The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1914-10-23
JUST THE SUBJECT OF MONEY
THAT'S ALL

OF the papers or THIS state nave given
utterance to sentiments that indicate
that they are ready to advocate the
adoption of the old greenback idea 90
finance, but it is with considerable
surprise that the same tendency Is
noted in the Times-Union. which
printed an editorial a few days ago
on scientific money, which can be
read in but one way, and that is that
that journal is ready to espouse a fiat
money cause.
Perhaps one of the hardest things
for the ordinary individual to compre-
bend is that the government of this
country, or any other, cannot make
money. The government can place
it's stamp on a piece of metal, the
stamp guaranteeing the weight and
fineness of the metal, but the act Of
stamping it does not make that piece
of metal money, for if it were accept
ed in exchange before, it would be
afterward, and was money before the
government was asked to place its
sign manual upon It. Paper money Is
not, in the true sense of the word,
money; it is merely a note. issued by
the government promising to pay
money.
"It has not always been necessary
for money to be in silver or gold. The
time was in this country that tobacs
CO was just as much money as is gold
or silver now. Cattle have been used
as a medium of exchange, and when
that was true cattle were money.
Money is medium of exchange.
and must have general acceptability,
not only in the country where mined
and coined, but everywhere. Nothing
else finds so nearly complete accept
ability as gold. Perhaps we do not
know exactly why this Is, but the
fact is that gold, of all the mediums
of exchange ever devised by man, OBJ
tains the most general acceptability
over the world 1t is fact and not a
theory that confronts the world on
this subject of what is money. Mi
ami Herald.
The American Eagle MAJ be class
ed with the lone or two papers of this
state,' who adhere to the 'old green
back idea.." Among other members
of the class we note such able advo-
Gates as the Kissimmee Valley Ca
zette and the Ocala Banner, and find
ing ourself in such good company we
feel not at all lonesome.
We certainly take exception to tn
Herald's statement that "the govern
ment of this country, or any other,
cannot make money" Under section
8 of the Constitution of the United
States we read that Congress shall
have power = to coin money, regu-
late the value thereof, and of foreign
coin, and fix the standard of weights
and measures Webster's Diction-
airy defines the word, "coin," as fol-
lows: "To make by stamping; to con-
vert into coins" Thus we conclude
that congress, being the peoples
chosen representatives-he the
government-not only can, but does
make or coin money, and is so author
lied by the federal constitution, Bro.
Herald to the contrary notwithstand-
ing.
Like most of those who oppose the
greenback idea, the Herald promptly
trots out that old scarecrow of fiat
money" which title is represented by
the gold advocates to apply only to
paper money, while in fact, money
that is coined or stamped by author
ity or decree of any government
whether it be of gold, silver or paper
lis all of it fiat money, without ex-
cepticn Can we prove it? Sure.
Again our old friend, Webster. is call
ed to the witness stand, who deposes
and says that fiat" is "a formula of
Endorsement or sanction consisting of
or including the word fiat, by which
the consent of the proper authority is
given to some course of action; hence
an authoritative sanction"
Thus we conclude that if IAN au-
thoritative sanction is given the U.
S. Treasurery Department to place
the official stamp upon a certain
amount of gold and thus call it one
dollar, that gold dollar is fiat mon
ey." If authoritative sanction" is CIV
en- to place the official stamp upon
sixty cents worth Of silver and call it
one dollar, that silver dollar is fiat
money" If authoritative sanction"
is given to place the official stamp
upon bit of comparatively valueless
paper and call it one dollar, that pa