Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1871-01-24
WHAT IS MONRY9

other substance; its value is the standard or
determiReI Of the value of all things, aud it
serves as PHGiie medium of exchange for
land labor, and all commodities
He-ths same author-furIher describes
these legal POlrerS, and enumerates them thus:
''Mouey has four properties or powers, viz:
POreT to represent UGLUe, EOrer to measure
0Gtue, pOIrer TO accumulate Tuiue by interest,
aud pUScer TO ercLsrRJe VaEHe.
All the powers Of money, then, are leguL
pOireTs; powers conferred by all the members
Of society to make it public standard for the
exchange OF all the property and all the labor
VI men aud, as well the power to .'aocuuIU~
late Cdiue by iNtcresf," as any of the other
three powers above enumerated. Indeed,
this power 10 accumulate value by interest
Is The. power, above all the powers inuumer-
ated, that fixes the value of money as n
stGRd0rd, aud shows aud determines what
every farmer, every mechanic, every manu>
iacturer and producer, is tOrOceive for his work
and product. If the farmer, the mechanic,
the manufacturer, and whatever other pro.
! ducer is not making an annual increase or in.
terest above 81 per cent. and you allow the
power of money to accumulate to that orient,
1t swallows up all the Iorctits if you allow it
| TO accumulate beyond that, it then consumes
| tie PrtHcip0Lj aud has all these men, who
produce all the wealth of society, for its serfs
and slaves as truly as though they were me-
! grOes; indeed more so tor those who got the
work OF the negro had to support him but
in this case, they get all the white man makes,
aud then, require him to feed, clothe, and
shelter himself! .
If money, then, is q pubic standard, as it
| manItestly was designed to be, its value must
be ascertRined and fixed as much as the length
of yard stick, the size of u bushel or other
measure, or the grayitatiOn of a pound weight:
and, II 1t Is not fixed the same rascalities and
chcatlngs must, necessarily, take place, as
would result from letting every man decide
what should be yard, u bushel, or a pound
weight 1t the value of money then, should
be fixed as we'll as the length Of the ward. the
size OF the bushel, or the quantity of the pound
weight, it may be asked chow FIX it z" The
answer is, It Is just as easily done as in those
cases OF the 0LteT standards referred to: In
the language Of KelIcg, "Gte rate of interest
tires tie V0iHe Of money" As for example,
money at SiG per cent. Is just double the value
OF money at Sir PR cent: Aud it ought to be
Que or the other, as standard, Just as the
profits OF the occupations of the wealrh.prO-
ducing classes OuldjusIfy! Ifthe wealth pro-
ducIng classes are uO1 making 40 annual in
crease OF more than % per cent. Gas L have
heretofore shown thea money ought to be
less Tor, 1t Is not reasonaL bic that the "grcase
aud tar"-the mere medium Of exchange
should be valued at greater rate than tho
whoic wagon Ur car ana 0H ats cOnteRfsi
10 show that money can be valued. and
euLged, aS well Us "it'r sfdHd0ro|S, will quote
tie tundameuraI law of the Iand-the consti.
tution-Il that has any longer weight with
men Us | fear it has not.
The constitution OF the United States then,
Article / See. Sth, >, declares, The Con-
gress shall have power to coin money, regu.
late the value thereof, and of foreign coin,
aud h1 the standard of weights and measures"
Now, "mOney in the language of Kellog,
the disciple OF our common master, Aristotle,
''Is the LGyut standard OF value, by which the
value of all articles for sale must be deter,
mined. Tie rate cf iHferest fires tie UuIue of'
money" And, it follows, Of course, that
Congress is bound to fix the rate of interest"
III order TO determine the value of money, as
P"Lhc standard, just as it is bound to FIX the
standard Ut weights aud measures; and, it
follows further, that auy one who goes outside
OF that t.red U0ii,c 0J nlORey, is Just as much
countsrteIter, iOTger, and cheat, as he who
should use short yardstick, a false weight or
false measure Put this ia your pipes and
smoke 1t, ye millionaire brokers Of the cities
aud ye, toO,-ye nIbbing rats-ye petty
shaVers of the villages and Hamlets Of your
country and cOuntrymen Ii such men can
be said 10 have country, or cOuhtrymen WhO
are ihOsles humnni genesis the lshmailites
and enemies of their race s fr.. ...-..
Congress is then, bound by the constitution
Of the country, TO FIX the .ynInc of money, in
order to make it a St0HFdrd for the exchange
OF the labor and. property Of the country;
Congress does, or does not, fix the value Of
money, as it does. or does not, FIX the rate Of
Interest ) for we have seen that the ''rdte of
iHferest" fixes the ''Udiue Of mOneY ,"
lfCongress does not fix the value of money,
but leaves it to be determined by con,pehtioR
that is, by the will and pleasure OF every
vagabond, who ceases to be u producer, and
having no common interest or sympathy with
producers, converts all he is worth into the
common standard of production, and then
charges on the common standard of produc-
tiou just as if it was prigate pr2perLy-Why,
then, it will be no difficult matter to account
for the fact that all the earnings of torty
miIiions Of J,copte are in the hands of abont
five per cent. the said forty DsiHions of peo-
pie, aud that the land is filed with jails, aud
Peuitentisries, brothels, aud poor houses, and
charity schools Aye, charity schools. For,
give 20 habor its o,ca earnings, by "itst
IceIyht and just Die1s',re, and there would not
be, in the whole laud, Jail, penitentiary,a
brOthel. or a cA0rity schoOl-ho1se
To show the power against which honest
labor Is struggling-and struggling in vain
this hell>born power OF Us,lyy 10 the Unre-
strictea interest on money! will conclude
this article by n quotation from keilOg, show.
ing the power of itfeJest, even at a rate that
is, generally, thought harmless, and not much
out Of the way:
"SuppOse foreign nation should lend TO
the government of the United States $780,.
600 at areR per cent, on condition that our
government should give her bonds half yearly