The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-12-06
CURRENCY AND FINANCE.
~ II. o. SHELDON .
GEORGE kINGHoRN,
President, g. c.

What is money! A representative, and
measure of value.
How is it madel By the sovereign pow
err, with impress Of sovereignty and decla
ration of law, Congress being the agent,
of the sovereign power, in the United
States Authority is given in the Con
stitution to Congress Ito coin money anc
regulate its value" The value Of money
is mainly regulated by the interest it is o.
lowed to draw; the rate of interest affect,
the value of all property, real and person
al, in the nation. 1t is unquestionably the
duty Of Congress to provide currency for
the people sufficient, safe, reliable, unAuc'
tuating, and legitimate tender for all
debts, public and private. As the dut.
is incumbent, so it undeniably has the
right to choose the most suitable material.
II may coin money THAT is stamp, and give
it legal measure vslue) of either platina,
gold, silver, copper, tin, zinc, nickel o.
other minerals, Of parchment, paper or q
combination Of two or more. This right
has been exercised; gold has been com.
bined with silver; silver with copper; cop
per with nickel, in different proportions,
at different times. Sovereignty has made
legal tender Of iron, wheat, shells, cod
fish, tobacco and other commodities. Gold
81 kaHl 80, "a
country for currency, because:
i. ItsuffC;ent in quantity, for the busi'
ness of the country.
2. II they were sufficient in quantity,
highly announcement
g. They have commercial value which
is ftctuGting, both from wear and from ca
PRECIOUS supply and demand.
4. They are erpeHSiCe. Their use as
currency would abstract 50 much from the
actiw capital of the nation.
II would be a waste Of capital to require
all yardsticks to be made of gold, or all
bushel measures of silver.
Congress has no right TO delegate its
power to provide currency any more than
to delegate its power to make treaties, or
fix the standard Of weights and measures.
Congress, therefore, should provide money
(promises to pay are not money! Of paper,
it being tie most cheap and suitable ma.
terial, properly prepared with wster-marka
in its texture, stamped, Of convenient de-
nominations; say Of OIL, ~, %, Is, $40,
$40, $50, 800, $500 and 81, 200. Such
money, engraved with appropriate Wig
nettes, the respective denominations on
the margin and face, with such other marks,
devices and colors a. shall best prevent
counterfeiting; issued, numbered and re-
corded, duly signed and countersigned,
having on the back the law creating and
making them legal tender in all pecunia-
ry transactions.
Such money would now be better than
gold-equally valuable aud more conve-
nient. Il pays all debts, taxes, customs,
Judgments and executions; it buys every
thing for sale; it il equally good every
where in the sovereignty, in Maineand New
Mexico, in New York aud California II
cannot be discredited; its value cannot be
diminished; it il cheap, safe. convenient,
reliable, unhuctuating, . standard measure
OF value in all cases. With this currency
revulsions must forever cease, and none
tary panics be known only in history.
But there viii be seasons when the coun-
try viii need sometimes more, (as in NOV
ing crops to markst) sometimes lem. This