The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1871-07-15
WHAT Is MONEY3-vIII.
By WIN. III. SYLvIS.


must have value within itself equal to
its legal value. That Is, a twenty-dollar
gold piece must weigh enough to make
its commercial value as gold as much as
its legal value in money, so that if the
legal stamp were removed, it would
still be worth twenty dollars. .his,
they tell US, constitutes the basis Of
sound currency-that is, it Is money,
and rests upon itself; is dependent up
On no other thing to give it permanent
value.
Instead of this being good argument
in favor of gold as material for money,
| consider it one of the strongest argu-
nents against it, and for the same reas
on that gold is not fit basis 70: money
made Of paper, because it is small in
quantity, easily concealed or taken out
OF the country, and when it disappears
Il takes with it its value as money as
well as its value as gold. When gold
goes to Europe to settle balances
against US, it does not 60 as money,
but as gold-as bullion the moment 1t
crosses the border it loses its legal
value, but it does not leave its legal
vaiue behind 1t to circulate as money.
Its power as money dies; as money il
Is entirely wiped out of existence
and its place Is filed by nothing else.
A democratic money, a peoples
money, money 6t for a republican
firm Of government, must be cheap
sIfe, convenient, abundant, and mex
portable. Cheap in the material out Of
which it is made, and that material
must belong absolutely to the govern :.
ment; that is, it must be a material in
which there can be no possibility OF
speculation, a material that nobody
will have, except for It's legal value. It
must bear low rate of interest, that
1t may be cheap to all who desire to
use it.
1t must he safe. 1t must rest upon
something that has positive and perma.
nent value ; something that cannot be
destroyed without destroying the gov
eminent; something that cannot be
collected together i'll small heaps, in a
few hands, and hid away out Of sight !;
something that cannot be carried out Of
the country. Money must be as q
house built upon rock the founda-
ton upon which it stands must be in
destructble and immovable; permanent
AS the government itself These are The
clements Of safety.
1t must be convenient. 1t must be
easy Of transportation, small in bulk
and Of little weight, so that it can be
sent from place 70 place at little cost,
and be carried about in the pocket for
every day use, without hindrance or
inconvenience. Lycurgus money, that
took yoke Of oxen 10 pull hundred
dollars, was too cumbersome it was
just the opposite Of a convenient cur
rency. 1t must be convenient to get !;
all who desire to use it must be able
to get it without bar or hindrance,
by a simple compliance with the law.
1t must be abundant. There must be
no limit to its quantity, except the laws
Of supply and demand. To limit the
amount in dollars, and say no more
shall be issued, is to create a monopo-
Iy; to place much in the hands IF some,
and none in the hands of others, is TO
create borrowers and lenders, and place
the borrowers at the mercy of the lend,
ers. Ii a few men can control all the
Hour there il, they can fix their own
price, and the people must pay it.
If a few men can control all the money
there Is, they can fix their own rate
IF interest, and the borrowers must pay
it.
Money--aA money-should be Gre
ited hy the government, out of a ma
terial that will admit of no speculation.
The government should be the only
ender, and should lend at the same
rate of interest TO all borrowers, and
he government rate of interest should
never exceed one and half per cent.
This would secure an abundant cur
rency, at all times and under all circum
stances.
1t should be inexportable. That is,
t should have no value outside Of
our own country. A money that can
De taken out of the country, either
to settle balances Of trade, to pur-
chase goods or property in other coun-
tries, or for any other purpose, is not
safe, a reliable currency, because
every dollar taken away lessons the
qnantity-creates a vacancy, and to
hat extent unsettles values and dis
turbs the whole business of the nation.
When we have secured these five
necessary qnalities-cheap, safe, con-
venient, abundant and inexportable-
we will have democratic money !;
LII