, 1861-11-27
TEE 81 UDY OF MONEY AND BANK.
ING,

What We need in Illinois more than any
thing else, is knowledge Of the nature Of
money, by which to discover the true Office
If banking. The members elect Of the
Convention will not fail, We trust to in
form themselves industriously upon this
subject. Apart from prejudice, and the
cunning contrivances Of men to take ad-
vantage Of their own knowledge and 9Th
ers' ignorance, it is simple enough. Money
Is merely . well known commercial COM |
modify, adop;ed by the comnon consent t
Of the trading world as a universal mate.
rial equivalent for sther values in barter |
Or exchange. It is pure gold or pure sill
ycr, the relative value Of the two metals |
being comprehcnded everywhere. But an
exigeAcy in England disturbed the simple
philosophy Of this thing, on the accession
Of William and Mary to the throne, be-
Stuz1ts had 1efs the finances Of the king
dom. Tie Siuarts have been accused Of
rapscity and eztrayaganee, with justice no
doubt, hut they we're also the victims Of
circumstances to degree that has not
leen cemprehended by historians. The
ine1srsble logic OF events was at war with
their position in the world it made .
mighty movement: they were in:the way
and it crushed them
The mines Of 2otosi had poured such
fosd Of silver into commerce, from the
middle Of the sixteenth to the middle OF
the seventeenth century, in relation to all
other e1changablc commodities, that tile
precious metals los. four-ffths Of their
value. In other words, general prices had
risen five fold. The Royal revenues, con-
sisting Of ancient annuities and allowances
from the taxes, were necessarily falling
short Of the Royal expenses continually,
and the urgent demands Of the King and
Royal family for additional Allowances
caused dissatisfaction. and were source
Of annoyance and irritation to the people,
more and more from year 10 year. To
maintain his customary state, the King
found himself driven to despotic and dam
aging expedients; the people would not
submit to the necessary taxation, and he
exercised the divine right Of helping him.
self with the strong hand. Charles l. and
after him, Charles II seized the money ol
the merchants and geldsmitts, deposited
. in the public exchequer for safe keeping
and ruined the credit Of the government
E1cheqner tallles were sometimes at
per cent. discount, or more in 1858, whe
William TIT <aroa ~ 4ba +lrora and =,
various commissions and sharp practice
among the employees Of the Treasury, an
the goldsmiths, who were the bankers {
the kingdom, the constant and needed au
ticipatisn Of the revenues cost oue-half th
taxes; that is to say, the exchequer di
not realize, on the average, more than On
half The enm allowed By Parliament,
Political economy, es ! science, we
then 'ekse~4 -. Nobody comprehende
LAT the 1ise Of prices aud enormo1
increAst. of expenses, were the col
sequence and equivalent Of 3 fall in Il
value Of money. Upon The masses the
expenses pressed with severity, for wage
as is always the case, Jagged behind I
other prices IN the general advance T!
people held the Government, and more
pecislIy the King, responsible for their
tress, and looking to that source for
lief which they did not find, they beca7
exasperated, and ready Tor any measu
4hat wou11 lid them Of their :ancied
urcsso1a. That iron tower Of ancient p
jsd:cc, t1.e divirc right Of Ei2gs. fell