists want government
money that is not redeemable, like our present
greenback? Now, if our present greenbacks are
not redeemable then am mistaken, and when |
am in error, like to be corrected But II TINS
be true, why keep hundred millions OF gold
living in the vaults, with which to redeem them
Or why claim that we are on gold basis, If we
have hundreds of millions of irredeemable govern
ment paper in circulation?
1t was because thought saw this want OF
harmony i'm our ranks as to what constituted an
irredeemable government money that caused me
to formulate the system of backing all money by
the same law because believe money is a Great
IRE of law There is not dollar in the world
that is not fiat, for fiat is law; fiat money is law
full money; that which is not lawful is not money
at all: therefore that which is not fiat is not
money at all. I do not claim to be the ORIGINATOR
of the system of irredeemable government mon
ey but if ANYBODY else has ever proposed plan
of backing all money no matter what IT is MADE
of. by the same law | have never seen it. And
it looks to me that this is the way to have al
kinds of money, matter what 1t is made OF, OF
equal value Suppose. I said, congress should
pass law that all the money coined or ssued
in this government shall be done by the govern
ment and that it shall all be legal tender to the
amount of its face value for all purposes botf
public and private Then stamp every dolia
alike no matter what it is made or 1t would o.
United states money. A paper dollar woul'
nav any debt that gold would pay, 1T would pa.
aa much of it. A. E. CAMPBELL.
Unity of Government