Year: 1875

the Gazette that it is the same old piece
that he spoke on Wheeling Island several
years ago, just after he had set out as the
Workingmens champion, and when he
was in the Chrysalis stage OF Democracy,
We sec in the Gd:ette, a. editorial, his
same old remarks about leather and coin,
the point in them being that intrinsicaIly
there is no difference in the monetary
value Of leather medal or coin medal,
provided only the government stamp is on
it, It's the stamp that gives value, not
the raw material,


There is just enough Of truth in this
sort Of talk to make it plausible. It be-
longs to that species OF falschood which
is couched to certain extent in the Ian
gnagc Of truth, and which il all the more
deceptive and dangerous on that account


No one will deny that piece Of lcath'
er could be made valuable US money by
the stamp Of the Government. Paper,
rs we all know, is made valuable in that
way now. In fact there was no need for
Sam to introduce leather into the argu.
ment at all. Paper and coin abundanlIy
suffice to illustrate the position assumed
by that "horny.hOnded" apostle Of cheap
money and flush times which is that
all We need ia plenty Of paper money to
insure prosperity.


Why is piece OF government paper
valuable rs money? For the same rea.
son that the note Of solvent man is
valuable. II is Il promise to pay some.
thing. 1t is not promise to pay the
holder in paper. lie already has paper.
Government promises are not payable in
kind, any more than an individunl'Snotcs
are payable in kind, All paper is n
mere promise to pay something, and not
the performance Of u promise. Green
backs are promises to pay goldand silver
Every government note reads that "thc
United States will pay the bearer the
amount named on the face Of the note.
The note il not It's own discharge. It can
never be discharged cxcep. by the pay
ment Of its face in coin.


And why is government paper in all
countries payable in coin? Why, in
other words, is it not payable in leather,
II leather is OF equal value2 Simply be-
cause gold and silver, beside having II
commercial value in the arts, represent
more nearly than any other two metals u
certain amount Of labor. 1t is labor that
gives value to everything in this world.
Long experience has shown that gold Is
scarce and hard to get. Whether it is
found in California or Australia, ii takes
about so much labor to get it out Of the
earth and putt in readiness for smelling.
A days work in any mine in any part Of
the world will produce only II small
amount OF gold, whereas days work in
an iron mine can be made to ilnctuate, rs
regards its productiveness, hundred
fold, II need be. There is no limit to the
money that could be put in circulation II
iron was used as the raw material, while
there is limit to the amount Of gold
that all the governments on earth can
issue from their mints. And what Is
true Of iron is truer still Of paper. The
same piece Of paper can, at the pleas
IRE OF the government, be made
to represent one dollar, five dollars, ten
dollars, one hundred, or one thousand dol
lars. But the value Of gold is in its
weight-so much value to so much
weight. A five dollar piece cannot be
stamped with n ten dollar dye. No gov
ernment on earth il rich enough, or pow.
eriul enough on land or sea, to make n
five dollar gold piece lin weight pass for
ten dollars. The thing has been tried
time and again, but has always failed
Gold and silver coins have been clipped By
kings and princes, and otherwise debnsed'
with view to making one dollar take the
place Of two or more but the debased
coin always sunk to it' proper level, and
had no more purchasing power than be-
fore. hesilly Kings found that despite
all they could do, it took SO many ounces
Of gold to build so many ships or keep 80
many men under arms.


Sam Cary's idea Of money is not pat.
entable either on the ground Of novelty
or utility. 1t is very old idea and one
that has been thoroughly exploded. II
paper money could possibly make n
country prosperous then would Austria
be one Of the most prosperous countries
in Europe to-day. But all experience
shows that whenever money is issued
in excess Of the necessities Of exchange
il Immediately commences to fund itself
80 to speak, in high prices, 50 that the
same stock Of commodities IN any coun
try tthe only real wealth that any coun
try can have) may he worth to-day mil
lion Of dollars, and next year ten mil
lions Of dollars, in nominal value. Aus
ttia cannot make her paper equal tt
gold, and It will not to-day buy a
much NJ gold The United States
although one Of the richest governments
in the world,cnnnot make her money cQna
to gold. She can not make il pass In hci
ownterritory,cycn with force law, in the
shape Of the legal tender act, on n par
with gold. II Sam Cary'a idea wnp no
pure fiction this would not be the Gaze
This can be proved gcomctricalIy.


In geometry things that are equal t,
the same thing arc equal to one an other
II dollar in gold will buy bn'hcl u
potatoes, and dollar in paper will d,
the same thing, then are the gold dolIa
- .,,.,e J,it,r I,,rh hn;rV cruoI Ia ,