The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-01-11

WEsr CAsoo, January |, 1873
T. the Edi,.-t q the woRkISsxAS', ADVOCATE.
The main points noticed in my former
communication wsre-''that the most ma
teriAl quality of currency Is unvarying
value. ID, that the valne of currency is
governed by its quantity" In order that
the absurd and senseless position II the
President may be fully appreciated, it will
he necessary To- further discuss these points.
Finaneiers have 50 lnystified and mud
died these matters, in order to befog ana
rency question has come to be considered
BY many As belonging to the same class as
the doctrine ~ the Trinity and other met
Aphysacal matters, of which the more
man reads the less he knows. But the
question Is simple enough, if rightly stated
When Mil and other political economists
say that currency should by all means be
Of unvArying value. they mean not as com
pared with god, but a. compared with com
noditses We will illustrate When a
dealer buys cattle in Iowa, money being
plenty, and interest at 4 per cent. in New
York. and by the time he gets them to New
York money scarce and interest at | per
cent. q day, il will not lie strange if he
loses money. The scarcity 81 money, the
want Of sufficient quantity TODD business.
has increased its value compared with
commodities, and hence the dealer loses
money but the value IT the currency as
compared with gold, may not have varied
Q particle. IL W the alteration az the value
a. compared with commodities that robs the
producing classes The value of the cur
rency a. compared with gold has varied
fifty per cent. and made no difference what
ever in the wages Of the laborer. the income
Of the farmer, or the profit Of the trader.
But half that difference in the value Of the
currency rs compared with commodities, Win
BE- felt by all these classes throughout the
length and breadth Of the land And this
10 the great desideratum in the currency.
Fixedness OF value a. compared with COM
m0dItses. FInAneiers have succeeded IN
mystlfylng and fOOllng the President by
Inalstlng, hrst that the currency should
have hxed, unvarylng value and in this
they were all night. But secondly, they
insisted that this unvarying value should
be, a. compared with gold and here they
were all wrong. The Rrlce Of gold has
nothing whatever to do with the prosperity
of the nation, only 30 far ~ the miner and
the importer are concerned. Money is thu
medium Of exchange. 'The sole use a
money" says WaylAnd, CB. !, chap. l, -
to facilitate exchange" Can there le
then palmer proposition than this thIt
the amount Of the medium Of exchange
should be In proportion to the amount Of
the shchdnges! Ii IL not self-evident tat
the volume Of the exchanges should govrn |
the volume Of the currennyl
This fact seems Il length To have phe- |
trnted the skull Of the Secretary ofthe |
Treasury N undeniAble But he 'ffms |
the eunclusiOn that the circulation ofthe |
banks should be- liked and limited, anahat
the power 10 change the volume of Aper
i'm circulation, WIthln hmita eatablishh BY
Law, should remain I'M the Treasury De-
partment. Ths conclusion that banks
ShOuld mot be trusted 10 right bu 10 il
not strange that the President canpt see
that this position with regard t. te vol
ume or quantity Of the suYrencyb fatty 4
opposed - rssunPtieaf