Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1863-11-04

QONAY.
Il vould sesm to BE- unnecessary that

Il would sesn to be unnecessary that
men Of intelligence should be reminded
Of ,rushs 90 sxiomatic 40 those stated IN
the following article, rom the Jo"r"''
of Commerce. Blu. the need OF constant
teacAise 5ss grown men appears to b
nearly % imperative - that Of growing
children:
WAR 10 Moxrr I'VE must 90 back
agaio to the study Of definitions. Mod
ern writer's upon political economy, IN
their efforts to revaWp the xpoded the
oriss Of past centuries, and Introduce
them TO this generation - novelties OF
their own invention, dare not alIo" even
the language they use TO have its accept
cd and wel.established Specification, but
are ever Wrestling the very terms o. the
science to give q modern livery to the
stale error. IL would be well for these
writers to remember that dictionaries
were not made for the sole purpose OF
teaching photography; and that SEINE
thing fundamental must be left set,led,
il the world 10 to escape . seturn to The
original chaos.
A single exvmple will show the i'm
portance Of this adherence to accepted
definitions. The wovd money bad ccme
into use throughout the world to mean
. stamped coin, or something rsprc.ent-
ing it. The definition which stood 90
long in the Ency clopedia may be said
to represent fairly its established sihnfi
cation, viz: "Money: the common NEE
dunn OF exchange among civilized ma
tons. 1t muet consis' of material, l.,
which has value Of its own; 2, which
every man is willing to accept in ex-
change for bic properly; 3. whose value
10 readily ascertsincd." It is true that
many things have been called "mouey"
which did not answcr to this definition {;
but in every such use Of the term it has
been because the article thus described
was supposed to be cxohargeable for, or
redeemable 10, = certain fixed amount Of
com.
To carry on the present war: this
country has adopted paper currency
which, although neither thus exchange
able nor redcemable, has yet answered
% . very eonveuient substitute tor
money. At the first, many Of the wis.st
6nancIers among ne doul ted it's expe-
dlency, while others clamored for It as
tho only method Of escaping tisas-
trous failure. Both classes, however,
agreed 10 this. that the issue was o serve
only for the emergency, and to be re-
deemed in coin or retired Ivy funding
into bonds which should promise coin at
no very distant ruture. No one de-
manded that it should take the place Of
money except by representation aud
even this character was conceded 70 II
reluctantly, on account Of its immediate
incontrovert,bility. II is true that many
who opposed It, did so because of their
fears that, like other unfaithiu represen-
tatives, it might tn,n against tie cub
stance Of which it was but the shadow,
and drawing the coin from the country,
usury for it elf tho place of power.
These fears were not altogether un-
founded; and we have now host Of
writer's aud speakers throughout the
land who are openly advocating this
substitution. "Paper money circulates"
they say, mot becau.e it represents coin,
but because it represents commodities
and services" Danish, therefore, al coin,
and let us have paper for money. Gold
circuiates, and 10 valued only because it
will buy no ses and lands, and the toll
Of the laborer. It therefore represents
commodities and services" Now, IS a
paper currency will buy the same things
it also represents them, aud need not,
therefore, be convertible into coin. This
10 the argument. But why will gold
bny bouses, and lands, aud toll? Be
cause. to 90 back to our definition, it has
an intrinsic value, easily ascertained,
which lie recognized throughout the
word. We showed, the other day,why
the precious metals had such value, and
how the vanity of the race. and the love
Of personal adornment, could be depend
ed 90, as proved by all history. to per
petuate this popular estimate. But
enough for the present, that gold has
such value. Why will paper currency
buy these commodities and scrv,ces?-
Not because it represents Them" but
becaase it promises 10 some way to pro.
cure a certain fixed quantity Of gold,
which will always command them in the
market. Strike on, the gold and what
becomes Of the promise !? Strike out the
rlomise, and how long will the worn
and soied Representatives OF COR mod.
ties be exchangsble for dinner
The precious metas are something
more than the Representatives of COM
modities and eervies" They are com.
modities themselves, with a known in.
triusic value. TIE man or the govern.
ment who gives out paper promise for
. dollar, creatas a debt to that amount.
The paper is not dollar, and the only
value is in its promi g; the more faith
which % fel 10 this promise toe nearer
Will 1t be TO the real dollar in market.
able value a. tia, faith wanes, the val
ne decreases, and the fever the commo.
dities it will bny. But the issne Of a
coined dollar, instead Of creating debt.
discharges it. 1t is the substance. CO. :.
rying us valnc with it where; and
Is The standard By which all other ma
serial values are determined.
PEaeoSAL,-1t is to be settled that
Zen. Bn' II is to be Grants new chief Of
staff .--lWashington special.
geo. Buell. saved Grant from aunihi-