RESUMPTION OF SPECIE PAYMENTS. 45 3 



of the government. Lastly, the whole proposition is 

 incorrect; for it is not proposed to issue notes at all, and call 

 them money; but to issue a full-fledged money in itself. 

 Suppose that we subject gold and silver to the same test. 

 Who redeems it? "Oh, it redeems itself," says the 

 metal ist. Let us see how far this is true. Government 

 takes 41 2 Y?, grains of silver, worth in the market 75 or 80 

 cents, according to its fluctuations, puts a "buzzard" and 

 the words, "UNITED STATES OF AMERICA, ONE DOLLAR" 

 on one side, and the head of a man and U E. PLURIBUS 

 UNUM ' ' and the date on the other, and it passes as current 

 money for one hundred cents in every State and Territory 

 in the Union. The difference between the bullion value, 

 or 80 cents, and the legal value, or 100 cents, are fiat; yes, 

 fiat money. Now, who redeems that? It is redeemed in 

 the same manner that it is intended that all money shall 

 be redeemed, in the products and the labor of the country. 

 A gold dollar is redeemed in wheat, corn, flour, beef, pork, 

 prints, woolen goods, or anything its owner wishes to pur- 

 chase. It is all the redemption it needs. A paper dollar 

 is redeemed every time it passes from one individual to 

 another in exchange for products or labor. It is redeemed 

 in whatever the owner receives for it. It is all the 

 redemption it needs. In such redemption and the pay- 

 ment of debts it has performed the functions of money, 

 and that is all the use society has for it. Everybody is 

 satisfied with it but the bullionist. To redeem it in coin 

 and retire it from circulation brings us to the bond system 

 in order to obtain the coin; to contraction and resumption 

 with all their attendant evils. 



Another common objection to a paper money is: 

 "That it will not circulate in foreign cotmtries" 



This is one of the reasons why an absolute paper cur- 

 rency forms one of the most perfect circulating mediums. 

 We are not engaged in making money for other nations; 



