The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1846-07-11
From Facts. for the People
Letter from the Hon. Edmund
Burke, on the Currency.
.WAsHINeroN, ApriI go, l846.

in which you enclose two resolutions,
adopted by the democracy Of Ohio, in
convention, on the eighth of the same
month, in relation to which you request
my views. trust, however, that this
delay on my part, in some measure un.
avoldable from the pressure of public
duties, will not render the sentiments
which shall express in relation to the
subjects Of inquiry unacceptable.
In the resolutions before referred to,
the democracy of Ohio announce the
two following propositions, viz:
1. Their opposition to paper cur
rency, and their determination to re-
turn to the constitutional currency of
gold and silver.
2. Their uncompromsing hostility
to sail chartered and special privi-
leges"-in other words, to corporations
of all kinds, and TO all descriptions OF
legislation which confer upon the fen,
rights and privileges which are prohib-
tied to the many.
In my opinion, the positions above
stated. which the democratic party of
Ohio have announced to the world as
constituting two Of the essential ele-
ments of their political creed, contain
pretty much the sum and substance Of
the democratic faith. 1t is, therefore,
unnecessary for me to say that they
meet with my most cordial concur
renee.
If there is any circumstance in my
short and humble political life IN respect
to which have reason to pride myself
upon my consistency, it is my uniform
and constant opposition to paper mon.
.ey, to corporations, and to special leg
slation of all kinds. In private life. |
have ever been their unfaltering foe,
and in public life, their constant oppo-
nent; never having done an act, nor
given vote, TO bring into being, 10 pro-
long the existence, nor TO promote the
objects of either, or any Of them. Of
course, then, it is not difficult for me to
approve the noble stand which the dem
ocracy of Ohio have assumed in rea-
ton to those subjects.
But cannot content myself with u
mere expression Of appreciation of the
course which the democratic party Of
Ohio have taken in relation to paper
money and corporations, but will en-
deavor to give, with as much brevlty
as the nature Of the case will admit,
the reasons why deem the positions
assumed by them, to be sound, just, and
truly democratic.
And first, in relation to paper money.
BY recurrence to first principles, it
will be seen that there is an immense
delusion prevailing among the people
of this country, particularly, in regard
to the matter Of money.
And, in the first place the question
arises, What is money! The true an
swer is, it is the measure Of value. 1t
is the representative, or measure OF val
ue; as the bushel is of quantity; the
yard stick, Of length; and the pound, Of
weight.
The dollar represents or measures, on
ly one hundred cents worth of proper
ty Of any or all kinds, as the bushel OF
so much grain of any kind, and the
pound of SO much of any thing sold by
weight.
This representative or measure OF
value, i. e. money-has been a matter
of caprice among different races and
communities Of men. Lycurgus. for
certain reasons, adopted iron for the
money ofSparta. Some barbarous ma
tions use shells, others beads, and the
North American savages, wampum.-
But the civilized and commercial ma
tions of modern times have adopted gold
and silver, on account of their great IN
trinsic value in proportion to their
weight and bulk, as the measure or
standard of value. Some of them have
also adopted, and now make use of, pa
per. TO represent this standard of value.
As paperpossesses little or no intrinsic
value, it is but the representative of the
standard Of value, which is gold and
silver. 1t bears about the same rea-
ton to gold and silver, which ghost
does to a real substantial human body;
being quite as impaIpable and evane-
scent when assailed by the grasp Of
distrust, as are those unreal images of
terror to old crones and credulous chill.
dren.
But money is only the representa-
tive and measure, not the source, of val
ue. The true and only source Of val
ue, is human labor. 1t is human labor
that produces every thing of value in
this world. A thing possesses intrin-
sic value only in pro portion TO the
amount Of human labor which has been
employed TO produce it.
All property, IF whatsoever kind il
may be, is the representative of this only
and sole element Of ralue, piz: human
labor.