The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-03-06
WHAT IL MONEY s-.No. m.
by WIN. u. SYLVIS.

ny VIM. 4. SYLVIS.
My first article was general or prellmina.
ry-intended to show. Frst-That money
made of gold was klngIy despOtic insen-
ton. SeeOnd-TLat it has been continued
IN use because il PROVIDED the surest way
TO rob the many for the benefit Of the few.
7htTd-1hat it was the most dangerous ele-
ment Of despolic governments engrafted in
! 70 our Republican instII buttons, and, Fourth
That ITS use is wholly Incompatible with the
spirit ofour form Of government, and has
entirely subverted the designs, intentions
and desires Of authors Of our constitution.
We come now directly to the subject.
what is Money!" Kellogg says that mon
ey has four properties or powers. First, to
represent ' due. Second, to measure value.
Third, to accumulate value by interest, and
Fourth, to exchange value.
As discussion Of either one Of these four
powers, would involve partial discussion
Of all, and prolong the discussion, | shall
consider them in general way, giving the
greatest promineucs 10 interest, and the ma
erial Of which money should be made.
Money is the measure Of value, and the
rate Of interest 6xes the sIancard Of meas.
ure, therefore, the standard should be the
same every where. Government has Dc
creed that sixteen ounces shall make a
pound, aid thirty SIX inches viii make a
yard Suppose Congress should repeal this
aW, and say that the people in each state or
city shall have the right to regulate these
matters to suit themstlVes what would be
the result We would soon have yard
sticks and pound weights OF various capaci.
ties. There would be just as much reason
and justice in this, as there is in allowing
every body to FIX a measure Of value 10 suit
themselves. The necessity for uniformity
in weights and measures d no greater than
for uniformity in the rate of interest but .,
s said that a uniform rate Of interest can
not be maintained, no matter what the law
may be. That this Is true under our pres
ent monetary system, freely admit; be-
cause bankers and brokers monopollse the
lending Of money. The law OF Per mss Ivania
says that per cent. shall be legal interest /;
and yet 1t 10 impossible to borrow money At
that rate, because Congress has fixed high
er rate, and because the business money
lending IS confined to few persons. whom
neither the law Of the State, Ior the Law Of
conscience can control. All borrowers
must 60 to them therefore, they can fix
their own terms, that is, they make their
own measure Of value, which amounts 10
the same thing as IL it was cloth they were
selliSg, and had the making Of their own
yard-stck.
"The government reserves the right to
fx the length Of the yard, the weight Of the
pound, the size Of the bushel, and the value
Of the dollar. Money Is the public measure
a value, and the government is bound 20
make it Just and uniform, that IL NAV cor.
rectly determine tie value Of all commodi.
lies. Measures are definite Quantities uf
length, weight, size and value. The pound
weight, Yard-stick and bushel, are measures
Of quantity, and the dollar or money is the
measure Of value"
When the yard-stick measures cloth, it
does not determine its own length, and
when money measures property, il does not
ceteEmIne its own value" The law fxps
the length Of the one AID the value Of the
other. To slier the length Of the yard stick
il a high crime, and subjects the person
guilty Of 1t to severe punishment, while the
power CT the dollar to MEASURE value can be
altered with impun'ty aid yet the fraud
practiced upon labor 10 thousand times
greater than would be the shortening OF
weights and measures at the option Of ever,
seller in the land. s'The Government re-
serves the right to On the the measuring
power Of the dollar to bankers, brokers and
other gamblers.
The man who viii interfere with the
mea ure Of value, is just 40 guilty Of crime
as he who drfrsuds his customers by light
weights and short ard-sticks.
One Of the most silly and absurd notions
of the day is, that each State should have
the right 10 give to money q kgAl standard
to fix legal rate Of interest. The Gov
crnment should issue ell money, giving 10
every dollar the same legal valae-the same
power 20 measure value in all parts Of the
country. Money, properly considered, can
in no case b. aa article Of barter aud sale.
Ii was never instituted 10 be bought end
sold its only functions are to buy and sell
the products Of labor. The laborer does
not buy money, but be sells his labor for
money. The farmer does not buy money. |
but he sells his wheat for money. The
manufacturer does not buy money, but be
sells his wares Jor money and the censam-
sr Guys what he wants ssifh money thus 10
money simply . medium Of exchange. The
making Of money IN article OF commerce is
! prostitution OK the currency Of the cOun-
ny, and is simply lsgalixrd robbery.
TEE financial history Of the m called
Railroad King Commodore Vanderbilt