Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1870-04-26
COMMUNICATED;


"The most important fundamental law in
any nation is that which Institutes Nancy !;
for money governs the distribution of property,
and thus effects in thousand ways the re-
lations of man to man." Kellog's monetary
system.
Mr.. EDIToR;
In regard to personalities. even of harm
less character, / agree with Zone of the
Corps" that it is best to dispense with them.
/ agree with him to drop them entirely
And the more especially if the laudation, in
my previous article, of Mr. Whipple, may
induce him to read bis pamphlet.
know he will read it with pleasure, and
find it no penancc Nor, will [ insist upon
it, for his conversion, that he shall read it
three times-"ter pure lecto libello." If he,
lature of Maryland, and all similar bodies,
will, before they lneddle with matter of SO
much importance.
But whether "One of the Corps" reads the
''little book" or not, | fud he agrees with Mr..
Whippe, substantially, in his first proposition
for the discussion of this subject. Mr..
Whipple's first proposition regards the right
of the public over money, aud "0ne of the
SOTpS r. says ludb TSOCl6ly
all interest as under the Mosaic dispensation,
or may go to the other extreme of abolishing
all restriction on the use of money. And
that he contends, therefore, that the question
of usury is simply question of expediency,
and as such, TO be settled by society in ac-
cordance with the dictates Of experience and
common sense"
accept his premises that, usury on money
L., III ~,
teachings and dictates of experience and
common sense" and we will fight it out on
that line" appealing to common sense" first.
In appealing to common sense" whether
any or aohat amount of usury may be allowed
on money, it seems to me that the first guess
ton, with "common sense" would be ,oh0t rs
money i? and its first step, in the process of
reasoning to come to an answer, to define
money, its nature, and its functions and in
doing SO, particularly to inquire and lay down
dogmaticaly, whether to the constitution of
money it was necessary that it should be of
any special material, and what that material
''One Of the Corps" while he admits that
money is the creature of law and, in the
midst Of paper as the only money at this mo-
ment; and, even before the war, when the
banks professed to have one>tourth or twenty.
AVE- pGi SSub' VI liIOll ISSuCS III obCOlSs oub
really never had more than tce per cent; still
says he is persuaded ''from the instincts and
experience of the human race. that the metals
of gold and silver were divinely intended to
be I'll, medium of commercial relations be-
tween man aud man."
This is, heoretical!y, Nebuchadnezzar's
"image of "-PructicaLy-h dream of
the image whose head Twas of fine gold, his
l,ro 4 Of bol lly
thighs Of brass, his legs of iron and Ais feet
part of iron ana part of clny" The base.
mark you, tie u"dcr.propPimg. is of iron and
clny-u cheap metal ond d6t! And yet, it
is ''divinely intended" &c. Why?
'Quan doquidem. inter sauctissima divitiarum
Majestas: etsi funcsta pecunia temple iaras,
Nondurn habitas, nullas nummorum crcximus
Ut coItur pax, atque fdcs, victoria, viItus,
Quaque snlutato crepat concordfa nido.''
"Yes, "One of the Corps" adores the cd
vinity" of gold and silvor, while he requires
whule people to fall down and worship, and
pay offerings, and taxes and enormous usures
not to Nebuchaduezzar's image Of gold
but to his mixed basis dream" propped up
on iron and clay' Aye, not even iron
and clay" but rags-paper! A glorious
doctrine. truly-a most sacred and holy faith
for the '.plous bondholders" who to save
the life of the nation," advanced to their
dear country one dollar iu paper worth forty
cents in gold, and now demand that dollar in
gold, because sit was diUineiy intended to be
the medium of commercial relations between
man and man."
This wont do. II is impossible, for even
boudholder, to be ''pig and puppy" at the
same time and it is poor rule that won't
work both ways.
As to the material of which money should
be made, take it there has been no divine
revelation on the subject; and, accordingly,
men have made money of cowrles, tobacco,
leather, paper, and many other articles,
Just as their convenience and circumstances
prompted them to set up Il standard by which
their productions might be fairly and honestly
exchanged so much labor for so much, and
equivalent for equivalent The substance of
the exchange being production for production,
and the medium of the exchange being
mere symbol, or in the language Of Aristotle
who was the enemy of all usury-a ''de-
rnand or pledge" agreed upon by society that
he. who held it, might exchange it for any
thing he wanted. See Aristotle's Ethics,
book 5th, cap. 9th. 1t matters not, then,
what the material is, for the thing that con-
stitutes money is the 'agreement of society"
that it shall be received for all products, and
also for debts and taxes The value of the
money is legal and conventional value, and
is wholly dependent upon aud inheres in the
things Of actual udfue for which it may be
exchanged. Take away its value, acquired
by the agreement of society, as a 'demand or
pledge" for things of actual value, and its re-
ceivability for debts and taxes, and money, as
money, would be worthless, even of gold and
silver.
Money, then, as instituted by the agreement
of society, is simply symbol, pledge or de-
mand of him who has it. that he shall have
in exchange for it things of actual value, and
that it shall be received for debts and taxes.
This is money, its proper entirety. its nature
and its functions. This is the whole agree
-. os soniet,. in rernrd to II This is en-