The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-02-27

lGNAAtN
Another power ~ money Is to exchange
property. When il is made the public rep.
resentatiye OF value, AZ } Tie interest il hzeO
AZ just rate, it is fitted 20 perform the du-
~ OF money, which u the equitable ex
change of property. All goods, wares, anc
merchandise, although they may be ex-
changed for none number Of times, soon
md place where they are consumed but
money never reaches point where it can
be esed except p tender 10 exchange for
property. Making a silver dollar an equiv
aient or tender IL payment for a debt ccn-
raeted by the purchase OF bushel Z wheat.
does not make the dollar possess the nutri-
uaos qualities Of The wheat, more than Civ
ing note upUn the purchase Of a hundred
busbels Of com makes the dollar Of as great
actual value as the corn. Tbs value OF the
note cepends upon Its power 20 exchange it,
self for the property Of the drawer, and not on
the worth q the paper upon which the note
~ drawn. But tue value OF lie corn de-
pends upon its nutritious qualities, aad not
upon any power TO exchange ITSELF for ID z
property q The person wso raised or sold
1t. he note must be exchanged for prop
erty betor can be useful To it's owner
money musl also be exchanged for property
20 become useful.
This, then, Is the distinction between ar
ticles Of actual value and the medium Of ex-
change. 1be former are designed to be ac;-
uaiIy used or consumed the latter j. de-
signed 70 be cOntInu exchan. ed for ar
ticies for actual use and CONSUMPTION.
Hence money IS not merchandise. for II lts
material be used as a commUdity-if coins
be conve. = into wstch-eases ana orna
ment., the owner must keep them TO make
them useful.
The object Of the institution of money il
TO facilitate the exchange Of commodities ;
and this Il could never 81 unless X we're
possessed of as much legal value as the thing
Tor which lt IL 10 be exchanged possesses
actual value. il farmer has FIVE hundred
bushels II wheat, Fiih which BE- wishes u
buy sugar, c. fee, tea, molasses. clothing and
50 form Tor bis family, he will not sell TIE
wheat fer five hundred dollars. unless The
money Will be legal equivalent f.r All TIE
arceies for Which be wi hes to exchange his
wheat. he does not want tie money XII
keep b wants IL 20 exchange for other ar
tl1les tuat be needs ID use or CONSUME. and
be sells bis wheat for money because the
money Is a legal equivalent for every spee,ss
u property Il would be very difficult for
him to divide W the wheat ana barter itfur
various articles o different places; and the
"htal ~ not tender. But be car divide
AZ his money - am0uats to sui all his
PHfchH-eri anu the money is legal tender
IL IT, inshL 4 mao NAV carTE a piece Of
paper money 10 obs POCKET that il u legal
SNtisdIent for valuable farm IN any part
o. t1e country, when If he had the came
amount M aett "a value. u mi ht be impos-
sIJie Tor lim 60 move 1t but he can sell X
TT IL HeyY and q y money be can carry in
LIE pocket aud be- with il where be pleases.
o0ns winters, 4 stead Of considering mon
ey a. m dium ~ exchange, caA il capital
setA.tg Investment. II 4uoney be catital.
Al Is already invested =; cause the capital
"Vuld cunslst 10 The Inherent value If the
MateiIa' o. Toe money, and not Ia The thing
ths money SEEKS 70 Uutain. But, wher mon
ey baa found one Investment. IL l. As Oh
seeker for second aud third invg,s
mem, AS n II bad got been invested al ali.
A is always s,tkipg inyes ment, viii out BE-
ing Invested. H. il DO more real eaIital
y az very poor horse, If which the az
ahee is euch That be Will 90 very well
" exchange Cf. But if be should fuaIIy
10 '1chai ge OF. Bot If be ST.. ula finally
~" INTO tbe hanos OF person who tad uot
TIE good fortune 10 exchsnge him again for
s'wvti q else, thu owner would have to de-
LEAD up1u b. few useful qualities. And 1T
currency we're i0Tmed ln the various Ia
uons Independently Of gold and silver, ana
shUuil cease to be tender n nav
Hshis OF debts, the value of coius would de-
prrd upon their inherent qualities, as met
ale, a. much a. the value Of The horse wien
Ne e"uid Ne no longer exchanged for more
tlan hlh actual worth, would depend up.n
the niue labor that De could perform, OF up-
% hls hide and bones. T. I-ice Of the
gold and Of tie horse would hen depend ID.
On their actual usefulness, lad NOT upon
any capabilities for exchau
Money Is then, combination Of legal
powers, expressed upon metal, paper. Or
q ms other substance its value is the stan-
uaid or determiner Of the y4lue Of an other
things, and ~ serves a. a public medium
o. ,xohange for land, labor, aud ali comtao.
dities.
TO 81 coSnSUED