, 1874-12-28
TIE MATERIAL or MONEY,

LII ettJ LAht tIIt oujCct H1lll1 ~ ~ Hca9D tFo
money must ~ bo a subject Of tralo in it.
self, (2) havo largo value in small Bpaco mud
weight, (O bo durable, ~ bo Of simple for
nation, u DO steady in yaauo, To- DO
indefinitely divisiblo, ~ DO fitted to
receive and rctain n de1icnto impress
sion, (a) be ,nallcab1e, mud ~ bo
casi1y distinguishablo from more or less
analogous circumstances, oven when tho |
latter hayo been fashioned into tho samo
forms. Tho reasons for these rine requisites |
nro self-ovidcnt, unless, indeed, tho first |
nay 10 questioned. Tho material Of which
money is undo should be an object Of trade,
aside from its use MS money, because It will |
then be produced, Independently Of any DO
,nnnl for it as currency, aud tho cost Of this
production will fix its vnluo Us currency. II
il woll-known fact TINT tho va1uo OF any
commodity depends on tho cost of producing
it.
Gold and silver fulfl1, moro perfectly than
any other substances, these nino requisites
They have trado value, rs means Of alorn.
ment and use, Independently Of their valao
as currency. Secondly, they combine great
yalue in small space more perfectly than any
other substance, which is known to exist in
sufficient quantity for currency, does. Third
ly, they arc very durable, Coins buried for
ages retain their former color and designs.
Gold aud silver arc acted upon by very few
chemicals, and can DO readi1y separated from
my Of them. Fourthly, they are simply
formed, and are therefore found Of tho Same
sort tho world over. Filthy, they vary httloin
valuo,-less, III fact, than any other known
substance. History records but n few small
changes in their worth, and these were dis
tributed over a long series Of years. Si2thly,
they can be divided utmost infinitely. ThiB
makes it possible to use them in small trans-
actions. They loso nothing by tho division.
An ounce Of gold is worth just MS much, no
matter into how ,nnny pieces it Is divided.
Il largo diamond were quarterea, it would
loso % per cent Of its vulluo. Soronthly, they
can readly 10 mado into coins. Eighthly,
they aro malloablo in n very great dogroe.
NintAly, counterfeits Of them, although exc
cutcd with cunning caro-, can be roadily de-
tected. The "ring" Of gold and silver can
| not be produced DO any baser motnl.
This exact adaptation Of means to ends
| ahould be sufficient answer to tho doubters
who nsk "What is tho uso Of haying gold
anl silver money at nil :" They forget whnt
| tho functions Of money aro. Ii they will but
| recall those functions. they will see that only
specie can discharge them. We may add to
| II. CHEyA11rR's argument tho additional fact
that the money Of ono country should bo
something used tho world over rs money,
because it is used to effect international cx-
changes. Tho only currency common to the
whole world is gold md silver.
| s-.-...-.....s...-.-.e...-.=
KELLEY OH RECIPROCITY WITH CANADA.
It is sad to think that the Hon. ". D.
| KELLEY was once Free-Iiader. If 1nau,
after onco grasping tho truth, or even SO
much rs laying his littlo finger on it, could
relapse into the unparalleled ignorance which
the Hon. ". D. X. now shows on economic
questions, let him who standeth take hood
lest ho fall. 4 similar softening Of tho brain
,nay attack any onoof us. Afr. KEL1Ey's idea
Of an enrthly paradise as acountry surround
cd with Chinese wall Of homemade pig
iron has received m un.sind shock by the
| proposition to confirm tho reciprocity treaty
lately negotiated with Ccnada. He sluddcrs
at the thought that lg follow citizens shouldbe
allowed to buy suit Of clothes without pay.
ing bounty Of s25 to tho manufacturers who
aro his ardent admirers aud friends. Shall
tho "ofrote dospotisnl Of Canada, lie groans,
be suffered to mako living in this glorious
Republic any cleaper2 After spending
hundreds Of millions Of money in railroads
mud canals to facilitate intercourse botweeH
tho two countries, sln1l wo cease to ohecl
tlat intercourse by blocking up tho channolt
Of tralo with Custom Houses? lie doos not
to bo sure, put his argument in precisely thik
way. If ho did, he might DO hoist by his owl
potard. Ho does, however, say that this
treaty "proposes to extend the British
froutior to aud through Lnko Chanlplail
md the Hudson River to tho wharfs ol
Now York and Jersey City, and along
tho st. Clair Flats and tho Snul
Ste. Marie Canal, and to go improve and on
largo these channels that British yessels.of
war drawing not moro than twelve feot Inn.
traverse them all, and in tho ovont Of wa
occupy these channels, harass our lalke-ports
, md invest Eric, Buffalo, Cleveland, Chicago
, Milwaukee, Detroit, Duluth, and other cite
, ana towns oil the lalscs." This Is nwfnl
: Evidently the canals should not DO enlarged
It would probably DO bost to ill them up al
, together, in order to keep British vessels.ot
t war drawing loss tAan twolye feet fror
4 investing tho "cities and towns O
, tho 1nAes." For the further protectio
, Of the places he mentions, the haa
! bors Of tho Cities Of Erio, Buffalo
0 Cleveland, Detroit, and ohIongo, and {
the Towia Of milwaukee, and Duluth, migl
J, | bo filled up. TAis would oltootuelly preveu
] their entrance by naval force. 4 sorios {
o artificial reofs throughout the lakes would L
" M additional advantage, and tho stationi'
q Of IN army on tho frontier. with orders
: shoot ut sight my Cnnuck csNght acsoss tt
u lines, would DO nANcls to preserve us from I'll
o oonta1ninating contact ct our nviglhor
q Still, oven thon. tho work wond bo but I'm
o done. IN case Of war, Ill our saaboarsl oiti'
,nn,.11 1,e a,aeanf1 to attack bv Rystinh un1