The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1872-03-09
LABOR REFORM NOMINATIONS.
JOEL M. PA r. X K r. ,
OF NEW JERSEY.
MONEY


studied t. be understood. A speaker once
sAid to his hearers, II know only what |
have learned" There are no mate ideas, no
intuitive knowledge, though years ago, such
an assumption was quite general. We
should all be engaged in the honest search
t4uSI., cad ..-:.L tl.~ "tli~iSJ " HttlD
children treasure up facts wherever found.
Theories aside from facts are worthless,
and too often pernicious. This we endeavor
t. keep in mind. as we investigate the sub
ject now il hand, and appeal to all candid
reders to testify against us il We depart
from simple truth.
As We have heretofore written, the mate
rial used for money IS If little consequence
50 it be convenient and easily carried about.
Copper will do well enough for change i'll
little sums, but would be very inconvenient
as the measure Of large transactions. The
same is true If silver, though not to the
same extent, since less bulk an weight IN
the metal are needed 70 ray a given sum
than in copper For the same ason gold
is an improvement on silver, and for the
same reason paper, as material for money,
IL an improvement over all. No article,
al points considered, has vet been tried
more convenient than this for the transac-
ton Of business, and for the common pur-
poses Of currency. Hence all the more en-
terprislng and more enlightened nations Of
the earth, are using this single material
for their money, especially in their larger
business transactions.
Another fact must be recognized if We
would fully comprehend the subject. We
must know that the real or intrinsic value
Of this material il one thing and the legal
value impaired to it as money.is altogether
q different thing Silver and gold are Of
intrinsic value for some purposes but not
after being coined into money. and bearing
a legal value Before the material can he
wrought into spoons, watches. &c, or used
by dentists e. repair ur replace decayed
teeth, the legal value must be destroyed
The money attribute has t. be sacrificed to
the intrinsic value Just as the intrinsic had
~ be to the money No material can hold
the two values At the same time. Then is
It not clear, that money As money. and
while money. has no intrinsic value and
that. tn refore, the material on which its
legal value l. stamped is of no further con !
sequence, than it be convenient Copper !
and paper have some intrinsic value, be
cause like silver and gold they can be put
10 some use IN the every day wants uf life, /
while the same metals lose all that value |
when endowed with legal value and used |
a. money.
The subject may further be illustrated |
By the analogy between our common meas |
ures and our currency. In having calico |
measured to US, OF sugar weighed, we never |
think Of the intrinsic worth of the yard
stick or the scales. All we care for is that |
these measures be accurate, in accordance |
with the established standard Just so !
with money. The material is out Of the |
question, since We only care for its legal
value. II this get under par, We must
make the allowance and still use it the best !
We can.
But here It will be said that somehow |
gold can never get under par, nor at all /
huctuate as a measure. This is not strictly |
true To-day the merchants Of Canada |
are selling their small change in silver and
gold, at discount, for bills and drafts on \
their banks Besides when the quantity |
Of gold is diminished from any cause, a |
given sum will buy more property, and /
when the quantity is increased it takes
more to make the same purchase. Thus it
fuctuates, as all currency must, on what
ever material under the same influences.
But there is one leading fact, that does
make gold and silver safer and more per-
manent material for money than any other.
This is simply the fact that other nations
for their currency. They may not, and do
not, stamp it with the same legal value as
we do yet the variations are not wide
enough to produce much inconvenience.
That great fact then that gold and silver
constitute what is usually termed the basis
Of currency the world Over-presents to us
the grave Observation-Disclosures we can have
sound, convenient currency without these
metals. Can we issue treasury notes prom
ising NO gold redemption, that shall answer
all the purposes Of money. Like all other
queries, and In accordance with the prin-
ciples announced as we began our writing,
this question can best be answered by the
facts already experienced. For six years
the mass of our currency has been on no
true real gold basis. At one time it took
near three paper dollars to buy one of gold.
Had there been any gold redemption at
that time, or any well grounded hope
thereof in the peoples minds-such an
event could not have occurred. Since that
time there has been no gold redemption by
our nation or any one Of its banks, and yet
our currency has greatly risen in value.
The cause Of this rise cannot be found in
,hs increased amount of gold coin in our !