The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1874-01-30
Our MOney-What Is 1t To Be in
Future.

some years ago.
But whoever may be affected or disaf-
fected, in view our large Nationel debt,
and of the condition of our currency,
past and present, this money question
calls for just and speedy settlement,
as urgently as did the other in its day.
The idea is prevalent that money
must either be gold, or exchangeable at
will for gold This is not sustained by
the history of money, past or present
Among other things. cattle, cowries,
wampum, tobacco, iron, brass and silver,
as we'll as gold, have been the money of
the past, because each in turn was the
most convenient measure of value. And
as society advanced, each in turn gave
place to more convenient money.
This natural law of convenience has
always decided, and must always decide,
what shall be the money of any country;
"the currnet money with themerchant, "
definition as old as the times of Abra-
ham, That which circulates from hand
to hand as the measure of values in all
transactions, especially large transac-
tions.
Whenever and wherever gold ceases
to do this, it ceases to be money, and be-
comes one of the commodities to be
purchased with money.
This is its status now, for gold does
not, and can not, perform the chief func-
tions of money in our day Its use as
money becomes more and more restrict
ed in modern States, as they grow civ
ilized and commercial, and as confidence
grows between man and man. Especi-
ally iis gold, as money! inadequate fol
the vast and widely extended enterprises
of our own people and those of the
British Empire. These require GER
tainty, celerity and economy in trans
mitting large sums to great distances
of which gold money is incapable.
What then, is the money of to-day
/ will state my views on this question
succintly. They are now new, but be-
lieve them to be just, and to be adapted
to our present condition: In every civ
ilized country whatever the supreme
government issues as money and de,
| clares to be receivable for all debts, ii
alone money, and the sole measure fol
all values.
The power to issue money is sover
eign power which can be rightfully ex
ercised by the supreme government on
/ ly, and bears with it certain duties anc
responsibilities. These among others
The money issued must be of the forms
and materials most convenient for the
transaction of the business of the tim'
and country; otherwise it viii of neces
sity be supplanted by something inferi
or. This rule excludes with US the ust
of gold as money except for small anc
limited transactions, as silver and othel
metals have been of late excluded il
most commercial States. The issue
must not be in excess of, and yet mus
be adequate for all the needs of legiti
mate business. A constitutional provi
sion would with us be desirable, per
haps necessary, to limit and regulate
these Issues. The Government can no
r1ghtfully delegate its power to issu
money nor permit anything TO circulate
as money unless it bears the stamp an'
is issued by authority of the Nation.
We all knom what disorders and abu
ses have grown up among us from tn
usurpation of this power to issue mon
ey. How the States, forbidden by tn
Constitution to issue bills of credit o
money in any form, assumed to author
ize private persons and corporations t
do so. How this unwholesome currenc
spread over the land like miasma, an,
was accepted perforce, because the Ma
tional money, suitable and adequate /
the wants of the country. How thi
currency was the derision of foreigner:
and a curse to all who were obliged t
,se it. For it varied in value and cred
it with each locality-often from day t
day, and rose or fell as was most profita
BILE to the note shavers.
How, when panics came, and the
were not rare, ii was not those who is
sued and proited by this unsound cul
rency, but those who held it, that wer
) the losers.
At last, and under the pressure of tn
same necessity which caused the liberia
tion of four millions of slaves, $400, 900
600 of National money were issued
Both of these great steps in the righ
direction were taken timidly, as wa
measures, and with many apologies
This was natural, for they conficte
with the interests and privileges c
wealthy and powerful bodies of mer
one of which held Southern and tn
other Northern labor in subsection.
But instead of issuing the greenback
as SO many dollars, based on the wealt
and power of the Nation, and on tn
right of the Government TO anticipat
its five hundred millions of yearly rev
enue, they were most absurdly issued i
the form of promise to pay! And b
the organs of the jealous interests whic
had taken as profits on their own prom
ises to pay hundreds of millions fror
the productive industry of the country
these greenbacks, the only near approac
to national money we have ever hao
were stigmatized as a forced loan.
They were simply receipts in advance
so far as they went, for these hundred
of millions of revenue yearly due.
They were gladly welcomed and re
ceived by those whose labor of hand an
brain pays the taxes and maintain tn
State, as the best money we ever had
The credit of the greenbacks does nc
depend on gold. Not one in thousan
of their holders desire to purchase gold
or thinks of gold in connection wit
them. That superstition is passin
away. The common sense and the pal
riotism of our people recognize in tn
greenback true money, issued on tn
authority and sustained by the wealt
and power of the whole Nation, in mos