Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1908-09-10
THE MONEY SUBJECT:

What is money! There are nuIner-
Gus popular answers. more or less i'm
perfect | will endeavor to give one
at once concise, complete and indis-
putable Money is the creation of
law, and without the sanction of law
we have no perfect money. In small
communities there has been what
might be called The money of con
venience, convention or option but
such is not money in its true sense,
because not enforced by law. Money
is anything which the law compelS us
to accept in the payment of debt and
| incidentally the purchase or sale of
property or labor, There is no such
thing rs money of the world, because
| there is no law of the world, creating
such money. Therefore up to this
time the power and functions of mon
ey are purely local and binding only
on the subjects living under the gov
eminent creating said money. Away
! from home these money creations are
not money except as an optional trans
action. In "A refined sense money is
not a material thing, but simply a
power conferred by law to perform
money functions or uses of which there
are only three. First, TO pay debts.
Second, to buy or sell property or la
Dor, and third, it may be loaded I'M
der equitable or just restrictions, but
to create said power there must be
some material selected to receive the
stamp, device or imprint, necessary to
prove its authenticity. In proof of
this position remove the stamp from
the gold piece, and the money function
or power is gone, because no longer le-
gal tender. The material of course re-
mains, but its reception is lieu of ac-
tual money is purely optional. The
material Of which money is made
should be cheap or economical, light
of weight or portable, of unlimited
quantity and therefore incapable OF
cOrnering, and of texture to receive
stamps or devices most difficult tC
counterfeit, such as good linen paper,
mixed with silk, or otherwise as may
be thought best. Objections to gold a.
material for money are First it is
dear and difficult of procurement; sec
( ond, it is heavy as compared to goOC
, paper, difficult to carry: third, it il
limited in amount and therefore capa
bic of being boarded or cornered by
the extremely wealthy, and this done
the world is at the mercy of all sucl
money owners Fourth, it is mOr'
easily counterfeited than good paper
| because incapable of receiving the
r numerous devices which paper will re
; ceive. Here we see all the merits o
good paper money are destroyed by it
would be companion, gold money.
The objections against silver are pre-
! csely the same as those of gold. Pa
per money in foreign countries i
. chiefly valuable for its debt payinj
q and purchasing power in the countr,
of its birth, the United States. If pa
: at home, the discount abroad will b
+ nil or insignificant
q In 1861 during the war of the rebel
lion, the U. S. issued $3.50, 600, 600 o
o legal tender currency, that was wort
: premium over gold and silver none
4 in Europe. Why2 Because the gov
eminent took it for custom dues an
IS taxes. That none, never was beloy
a par in any country i'll the whole worl
J. that traded with the United States
Money lenders and Shylocks cause
congress to put the exception clause o
the next issue. The government IL
fused to take it AMI no one else want
ed it, 1t took three dollars and sixty
five cents of the latter issue of papt
s to pay for only one dollar OF the hr'
# issue. That act was the beginning {
q every panic we have had since til
war. 1t was the foundation stone i
all our financial troubles.
o The next stone in the building {
a panics was the bond issue, creatin
n National banks, lending money to th
banks at one per cent. and at the sam
: time paying the banks six per cent
- interest in gold twice year, tn
banks lending to the people at from
g to II per cent. and up, according
= the necessities of the borrower. Tt
n tax payers pay this interest throug
. their government. To speak forciabl
% and sO the point, the United States Ell
y tered into compact with lot of Sh'
It locks and money lenders to rob its CT
% liens.
The bug bear of worthless pape
;s money abroad is of banker origin al
prompted by purely interested motive
Our paper bonds are much value
~ abroad, why not our paper money
t. The answer is simple and easy. I'll
n bonds bear interest for the benefit
the wealthy and the q. S. treasul
note, alias Greenback, bears no int
y est for the benefit of the common pc
T. pie. Both are issued by the CommC
people. Both are issued by the san
ia government and have the same redeeI
ing power behind them. The profes
ional money merchant, alias banke
" will tolerate no money which does n
s pay them an interest and hence the
Of inveterate hostility to the small trea
ury issue, known as greenbacks, al
as their persistence to destroy thel
- Our specie abroad is not money, b
'O bullion, and so received. If parti
interested insist on the payment
iy gold or silver bullion its procureme
is easy by the use of unlimited leg
is tender paper money, which as its &
= scriptiOn proves, will purchase ever
thing for sale in the nation, includil
rs the bullion. Then why coin gold
Id to money, which at the end Of t
as journey is practically uncOined a
ee treated as bulliOnL We repeat, reitt
n ate and insist, there Is no necessity
such coinage. Another objection
lis gold and silver is the owners OF e
;. and silver bullion under free coinag,
ad have their property bullion convert
Iot into money without rendering the e
a eminent any equivalent, which is
- indirect injustice to all who are l
Us fortunate owners of bullion. There
ne much truth in this and its acceptar
zee will destroy metallic money entir
zee except for small change.