Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1871-10-10
WHAT IS MONEY 2
No. Mo- spIr!l q JeHst.0a J

llUn OI uay "NNi V 49,,
many days work, or accumulated property:
this is its object aud design aud the sole cause
ori,s origin and institution.
If confined to tho purpose for which the
whole people gave it credit, aud originated
and introduced it, it is a great convenience,
and only a convenience; for Of itsry itistin'
productive; nothing cotncs out Of it asst docs
from the Garth, or FROM human labor; it buys
nothing aud pays for nothing it isthc days
royh, or the production Of the days work,
or the accumulated production of many days
work, or property, that buys aud pays for cv'
cry thing
Take The case Of day labdrCr, who has in
his hand paper dollar, or even gold dollar,
and who gives i. to another laborer-the shoe.
makcr-for a pair of Shoes aud which the
shoemaker gives again to the merchant for
Glbs Of sugar, and you will see at once that
the dollar paid for aud purchased neither tho
shoes or the sugar, it only exchanged these
articles, and served a common roNrenicnrc, as
originally agreed upon and constituted by the
respective parties. The days lrorE and not
the dollar paid for the shoes, and the shoc'-
tho production of work-und not the dollar
purchased uud paid for the sugar If the
aay's uork had been done for the shoemaker
aud the party doing the days work wanted u
pair Of shoes the whole transaction between
them could have been completed vldtout The
dollar at all aud SO with the merchant Who
furnished the sugar; if he had wanted sloes
there would have been a direct exchange Of
slocS for sugar; for in both cases, it was the
days ,rork and the shoes aud the sugar that
did alt he pUyiag, and furnished all tho
equivalents, and not, by any means, this al
mighty dOudrl 1t is small, and rcrY small
thing in the entire transaction, and not indiS.
pensoJs; it could be laid aside and still the
world would wag on and cqnicd|eat would pay
for, and balauco cqmv0icnl Tho days
rork, tho shoes, aud the sugar, on the other
hand, arc, rs the world goes, Indispensable
but not so the Almighty dollar; il is only a
ronycaieacoi Hear John whipplc, Rhode
! Island, on this subject. Though numbered
with The dead, lie still speaks and will speak
on forever 10 the cause Of truth and justice
"MoDey is a labor saving invention, author
lied and regulated BY government for the con
veniencc Of the people and he who thriyes
BY buying and selling it adds nothing to the
wealth Of the State. but intcrieres with the
industry Of others"
Why did the day laJorcr take the pdpe'
dollar, in the FIRST instance Simply, because
he knew the shoemaker had agreed to take it
and would take it. And why did the mcr
chant take it for tile sugar! Why, simpI!
because he knows that the wholesale dealer
or any one else who had any thing to dispose
Of would take it; and that throughout all thu
various aud ramifed trades and occupations o
the sons Of toll, and producers of vulcabI,
equivalents, it had been agreed to take it 70
convenience of exchanging their labor ant
products; and to takeit, not rs m equivalent
but as q sign, symbol, or "pletge," that tn
equivalent, in labor, or the productions Of Ia
Dor, would be forthcoming to redeem it, AL
the power then, and virtue aud valued money
grows out Of the common agreement of so
ciety, made through their common instrument
the government, that they will receive it an
accrelt it us an exchanging medium. 1t
thus the consolidated credit, sorcrcln por
cr of all tho people, to be used US n common
convenience by all, and in which all hav
equal property and right to use it as con
yeuieucc Of exchange, aad as convenience
of exchange softly and erc!uS'trIy. II va
never dreamed Of By them that it was create,
as an article to bo bought and sold and deal
in US private articles and commodities. NIeI
bargain and sell and deal in commodities ori
ginating privately and with themselves, ant
arc entitled to all tie profits Justso, too, i
follows that If any buying or selling or deal
ing in money, an article createdby all Tor tho
coaraGiacc Of all takes place, the pr?Gts o
such buying and selling aud dealing belong
TO all, should be shared among them ant
cnurc to the benefit of all! II is their com
mon property out Of which such profits arts
and arc made.
In pursuance Of this very idea Of none
the convenience ofaR-it is ordained in til
Sth section Of the constitution Of the L. S
that Congress shall have power to "cOin money
regulate The value thereof" The whole aur
common and sovereign morey.puwer Of the
people is thus commended TO Congress,
may nj aud must furnish whatever money tn
business of the people requires. 1t is tn
only fountain from which the supply can come
and II it ncglects tho duty tho country, o
course, suffers as from dearth. | have heso
toforO said that about $40 to the population
per capita or sixteen bundled millions woult
be sufficient.
But it must not only coin money; COnEres
must REGULATE the value thereof" Its u
express injunction Of the Constitution oe tn,
us. Congress regulates the value ormoncy,
and can only CIRCULATE tho value Of money
BY fixing tic rate of interest. x dollar at
per cent. interest is just half the value of t
dollar at 6 per cent interest; aud when Con
gress fixes the rate at 8 or 8 per cent. itregn
lates the value Of money, Of the dollar.
said 10 former article, that Thomas Jefferson
and Juo. Taylor, Of Caroline, both said,
hundred years ago, that the rate Of interest, oil
profits Of money loaned, ought not to exceed
the annual nett increase or profits Of labor
And this is common sense; for If money
loaned is making 6 or 1OpcF cent. while labor
only makes 81 it must be plain to all that in
stead of being more convenience lor tho ex
change Of labor, as it was intended to DO, Il
becomes despot aad consuming Gre Of labor
rs it was never intended to be!
The report of commissioner Wells has given
Congress the necessary information for its nc