New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-11-25
something between. - -'

The shoemaker says to tho halter, at do not want
20 into the stores aud shops, and will pick out at my
choice those things which want, but / do not
that is its real distinctive origin and only origin for
exchanges and civilized society couldn't If that
dhiculty were not solved. Makers do not want what
the buyers have TO offer. aud saws. Give me
Will pick out at my choice and discretion what 1t is
want do not want your Shoes That is the origin OF
the invention of money.
Upon what principle was that intermediate thing
choseuf Aristotle laid 1t down that the commodity was
atMrsy selected Tor This WORK, arbllraTy perfectly
arbitrarily There is reason why the intermediate
thing shall DO silver gold leather except for decay
IL Is commodity which everybody agrees to take, NOT
by law but by usage. The process OF reasoning Is:
VIII take something from you, shoemaker. which
Know any one else on w take from me- nj
convenience Now, on what basis is thaf That the com
modify he taxes shall be complete guarantee 10 nun
that he shall get Broadway what he chooses, not
only their goods but equal goods with what nc Is giving
Therefore the great principle OF currency isa great
word which Is not nearly made the most OF In the BOOKS
commodity because find it guarantee TO me that am
safe to take It, because there about which
Is warrant To me that shall get Broadway other
things Of the same value those made AM parted
with; and what is true OF Broadway is true Of all ha
tons blgrade ana small trade-heres no difference IN
tue Serld.
EQUAL COST OF PRODUCTION.
In what does that guarantee consist 1t has been
disputed. can establish that it consists in nothing
else. cannot by process of thinking discover any
other quality in which this guarantee resides than
equal cost of production with equal cost OF making
know OF reason earth, cannot conceive OF any
reason on earth why should have Deen al Tue uouor
| OF making steam.engine. II l nave ~
take coin for them, unless know the cost OF hahing t
with. Then what is the cost If select gold ana s'e
value OF tRe shng the value Of the dollar,
gold is what IL costs the miner 20 furnish 1t 10 you
That is its value That has been DISPUTED ana IS as
| puted largely. Well / would remark, what 40 you
suppose when Diomed made a32aher nero or R1og
| him armor worth hundred bu!losRs JOE arinVr
worth only iseven. was the cost IL clearly
was eommod-the bullock IL costs sgga tb ga same
to make aTmor 10 those DAYS %sem tnI Go La was s
| not mere ingOts of gold. .
viii give you something Of my own experience. At
| one time had 10 pay bill at hotel IN Geneva.
happened TO have no French money, and gave an
English com to the innkeePer' exp expecting oo h,u
AT it. and said TO me. "This coin has got the
| mark of ST. George and the Dragon. mtV99
yon got any Win 9 d tne ii s he sad - win be
very glad II you will let me have the one with me marx
GeSSrge and the DRAGON" said "Wi yOu be kind
enough to tell why you prefer the one au1 MOI me
and The Dragon is old and this is new" he answered
And lie said 10 me these singular words OH, tnlS con
VIII be melted before nghtidu IL VIII DO CONVERGE
into pure metal Of gold II have me recent CON ~
Will be of fun weight If have The other u IS key 10
be worn, or light sovereign and to DC deficient ia INC
proper weight OF gold"
This is absolutely as clear rs the sun, that what the
man gave me in tie hotel exchanged against pure
metal without any reference to money-~l.hout any
viii give y9u so much dinner so much tea So much bed
and so much waiting against a certain lump OF gold
And If you say that money when IL IS cone' t1at gold
when IL Is coined and called money, has a different
value from geld in the lump what will happen ID
In England any person NAV go to the Bank OF En-
gland and take much gold there as he likes, ana tIsy
viii put you the same quantity OF soyerelgns upon tne
counter instantly, ana you will have gold for gOid,
weight for weight instantly The only chaIg1 IS penny
of your having to wait for two or three weeks
while your gold is coined into sGyertgnnsc.
N WSs any daerence e' Of value between them
Of two things must happen. II money Is wcrta worth
than gold, aud Will bug more than the gOli, WhaV
will dOl What will all the rest Of Us dol CT god as
we can, take it to the Bank Of England take oye.eigns
and make continual profit. The bank Will soon say
This won't do at all" II it were the other way, II
gold in com were worth less than the metal there
would DO the melting 60nS on Us last as IL eOuId NC
PAPER DOLLARS FUTURE COIN DOLLARS.
But 1t is said look at all this paper look at these
greenbac, these checks, these bills and drafts They
20 about the world and they buy as much as metal.
What becomes of my doctrine the doctrine that 1t Is the
cost of the metal and the alone that changes It TO
goods Look at this dollar, this grecnback (IolAing
up paper dol arl What does 1t say The United
IA Of he word "dClar" by tAe PAPER Inc W ti
inconvertlbe paper dollar don't como 10 moth
ing, hko the as5igna.s, Is mat there Is a
people OF the United states are 10 pay mctc uuiiar
which IS never lost; Dut the tine they very eleyerk
in the hand is rather better than dollar to come no.
body knows when. That Is the reason ,hey are at
States in for It; that tins debt will come upou
is the reason il nuctuatcs, but The sense OF the
metallic thing is never forgotten. 50 with checks and
drafts. They all things to pay dollars. We Will
come to that presently. With convertible currency
Ike that OF England the paper says You can get soyer
eiEn any tmo yJu like. Therefore Il all tao Blnk Of
England notes were burned some H1e morning, or somt
dismal night, the Government would not lose pound.
Those who the pieces OF paper would have al their
Won1 SHINY lose but tie nation tollcc,iyeiy wond
l.aa M Tn nj 10 tD IL
England gives US Oi Llsaud the thln- I.sSu.
WHY GOLD is USED.
Why gold Why not other thinssi How would the
halter get his shoes, because yoI cannot cut the
bullocksl He could not cut up a live bullock. lie
might cut Off tho the tail. but done think he
could get the shoes by that. If lie should give piece
Of beef what wou he do with the rest OF the buock
Neither could you drive the bullock mp to store ana
buy silk dress for your wife, The real reason is that
tie precious metals have great value In small weight;
are good to handle, bear marks, aud dvisblt.
is divided into four parts Of equal worth exlcty.
Not like the bullock. for the broken parts have their
part of the whole. Another thing is that there has been
great belief that the value OF gold Is steady. 1t
has not been steady certainly in all history. When
lots of gold about to be had at much less
cost. The consequence was that for while there
value Of coin. The fan precisely ,kcpt pace WITH the
cheaper to get by the MINER want TO give goods for
it, The same quantity, IN goods OF cost"
mud people VIII not give me az many goods in old
days. must have more gold. Then came in the Cali
foFnia aud Australian discoveries The question has been
very often raised, and is yet settled political
economy. whether the effect of these discoveries has
been TO alter tho value q goldi attach only
meaning to tie word "value" 1t is what gold costs to
be produced; what you have to pay the miner to
dig the gold. That is my definition of value
RaphaePs pictures would not as money, |
because they are matters Of fancy. The OF max
ing the picture goes for nothing. IL is matter OF
taste. One man who is rich may give $4,000 for
a picture; another gentleman equally appreciative
would only offer 5000 Everybody must have some
thing which rests upon common basis, and the
cost OF getting such an article out OF the mine, and
nothing else. II Is an open question, debated