The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-01-30
GOLD AS MONEY.

The very prevalent luea tnat the VaiGe oil
money inheres in the materia, Of which il
is made, comes from a Dlisconception Of its
nature and uses. Money IS not value, it re
presents value. 1t is medium Of exchange
BY which trade, barter and commerce are,
on large scale, possible. 1t is the legal
powers of money which qualify it for it's
uses. Bullion will no mere pay debt or
satisfy an execution than iron. The Law
gives it this power, and the law can give it
to any other material as well. The scarcity
of Sny material used for money y an insu
perabie objection to il, because il money is
to serve as a medium of exchange, it must
represent the value Of property and pro
ducts and must exist in quantities adequate
to effect these exchanges
But the entire coinage of the United
States hardly represents the value OF one
crop 10 the State Of Illinois. Bow then are
the mighty values Of the natio nal industry
TO be exchanged, how are traffic and com
merce to be carried on on a gold basis II
is simply impossible. Anciently, when men
employed themselves in anything but useful
LABOR, when commerce was dsreptuable,
when york and slavery we're nearly insepa-
rable. when forSys unon neighboring pro-
vinces, and pillage and murder were, not
only the chief sources Of wealth, but were
esteemed to be the only ennobling acts of
life, a piece of gold with an ox's head
stamped thereon was a sufficient and.. per
haps a better medium OF exchange than
any other. We have retained the money OF
barbarous age after Irving passed from
ont ihs ,eeAdiaiQaa 70 -xassE ssaalas rsesss va
adapted.
'Hsrd money" men ought to advocate the
turning Of ploughshares into swords and
pruning hooks into spears, as the coined
gold OF the world is not enough to repres eat
the values Of me products Of one year of
agricultural labor. The commerce Of no
civilized nation has ever been carried on in
gold and silver. The issue of paper money
has always been found necessary. This pa
per money ID necessarily largerly in excess,
under all systems of banking of which we
know anything, Of the gold which is made
the basis Of its issues, and therefore has no
value beyond what the perso 1al honesty of
banker may give it. The whole system of
"snecie basis,'' as j; i called, il incurably
vicious, for it puts the whole control of the
currency into the hands of few bankers.
AZ these bankers control the currency they
necessarily control the value Of property and
products. They maks money scarce or
plenty as it suits their interests Whether
an enterprise snail be undertaken or shall
|, whether a merchant shall meet his pa
per or shall become a bankrupt. Whether
business shall move on in smooth grooves
or be suddenly arrested, ought not TO be
within the power of class Of men to de-
termine.
This power is inseparable from the pres
ent system Of national banking, as well as
from the former methods of furnishing a
currency.
The gold theorists ina me that nature Sc
lected cut Of all her abundant material, the
yellow ores of their especial worship to
serve as money, and that the powers Of
human sovereignty are limited to determin-
Jog the quantity Of these ores that may ex-
list in the coinage of each nation. They do
not believe that it is an inherent attribute
IF sovereignty to make and provide money.
They forsee that il government furnishes the
currency, It necessarily will be in quantities
adequate to do the business Of the country,
and will not be capricioUsly subject to inaa-
ton and contraction. 1t will rest ON the
wealth and faith of the nation, will be par
anywhere wit in its borders, and they for
see also, that it will do away with the occu-
patton of shylocks, bankers and kindred
nuisances, to the public veal.