government a privilege by which he is able to spend in wanton luxury half of what a large number of other men produce. The chief privilege to which we refer is that of selling the people's credit for a price.
"Basis" is guilty of several other errors which we have not space to discuss at length. He supposes that to confine the term money to coin and to call all other money currency would simplify matters, when in reality it is the insistence upon this false distinction that is the prevailing cause of mystification. If the idea of the royalty of gold and silver could be once knocked out of the people's heads, and they could once understand that no particular kind of merchandise is created by nature for monetary purposes, they would settle this question in a trice. Again, he seems to think that Josiah Warren based his notes on corn. Nothing of the kind. Warren simply took corn as his standard, but made labor and all its products his basis. His labor notes were rarely redeemed in corn. If he had made corn his exclusive basis, there would be no distinction in principle between him and the specie men. Perhaps the central point in his monetary theory was his denial of the idea that any one product of labor can properly be made the only basis of money. To quote him in this connection at all is the height of presumption on the part of "Basis." A charge that his system, which recognized cost as the only ground of price, even contemplated a promise to pay anything "for value received," he would deem the climax of insult to his memory. "Basis," in donning the garments of Josiah Warren to defend the specie fraud, has "stolen the livery of heaven to serve the devil in." "Basis" is wrong, too, in thinking that land is not a good basis for currency. True, unimproved vacant land, not having properly a market value, cannot properly give value to anything that represents it; but permanent improvements on land, which should have a market value and carry with them a title to possession, are an excellent basis for currency. It is not the raw material of any product that fits it for a basis, but the labor that has been expended in shaping the material. As for the immovability of land unfitting it for a basis, it has just the opposite effect. Here "Basis" is misled by the idea that currency can be redeemed only in that on which it is based.
But this fertile subject has taken us farther than we intended to follow it. So here, for the present, we will quit its company, meanwhile handing over "Basis" to the tender mercies of "Apex," and heartily indorsing almost all that "Basis" says at the close of his article concerning the true duty of government, as long as it shall exist, regarding the currency.
