New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-04-03
Money,Uspgya;5 llI: Law.

Your correspondent B. writing of Money-Us
urv" in the Tribune Of the 29th asserts that there
is no Science Of ANousy,''-th~s " has any
specific idea of what money is, nor OF what are
its uses or the laws which govern it y in proof
of which he professedIy cites the opinions Of va
rious authors and parties; and closes with some
remarks on the grounds taken by the differing
sides in relation to the Usury Question.
In attempting some reply, our first business is
with the correctness Of certain statement. We
are not acquainted with all the authors whom be
quotes, but we have before us the work Of one
ofthem, whose views he processes to give in the
following words Mr.. Kellogg deems all the
economic evils of society to have their basis in
interest of money would repudiate all interest,
and convert all property into basis OF money
witkout limit" 1.-THE views of other writers are
as grossly mstated as Mr.. Kellogg's, B. is certain
ly altogether incompetent to Judge whether there
is or is not Science of Money; for either he does
not know what has been written on the subject,
and takes his ideas from mere report; or, having
read Mr.. X 8. book, by some process best known
to himself-perbaps willful perversion, he inter
prets such sentences Is the following, laid down
by hr. Kellogg as fundamental, TO mean repudia'
ton "of all interest For instance in Labor
and other Capital, page "a, it is said; Money,
the representative and measure OF value, has also
the p0fcer 10 accumulate Valae By interest This &C
cumulative power is essential to the existence OF
money, for no one will exchange productive
property for money that does not represent pro-
duction." Again, page 81, Money becomes
worthless whenever il ceases to be capable OF ac-
cumulating an income"
Again, page So, "The value Of money as much
depends upon its legal power to be loaned for an
income as the value of farm depends upon its
natural power to produce" Mr.. Kellogg does
not say that the evils Of society have their basis
in interest of money, but in er0rbaHt interest on
money, which is quite different thing. In bis
own words, page 262, "There is as much differ.
ence in their effects between a well regulated
currency with low rate OF interest that will
Justly distribute productions, and currency with
bigh and fiuctaating rates, as between the fire
limited to the domestic hearth, subscribing the
wants of the household. and the same element
exceeding its useful limits and destroying the
house" And page l5s: From what has been
said of unjust and luctustiug rates Of interest, 1t
is not to be inferred that money loaned should
bear no interest; for without the power to draw
interest money could not exist 1t could not be
made an equivalent We are then seeking no
extreme measures, but that just medium OF In
terest which shall secure 10 the whole people the
greatest good" b. also states that Mr.. K. would
convert all property into basis OF money cRhont
limit" whereas far from all property being by bis
system convertible into money, Mr.. Kellogg ex
pressly SAYS, psge 252, To make this currency
true representative of property, the Safety Fund
must issue its money only in exchange Tor mort
cages secured by double the amount OF productive
landed estate. The money when put IN circula.
ton will represent and be secured by the first half
of productive property
Wetrust that b. has spprehended the views OF
others W hom he mentions more truly than ne mas
Mr. Kelloggs. Before asserting that no one " has
any specific idea Of what money IL, nor OF what
are its uses or the laws which govern 1t, We
think il would be proper for B. 70 examine the
works of the writer's whom he cites, as perhaps
be may find more science, defiuiteness Of thought
and appreciation Of the uses OF money than he
imsgines.
B is certainly right in saying that until Money
els understood, and its laws and forces compre-
hended, we grope in the dark and he states
clearly "the difference between the two parties
a. 10 Usury; one assumes money 70. be the pro-
duct Of Labor, and insists upon the same rules as
govern other products Of Labor the other that 1t
l. the product Of Law, and therefore law IL to
settle its price or the price Of its use"
The value Of money is either Inherent or con-
ventionAl If money be q commodity, and It's
value intrinsic bow can bank notes be used as
money ard be made 70 answer all the purposes OF
coins more than paper can be used as food and
be made 20 answer all the nutritious purposes Of
bread ard meat Ii money be commodity, the
Government can have no right to make It, more
than any other OOmmOaity,a tender in payment Of