, 1861-07-26
Cbicago Crit,tl .tr


rATUlxH md USG OF MONEY.
We have few more remarks to make
Gu The nature, use and al,"sc Of money, in
addition 10 what was said i'll yesterdays
issue, OH the same general subject
Money, il should he observed, is not d
csnsvnuble commodity, as money. Il has
= dual nature, and is consumablc rs mer~
c, nldisc in the arts. As money il is a
14t.rt machine or instrument to circulate
capital us in the case supposed to convey
liz hides to the -four, and return the flour
IL the hides, and this exchange being effect
eli it il ready for further service of the like
s.,t ANY increase Of its quantity, there
i &c, merely raises prices BY dcprcciating
lis value in proportion 10 such increase,
asd is no public benefit whatever; While
coasumable things dc rot fall in raluc in
proportion 10 their increase, because us
each falls in value ty an increase Of sup
p'y, il c.mcs within the means Of a larger
class OF consumers, and the increased con-
srmla;cn lends to maintain the price ac-
csadingly. Every such increase is an in
crease Of wealth aud public benefit With
cs'i regard TO price.
Now, the question occurs, how are We
t. Estimate the useless debt created by the
dtb: currency? It must he by tracing ey-
cry commodity from the raw material
through the processes Of manufacture, and
through its several exchanges, to the con
s,imc1; and tracing the return Of the con-
snmer's commodity, or means Of payment,
10 The starting point Of the raw material,
10 complete lie circuit. Suppose, for ex-
ample, that hide, after leaving the hauds
Of butcher in Chicago, passes through
tiicse Of a dea1cr at home to a hide dealer
irNe" York ,and from him through tanning,
cuuying, and shoe making and their GUS
ttn,aly dealings, to the consumer, a wheat
grower on Western prairie, who returns
wheat through dealer and miller to the
butcher in Chicago, who consumes the
-four in lis fami1y; this completes the cir
crit Of capital. When these exchanges are
Effected through the medium Of bank notes
ard credits, so far as they exceed the specie
reserves, thcreisno capital employed in the
business but the hide and tic wheat, with
tie labor and value added to them il the
finished commodities Of shoes and flour;
aid these commodities, or the labor en-
lio,cd in producing tl,c1n, must suffer the
lss Of. tho gold expelled, and
maintain the other cost Of their
useless banking besides. We can
only estimate approximately the changes
tl'at take place il this circuit Of mcrchan-
6:sc generally. Hides arc rather an cx-
11tnse case, in their various notifications
of 1ongh leather, currle1 leather and shoes;
tlity are repeatedly handled by commits
stun dealers, or are the object Of distinct
s1'cculations in each form Of the comn1oli-
". But we are within Bounds 10 say that
lie exchanges OF commodities in general
average fire each way, making ten TO the
circuit. One dollar ot: money then, will
aiakc exchanges consecu.iycly to the
:.mount Of ten dollars, bringing the prod,,-
Ger Lis returns without debt. II We re-
more this dollar Of money and selEcxist-
irg capital, through leot banking, and SUBJ
s!'tutc hauls dtbt IN its place, the bauk
l>:c, t'r credit, maintained III existence hy
IL. opposite debt discounted, must occupy
/; sumo 1s1at:nn to the exchanges, and
1lNTe will he ten dollars Of worse than
1.se!tss debt in the community, piled upon
tvc1y one dallaz Of the debt currency.
The exchanges return this currency to the
t::.lk for renewal according to their acliv-
jiE, because it las no existence or cquiya-
1,nt hut in the debt which creates it.
The bunk notes and credits payable on
dtmand. and called "moncy," over and
above the money reserved to meet them,
c.mprise the debt currency. For three
years past, until quite recently, This has
amounted to &435,0oo,0o0 in the whole
United States, or has averaged this sum
with occasional variations 1t has no ma
terial equivalent, It is missing capital
once earned and thrown away, which can
only be replaced by reproduction; there
is no such money er value IN existence
1t is fiction or mere kiting, consist
ing Of nothing but memoranduus Of un-
finished contracts against melnorandums
Of other unfinished contrac.s-promises on
bath sides to pay money or value that is
rowhcrc and which cali be discharged only
by sct-o1 or annihi1ation. On this mass
ei moonshinc has been crcc.cd castle in
tie :'ir Of ten~fold greater proportions.
seme s., 1850, ,000, ,000-which men have i1n-
asined to he substance tliat they could
grasp at will: whenever they attempt this
they grasp wind. Jci1. Davis rebellion
1as nothing to do With The present fi:san-
Gal disturbance and commercial distress,
except 80 far lis it is the occasion fur this
futile attempt u: realization The capital
oi the nation exists independently Of this
mass Of debt, and is uniupairea by the re-
bcllioD, bnt it has wild way Of changing
lan1s under the fictitious banking sys:ea1
which the rcbcllien distnrbs, as il always
has when tie system is disturbed from any
Cause whatever. It is now right;ng itself
il .hc exchange OF our domestic produce
fGr god. by the decline Of the debt cur
1ti.ty we IRE reproducing lbs: capital.
0Ei EeloAe32 OH fite kanasEba.
Cci. Nvr.or, o. illc 0aio troops, who was