New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-03-29

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~ as,bssss- A9Hsyis understood AID ia Laws
shd tunes comprshsDds5, ~ gfpps ~ tbs dafs
The dssifablsHsss II I'll things 10 10 ugalf ASSES.
What Is che sss ~ Money! n We reply Il isU
asssurs and exchange paiDs, then whss ~ Yassi
II valus 10 desirsblensss, IL IL that alone ~ DO
other considerations combine ~ constitute valaeI
Obviously they do, since many things are hlghly
desirable which have no value, because the sup
plv IL mountainous and abundant IL Udfnc
a1nntity1 IL would seem 10 be. since We npeaS
IRE il by money; all medsures refer 10 quantity
Our measure gold, has value like other things and
il an uncertain quantity and therefore no measure.
But Von rant a measure "of such nature that
its volume would increase or contract" What
sort Of a measure would that bel Is our money
Of credit Bank Notes, governed by the same
lawsas Godl liz money the result OF Law or Of
Labor7 If of Law, then Law should determine it's
value II of Labor, then it might be left free like
other products Of Labor Here is the difference
ofthe two parties as 10 Usury, one assumes money
70 be the product Of Labor, and insists upon cha
same rules as govern other products Of labor the
other, that it is the product ofLaw, and therefore
law il 10 settle it's price orthe price Of its USE
The subject is OF intense interests but as you do
not accent my remarks, though I read all your ar
tices on the subject these rough notes are NOT
intended as a communication, but only as sugges-
tons. TO urge you to more study Of the subject,
Money b.
If .B.' reads all we say on this subject,
he ought not so coldly to assume that sex
perience furnishes no safe and sure guide
with respect to the necessity or bene6cence
of Usury Laws, since, in our article COM
mented on, we distinctly cited the expe-
Renee of several States of our Union to
prove precisely the fact that Usury Laws
are bene6cent and cannot be safely dis
pensed with, unless you at the same time
abolish all legal remedies for Debt, and
leave every man to promise what ne
pleases and pay as he sees fit. But that
substitute would suit most of the opponents
of Usury Laws still less than what they
now complain of.
That there is as yet no Science Of Mo-
ney' tohich is generally accepted as such,
we admit; but we think the elements of
one are found in the writings of Proudhon,
Kellogg, &C., and more abstractly, remote
ly, in the writings of other Reformers. We
are quite willing to learn more on this sub
ject, though it is not certain that we at
present know less than some who use more
ponderous words, more imposing phrases
to conceal their ignorance. Even 3D.
scouts the idea of "a measure of value"
that is "of such a nature that It's value
would expand or contract" and asks
What sort of measure would that be "
We answer-Providing that it expands or
contracts according to the amount to be
measured, it would be the only accurate
end Just measure of money value. A bar
gain to pay five thousand dollars for farm
or house made when the Currency is ex-
panded (no matter whether by Paper or
Gold) becomes hard, perhaps a ruinous
one for the promiser, if, at the time he is
required to pay, that Currency shall have
become relatively inadequate. 1t may now
be double the value of the farm or house,
and this under an absolute Specie currency
as well as any other. What we DESIRE
then, to see, is a currency of National ac-
ceptability, based upon Labor or the Pro-
ducts of Labor, which shall at all times
imply, command and be exchangeable for
the same amount lin intrinsic value or pro-
ductiveness) of Human Labor. For in
srance, if note Currency or an evidence
of private indebtedness) should say instead
of zone hundred dollars "one hundred fair
days work of ten hours each at blowing
harvesting or wheat sowing in September
or October, or the fair equivalent thereof
in labor OF the products of labor at any
'other time" it would come very near our
idea of what a Currency should and ulti-
mately must be. But we live to learn.
Ed.
Usnry Laws.
II. a.. n Tvfbtr