Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1843-07-28
MONTPELIER, JULY 20, IS43.

lett TO the operation OF natural causes. But you
affect money and you affect properly they act
reciprocally each upon the other.
The value Of property, Irrespective OF money,
increases inversey MS the properly itself ncreas-
es the value of money, irrespective Of property,
increases nversey as the money itself increases.
You increase the amount oil properly and you di-
mlnish its own value, or what is equivalent you
increase the value OF money and you increase
the amount of money and its value is thereby les
sened or what is equivalent, the value OF proper
~ is increased. II money and property, in the
aggregate increase pdri pdSsu It would seem that
there would he no change in the value OF either;
but II one should increase permanently more than
the other It would lie lessened in value. But
particular Thing which is the subject of traffic de-
pens, Tor its value, no. only upon the relative IL
mount OF money, hut also upon the labor neces-
sary 10 produce that thing, aud upon the supply
and demand for it, Bur suppose we hal no such
thing as money-there would he no uniformity in
the exchanges of properly, nothing TO guide us in
those exchanges; there would he nothing TO
which we could refer as showing the relations OF
value that different species OF property bear - one
another; If we should refer TO the fact OF an ex-
change, that exchange would denote only the re.
lalions existing in that particular instance, conse'
qncnIy the relations of value between certain
pieces OF property might he MS many and as di-
verse as the exchanges themselves. But thuse
relations different in different places, 10y means OF
money become extensively known, notified, and
in measure established. Money is Il thing of
convenience the value Of every thug is expires.
scd in money. it is convertible into any kind of
property. With it We can come ut the values of
different commodities with much greater facility
by expressing them in money, one thing common
tn them all, than IN my other way. Without H.
in estimating the value uf n particular commodl-
", We could give it but very limited relative val
ue coexleusivG only with its known relations TO
other commodities.
To ascertain It's relative value 10 n commodity
/ whose relation to The particular COMMODITY is un-
/ known would be- impossible; an approximation
| even could be reached only 10y calculating the
probable Industry necessary Ia produce each COM
| modify. But by assigning to one value IN mo-
neg, that i, nominal value, we should thereby at
ouco establish its relative value 10 all other COM
modltics for, the prize Of one being gwen its
relative value to any other commodity woId he
MS its price TO the price Of that other commodity.
Is nn addition TO the currency OF n country di-
reclly or indirectly an addition 10 the property OF
the country? Certainly it is not directly an nddi-
ton 10 the property of the country, but only TO
| the nominal value of that property ; yet n judi
! cious increase Of the currency of country might
have the effect indirectly TO add to its wealth. in
that il might have II favorable bearing Upon for
eign and domestic trade by greatly facilitating the
exchanges OF properly. The amount OF the cur
rency of country is determined mostly by the
amount Of the business of that country and moi
| by the amount OF its actual property. great
| commercial country needs greater currency
than country less commercnl, though the lacI
nay have more actual properly than the former
for, Notwithstanding the value of all property is
express ed IN money, all the money in the civilized
| world by no means represents all the property
Every currency should he subject 10 wise regu
| laon, but regulation is one thing and vast eXpan
! sions aud contractiUns quite anuther and it be
ing ludlclOusly regulated it be left to The opera
tons OF property upon it, true TO lis Legitimate
purposes it will express the effects of those oper
atoms. So interviewer with all business transac
tons is the currency of a country aud bears sucl
delicate relations TO all kinds OF property, it
should he touched by rash aud inexperienced
hands. And it there is one thing nseperabIe from
the prosperity of II commercial country, it is sta
bilty and uniformity in It's currency ; unques,ion
abby nearly nil The evils which now aiilict ih
country. both Inc government and individuals, maj
be traced 10 n arrangement of the currency, dis
turbance of The natural relations of property, al
interference with the relations OF debior aud cred
itor. That arrangement, Immediately affecting Al
Initiation Of tho currency tempted TO runous ex
iravagauce and mud schemes Of speculation tia
extravaganza and those visionary schemes OF spec
ulati al we've followed by rrverscs aud these re
verses in their iurn induced demand for relief
laws, caused luxity Of morals aud in some case
crime- ut length, Ivy uun OF evils the con
temptations Of winch is painful, we fluid universe
disrust and suffering pcryadmg the whole coui
try. Touch with rude hand the circulating me
oiun, and, like The opening OF Pandora's 10,
chiefs that one can hardly contemplate. Z.