FIAT MONEY 



2160 



FIBER 



a distance the town presents a most pictur- 

 esque appearance it is disappointing on nearer 

 view. When the streets become too dirty to 

 be longer endured water is turned into them 

 through conduits from the river. 



Fez conducts an extensive trade by caravan 

 with the interior, and is noted for its manu- 

 factures of woolen cloaks, silk shawls, and 

 handkerchiefs, the red caps named for the town 

 (see below) , firearms, swords and leather goods. 

 The city was formerly a center of Arabian 

 learning, but there remain few signs of its for- 

 mer glory. The newer portion of the town is 

 occupied by the government officials and em- 

 ployees and Jewish merchants. The old Fez, 

 surrounded by ruined walls, contains the busi- 

 ness district, each industry being confined to 

 its own particular section. Population about 

 100,000. See MOROCCO. 



Fez, a brimless red-cap ornamented with a 

 colored tassel of silk or wool, named after the 

 town of Fez, where it was originally manu- 

 factured. It is now worn in Turkey, Egypt 

 and all North Afrfcan countries, where it is 

 called a tarbush. It was long supposed that 

 the dye used for producing the dull crimson 

 color could not be obtained except in Mo- 

 rocco, where it is made from the juice of red 

 berries. It has now been chemically produced, 

 and the caps are made in France and Turkey. 



FI'AT MONEY. A gold piece has a mar- 

 ket value equal approximately to the amount 

 stamped upon its face; a five-dollar gold piece 

 is worth five dollars, either in the form of a 

 coin or melted into a mass. Any other coin 

 has a certain intrinsic value; and most paper 

 money, as greenbacks and gold or silver cer- 

 tificates, is of value because it is a "promise 

 to pay" and may at any time be exchanged for 

 coin of standard value. Fiat money will pass 

 as money merely because a government has 

 said it must be accepted as money. It has 

 no coin behind it to give it value, but a gov- 

 ernment has said, "Let it be money," and it 

 at once acquires a certain value, which it 

 continues to hold as long as people have confi- 

 dence in the government. The Latin word fiat 

 means literalfy let it be. 



It might seem that the creation of fiat 

 money would be an easy way for a state to 

 prevent money scarcity and hard times, but 

 since it is itself a confession of scarcity of 

 money, it cannot produce confidence. No 

 other country will accept it as money, and its 

 value rapidly depreciates. In early times in 

 America the colonies more than once issued 



fiat money, though it was not called by that 

 name, but it soon proved to be worthless. 

 In 1915 the Carranza government in Mexico 

 issued millions of dollars worth of paper money, 

 and when the success of the Carranza cause 

 was in doubt, this money, without redemption 

 value behind it, depreciated until it was worth 

 but a few cents on the dollar. To-day no state 

 of any importance believes it possible to solve 

 its problems or lessen its distress by means of 

 fiat money. 



FI'BER, any vegetable, animal or mineral 

 substance which may be separated into threads 

 for spinning, weaving, or for use in various 

 manufactures. 



Vegetable Fibers. Most important of the 

 fibers are those obtained from things which 

 grow from the soil. From them are made 

 many of the articles which we wear and use. 

 Cotton fiber is perhaps the most common ex- 

 ample. It is that woolly substance surrounding 

 cotton seed which, after passing through va- 

 rious processes of cleaning and manufacture, 

 comes to us as cotton batting, thread, yarn 

 or cloth. 



The flax from which linen thread and linen 

 are made is another important plant fiber. It 

 comes from the stem of the plant. Hemp, 

 similar to flax, but tougher and coarser, is 

 used for cordage, rope and coarse cloths. From 

 Manila hemp wrapping paper and cheap writ- 

 ing papers are made, as well as matting, can- 

 vas and ropes. Jute furnishes a strong bark 

 fiber used for- bagging, canvas and carpets. 

 One of the most durable of vegetable fibers 

 is that from the stems of ramie, or China 

 grass; from it are made cordage, nets, various 

 fabrics and paper. Chinese grass is valued 

 especially for banknote making. Paper is made 

 from various wood fibers, as well as from fibers 

 of corn husks and of esparto grass. 



Among the coarser fibers are raffia, used for 

 baskets and mats; and palmetto, tampico and 

 cocoanut fibers, for brushes. Broomcorn is 

 also classed by manufacturers as a brush fiber. 

 Palm fibers are manufactured into various 

 articles, and from fiber of young leaves of the 

 jipijapa are woven Panama hats. The finest 

 textile fibers are grown in temperate climates, 

 and nearly all others of commercial importance 

 are obtained from tropical or semi-tropical 

 countries. Each of the fiber plants mentioned 

 above is described under its appropriate title 

 in this work. See, also, CLOTH; PAPER; WEAV- 

 ING. 



Animal Fibers. Wool and silk constitute the 



