The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-08-04
FEMININE FINANCE.

Institute Last NigAt.
vicnocia G. Woodruff delivered a lecture on
'.Financcn last night at Cooper institute. The ma
jority or the audience was composed OF the par
tssns ana friends OF the ACKNOWLEDGEMENTS OF "fu-
ture progress" "rree thought anI "untrammelled
uvesn they testified their appreciation Of her re-
marks on the vital question OF The day by frequent
and enthusiastic applause. Mrs. woodruff was In.
trocuced by Theodore TltoD, ana after few pre-
nminary remarks on the failure of the many 1nan-
cial schemes given the world the speaker proceeded
TO- explain her idea OF money. Wealth IS OF two
kinds. permanent and transitory. Gold, silver and
precious stones were examples OF permanent veal :,
they were not themselves transferable into life
comfort and happiness. Transltory wealth consists
OF all those products Of labor OF which direct is
made to maintain life and that can be absorbed into
and become part OF the life OF humanity. Wealth
had existence before money was thought Of. Wealth
is substance Of which money is the principle, or re.
preventative, but which in itself has no intrinsic
value. Currency is only form OF money, the same
as gold IL only form OF wealth. Anything that Is
negotiable which is not of actual value in ITSELF is
money. That which best represents all the pro-
ducts OF labor will also best exchange them, AMI is
therefore, the best money. Gold is q false
representative Of wealth. Many people think that
gold would be Of no use TO this country were 1t to
come into disuse money; the very reverse is true
since we should have the same quantity of gold we
now have to be used for the same purposes for
which 1t is now required-to export 10 other coun-
tries in exchange for imports.
Money must be resolved into Its uses and divested
OF its fictitious relations. Anything that can be
made use OF for any other purpose whatever is
best thing to be used as money, because the demand
for such thing for such other purposes destroys
its positive value as money by causing nuctua.
lions IN its exchange power 1t is a grave
gold as money dollar In god can ' only eX X
change dollar In value IN any other substance
noies than the bank has gold dollars to redeem them
by Is legalized system TO rob the people Another
the improvements made upoa land are wealth; but
the land proper, never.
After dilating at some length on the utter utitv
OF gold to be the representative OF all other kinds OF
wealth, the speaker unfolded her pet system OF
As substitute for bank notes there should be
national currency based upon the accumu-
Ia not en all ee g% T Ss WNa
out also all other kinds OF wealth. such money
would be jpS 50 much better than pank notes with
wealth OF the country is greater than the amount of
god. The greenback was the nearest approach TO
real money that any people OF the earth made.
IL stands the representative Of the capacity OF the
government, the representative OF tue people, to
pay. The credit OF a country increases or dlmin.
lsnes without any regard whatever to rs gold-pro-
ducing capacity Money should have fixed mea
surement, which should be just as absolute In its
measure or the value OF money pound is
in Its, measure OF weight. An oyer-lssue Is
ment must be prohibited from resorting 10 the
process SO well known in railroad management as
Pushed in tue following manner:-Thls currency
must made convertible into national bond
bearing sucn rate OF interest wne IN the hands Of
the people as sha! be determined upon the 'irue
measure OF vaue''-say three or four per cent-and
the bond also convertible into currency, at the
option OF the holder; In other words, the people
should demand that the government Issue one
thousand million dollars III bonds. bearing three
per cent interest," payable IN currency and that 1t
issue one thousand million dollars OF circu-
s sa deposits the bonds -I as eollStsra1,
per annum, TO be for SIX months with rene walls OF
three months each, one-half payable on each re-
newal; the principle underlying the time he.ng |
that all credits should be settled win years
products. The operation OF such system eau be |
very eas!lv traced. Whenever there should be SO |
much currency ia cir uaton that 1t wou.i lie worth
less than four per cent, The surplus would al
be invested In the four per cent increst-bearing
national bond, and when business should revive |
and the demand for money 10 transact 1t should |
make money worth more than four per cent, then
bonds would be converted into currency again untl
ever the demand should be such that ali the money
would be converted, and Still be worth !
more than four per cent, then the government
should issue enough 10 produce the equilibrium. |
This system Is really the greenback system extended
10 al uses Tor WHICH money IL required anu 10 which
Is given dXed measure of value. Ii the govern |
II can loan 70 the people Tor three per cent II at
the same time 1t can pay three per cent on Its !
in gold, 1t secures Dew-ound advantage. No per-
son has any just claim to the ownership OF anything
CURE by An equitable exchange or something which
he did produce The accumulated wealth OF The
weird is in uojust hands, 1t Is held 10y those VINO
have no better title thereto tan II they had actually
stolen II. After some ctner observations she con-
cuded her remarks 10y saying that This system would
cause humanity to take sun greater and more rapid
Strides toward that perfect enlightenment which
can alone thoroughly recognize the common brotaer-
hood OF the human race.