cago citizens who had invested in silver mining and had made a sufficient test to satisfy themselves both as to the risk incurred and the cost per ounce of mining silver.
A GREENBACKER.
Mr. E. R. Ridgeley, of Ogden, Utah, who was in the audience, said he would like to ask a question.
"Proceed," said Coin.
"I want to know," said Mr. Ridgeley, "if it is not practical to maintain a purely greenback system."
"Yes," said Coin. "The only theory, however, on which a purely greenback or paper money system might be maintained would be to do away with a redemption money entirely. You cannot have both without the redemption principle applying. The money with a value in itself becomes the most preferable, and must stand behind the other.
WILLIAM T. BAKER.
"You cannot maintain two kinds of money at a parity, when one has a commercial value and the other has none, except by making one redeemable in the other.
"But you might have a purely paper money. The method would be to have no redemption money and to make it legal tender in the payment of all debts public and private.
"Limit it in quantity by fixing the amount at so much per capita. Maintain the volume at that as population increased, and from time to time provide for what had been destroyed. The fact that it was limited in quantity, and the uses for which it was intended, would give it a value, and make it a measure of values, and a serviceable medium of exchange.
