Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1908-09-17

civilized people that money should be
created only by single power called
sovereignty, else too much might be
created to maintain a proper value. 4
The same sovereignty which creates
the money, should only issue for value
received in the form of property or
service rendered the sovereign power
or government. An additional issue
might be made as loan, provided the
issue did not exceed one-half or one
third the value of the security (real
estate, the title of which should be un-
auestionable). The borrower should
be charged with the last of the issue
only and empowered to take up his
mortgage when due or before due, as
he might elect We hear much said
about fiat money. Law and fiat are
synonymous terms. and if So gold
money is precisely as much fiat money
rs is paper money. The captious
''tiatist" insists that gold and silver
only are true money and all else is fiat
money, but from previous reasoning,
it is manifest that all money requires
the fat of law to make it so. Also
much is said about redemption money.
The redemption of money consists in
its acceptance, in the performance of
all the uses or functions for which
money is created tO-wit, the payment
of debt or las a representative of
value) in the sale or purchase of prop
erty. or the sale or purchase of service
or labor; again it may be used as
loan, but for the public good such
loans should be restricted to the sover-
eigh power, which creates and issues
the money. A legal tender function
is essential to true money and every
time it changes hands in the payment
of debt and the purchase or sale of
property Or labor, it is redeemed to
the last holder; finally, if said mon
ey is accepted in the payment of pub
lie taxes, dues and demands, which
law should authorize, said acceptance
constitutes final redemption by the
issuing power, and no other redemp-
tion is necessary.
The gold Spectator insists that his
commodity only is money, and that the
power of exchanging paper money fol
gold dollar for dollar alone consti'
tutes redemption, but this is illogical
and unjust and therefore 'bosh'' es
pecially so, if all money, when created
is vested with equal powers in every
respect, as it should be- In such {
case the exchange of paper for golt
money is swapping dollars (substi'
tution) and consequently is no redemp
tion whatever As Thomas jefferson
said, 1.-The final redemption of al
money should consist in its acceptanc,
in the payment of all taxes, dues o
demands by the issuing power Thi
is common sense and common justice
The gold idea is insisted upon from
purely selfish motives to enable tn
owners of gold because limited il
amount) to hoard and speculate in SAT-
gold The value of money is its pur
chasing power. The dollar which pur
chases twice as much of given articl
today than it would yesterday, is twic
as valuable. The dollar which bough
one bushel of wheat yesterday and.wil
only buy half bushel today is onl,
half as valuable. 1t should be the ain
of all controlling money issues to main
tain its uniform purchasing power.
A -. lo,,, l. .,A, ~,
power involves an injustice to tn
debtor or creditor, or both. The dol
lar is simply name given to the uni
= of federal money, instituted when on
government was formed. The %.
grains of standard gold or 412.5 grain
of standard silver are only dollars in
commodity sense, but are not dollar
in commercial or scientific sense
which recognizes the value of tn
stamps only The purchasing powe
of money (its value) is regulated solel
and only by its quantity as compare,
to the demands of business or the siz
of the community who require its use
Other things being equal, the large
the quantity of money, the cheape
the money, and the dearer the proper
ty or labor that it will purchase, tina
is to say, dollar will purchase less
Other things being equal, the less tn
volume of money, the dearer the mon
ey and the cheaper the property or la
Dor it will purchase; that is to say
dollar will buy more, therefore it wi
be seen that the whole subject of mon
ey value is regulated by the quantit
in use. This shows the inestimabl
importance that the money issu
should remain entirely under the COZ
troll of the government, as under ind
vidnal or corporate management til
contraction or expansion of the valu
of money could land as the history
the country proves would undoubtet
ly be used to make and unmake fOl
tunes by contracting or expanding tn
volume of money in use. So far {
possible said volume should be kept IL
Ia 88$$@@a@t
MI -