The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-03-06

able 10 business transactions.
Common usage has applied the term meas
ure 10 the material, by means Of which,
length, weight, etc, are ascertaiued as, for
instance, TIE yard, pound. and bushel, in
stanily suggest the stick, iron. and wood
the means employed, rather than the alb
strsct length, weight, and size. which are.
IN -eality, tbe things signihed BY he terms.
y matters not whether the yaId-stck and
pound weight he " wood, iron, Or gold :
length and weight are the only properties
Necessary 10 be expressed by them, and
possessing the standard limits, their materi-
al is matter of indIff renee. OF e1urSe,
some material Is indispensable F; but the Oh
iv thing that makes one substance prtfera-
bic % another, is It's superior convenience.
SO OF money II Is matter of indifferer ee
BY what material tie powers OF properties
OF money are expressed, for the material j.
merely Substance fixed upon by law
The natural powers of any material do
not make 10 money. lie powers and agency
as money are delegated 90 it by laW, in ad-
diuon 20 its natural capabilities. When
gold Is usi q, the POWERS conferred upon Il
make q an equivalent fir every species D.
property. II gold pad DOT been selected for
the material IT money, and legal power
giy'n 20 1t 10 exchange property, and e.
accumulate Interest tor it, use, man would
have as li.Jle occasion for more gold than be
needs Tor utensils and ornaments, "a for
more clothes than he can Ntar, or more
tools thar be can use. Ii would have been
50 iected g. the same laws NJ trnde "a other
merchandise and must have waited a de-
maud for consumption before 10 could tuVe
bren sold. 10 Is clear that gold possesses
DO peculiar OF Inherent excellence c. eudJN
IL wiki power % determine The value and
control the use of al other things But
when II d made the sgeut Of these legal
powers, lt becomes neces AIRY 10 acquire The
gold in order 70 DISCHARGE debts; and The
quantity q the metal being limited. its owl
ers are enabled % extort from the neeessit-
Gus very hlgb piice for its use. If gold
were not used az the material # the cur
rencY, ats abundance would no ira4-
ton # bu mess, nor would i arcity pro-
dute distress, btcauae, compl.ou with other
metals, its use b very limited.
The following statement will eL5w tba
different effects upon our own people Of tie
use Of The precious met4is as utensils, and
their use as the material of money. All
will probably admit that there were, in
1916. twelve thousand families in the city
OF Nea York, owning, on an average s 500
worth d gold and silver ware, sacb as Tea
coffee, aud dinner services, vases, orna-
ments, etc. Including iewelry, the amount
OF the metals probable far exceeded the sum
named. But calculating the twelve thous-
and families 90 have owned $500 worth
each, they owned, in the aggregate. s., 60O,-
600; While, according TO The Bank Reports.
the specie 10 all the banks in the State OF
New York on the LIT dav Of November.
lS4Q, mounted ~ but IS 04S, 34S. 51uv -e
lhe twelve thousand families owning these
silver and gold utensils and ornaments, had
in one week collected them together, aud
shipped them to England. The shipping Of
these wares would bave had no more effect
upon the monetary affairs of the State or
nation, nor upon business, than the ship
ping Of the same amount in cotton and to-
bacro But had the people drained the
~ U4e,3 0f coius from the banks, and
shitped them abroad, the banks throughout
the Sta,ei and throughout the United ate 3,
would have been compelled 20 suspend
specie payments, aud hundreds of thousands
OF our people would have vten bankrupted
or thrown out Of employment Yes. by
shipping tbe gald aud SILVER wares, more
than one million and half more Of the
precious metals would have left the coun
try, thai BY shipping the coins. The ship
ment OF ine smaller amount would have
shaken be country TO It's centre, while The
shipment Of the larger amount, could not
have tnIayofably affected business. And
YET our gold ana silver utensils and Orna-
ments are more il use than our CONS; for
The coins are mostly in kegs and boxes il
the vaults of banks, and If they are moved
az all a ~ usually from one bank vault "a
asotheF, without even emptyiug them from
the Kegs. II money is merchandise, why
would not The Shipment of our gold aud sill
yer utensils aif CT the business of the nation
as much az the shipment Of our coins Tue
same twelve thousand families we're nuubt-
lers lbp owners Of much larger amount Of
The cupi'ai stocks Of the banks than the
5000 COO; and could az any ume have
sold stock enough to diaw sl the %, ci.
from the buIks, ard thus have caused sus-
pension Of paym nts and dis, ressed produ
Gers, even Without shipping the specie.
i The ynlue II money inbere in the prec-
lou D etul 40 tat certs4n wei bt nat
uTblly possesses certain amount Of power
70 txclatSe property, and sill j. itself
eonmudiiy, The value Of y hich l. Fixed b,
Law, Oiher commodities made of the same
naturally IfeeiOus metal, wateh-cases.
spoons, etc, sb uld hkew be subjeet TO
the sciuiny and restriction Of gov eru meDt,
that The public mny not be imposed o. on IL
the recsi ~ II them b. any mixture Of ALLOW.
II n.tDey ~ cnn modify, Nhy do gavern-
meDts meter 20 Tx value uton coine
and % upon any other commodity, al
II oUeb ~ ~ made Of 2 Id or silver? If a
oe6Blte value be ii ned to one comm, d.
~ by legal enactment, De finite value
81 oUld clio be legally assigned To every
other commodity, that each may sustain a
lUsI relation according 70 The amount 0f Ia
Dor nectssaTy "a manufacture or produce il.
II money be crmmodity, goods sold migHt
a. well be made payable in other eommodi-
ties, sugar, beef, etc. as in money. Wby
not as well sell monty on time PAYABLE in
goods, a. goods on time payable in money +?
II money be q commodity, Why should the
government force the public to convert
every Other commodity into this one 70 raw
debtsS II The sale aud purchase Of all vther
con mOdiues will cause debts TO exist, why
should enc cOmmodi y only be competent
to pay hem? And Why should the value of
every other commodity be determined BY
this one commodisyS II money be a com
modify, Ni.y does the government reserve
the right to coin it, making it's private
coinage criminal offence Why not let
any one make II, and dispose Of il in mar
ket as Of any other commodity ? If money
be merchandise, why Is it, that it can be at
al times exchanged for property and pro-
ducts, in any part of the country, and that
all Uther more necessary commodities are at
-Uefuip times esteemed almost worthless,
eompaied Rith il? Ii is answered, that 1t
Il becsue il is made BY law alegal tender |
In payment for debts-- that IL has this snpe-