New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-02

and Chestnust. may escape the farm and tne wors
shop never. Therefore urge to-day tho Resumption VI
specie pay ments In the name Of thefarmer ana me-
chanic .,, :, |
the furrow for those who darken the streets OF Paer
son with their patient waitngs
SPEAK FOR MY OWN PEOPLE.
And LET no man smile that speak for those, whose |
best know and most feel speak for Them not
them. Shall tell them OF suerngs they have git
Shall point them TO the silent forge, and SPINDLE ana
loom They have lived and moved among them al tni-
the silent monuments OF departed life. They ask for
sound their representative AJAX Ior 10
their name They have waited, thew are sun waning
with patience. so far they have asked for bread, anu
their Government has given them stone: they nave
asked for money, their Government has gwen lhom
Nj Speaker century ago, part OF the English peo-
pie gathered around Westminster Han to impress sen
tmental grievance upon their representatives Tber
subsequent conduct not such as the friends OF ouer
Paterson mechanics, should they gather round TINS Cap
itol to impress their real grievances There would De no
noise, disorder, riot. They would stang the ilVe
long day in patient waiting. They would part Wtuo"t
threat, 10 let In aud out the repesentavcso lhg Ic
pie aud as each passed they would simply say, You
believe the testimony OF Jefferson JacRsO anu peito'
you believe the testimony OF adams Clay meoSer
give dollar that Is dollar Give us the money "a
our fathers; give Us the money OF the world; 10.
Mr. Speaker, ] could spend much time IN proving
financial truths that were never disputed before Ihs
OF straw 10 knock him dOwnl Shall | tell truths thas
the theory and experience OF the world have estaOseu
Can write them better than Smith Ricardo, Levy kico'
and Bagehotf Can speak them better than Jefferson,
ana Benton, and Webster, Clayi II there is man
who believes there Is any other basis lOr sOuhu cur
rency than gold and who maintains that belief In the
face OF the worlds testimony, and the words expert
ence cannot convert him will not attempt IT, t,,
II that most OF the confusion OF thought
and expression that appears IN TINS dSea''on 'no e
suit OF
INACCURACY OF TERMS.
Tie words are used in an Inaccurate hshlon That
the confusion is one, in the subject not In the MIND
that grasps it, in the terminO!ogy. Give That strict
definition to terms give that strict OF terms when
def VII other
must give way TO order and harmony. In the great
process of exchange there are parts two functions
For these two funct1ons two different instruments
needed. Let give these different instruments 0hereht
names, and carefully maintain the distinction.
WHAT Is MONEY!
1t is the Of value. II IS the instrument de-
vised TO transact the first step in exchange II the
commodity used to estimate the relative value of other
commodities $3.50 -,
what is their real value. We must talo commodity OF
fixed value and dividing it into units, make these repre-
other. This measure of value IS money
THE MEASURE OF VALUE Is GOLD.
Why Because gold has the mechanical qualities for
such measure. 1t Is dvisble and understandable. IL
has too. universal and stable value. Now money must
have value because it Is used TO measure value II we
wish to measure the length OF commodities we should
take measure that had length Did We wish TO meas
use weight, we would take a measure a commodity
that had weight so when we measure values must
hayea measure that has value And gold ia me only
article that has universal and stable value Universal
for here civilization and barbarism, the past ana the
present meet. Abraham counted shekels In the first
recorded bargain, and william exacted from France a
coin subsidy The Pacific Islander clam0rs lor gold;
and for gold the poet laureate OF Great Britain
"Lave not other commodities a universal
value How with wheai Abraham gathered wheat
before shekels. Ghddens mummy ulioiaeu "neas
mixed with gold aud your ISLANDER sometimes says
wheat first gold afterward" All OF whehl True
When supplied the price falls for there Is GUT MOI so
Tt1 gold 19e o qf faeds he Ie WSen their
were dazzed with its ubiquitous sheen, schemed for 1t
and richest grangers-mOst yiruous OF men-arest SIN
divers asking for more And gold mas Stable value
perfectly (for have heard OF California ana Aus
tralia). but more stable than any other commodity
Hence for money for our measure oil value we take
But beside money hear OF currency What is that
Money was the measure Of value;
WHAT is CURRENCYf
Currency is the medium OF exchange. II tho instru
ment that performs the second process in exchange.
After money has fixed the relative values OF commodi
ties currency makes the exchange. And what is cur
rency: What does 1t consist of
Mainly OF credit. Credit in of its many forms.
DRAFT and note BIN aud check and account. SO we have
two different instruments, and two sets OF names for
them; set is, the measure OF valde-gold money
the other is, the medium OF exchangepaper credit cur
And here is the only opportunity for mistake in keep
ing this distinction Money is the measure Of VALUES
gold. Currency is the medium OF eXohange-ls paper
representing gold. But principal can do what its
representative cai-money soiu, can also Eis
charge the second process OF exchange, can also
be currency can pr S[Or 'no e ocond fUnc
lion, makes the exchange, it is currency Hence zeal
in mind that while money is currency. currency except
the small part which is gold Is not money Ana per
haps just here IL is well to say that no buonst no
haTd-noney man. far know, wants TO gold for
currency We want TO use gold for money for the meas
medium OF exchange In other words, we think gold
the best of vaue paper the best OF
represents value, tna represents and can be
turned into 1t. Why then, are we dissatlsed with our
1t real currency, 1t does not represent value IL
not born, 1t was made
WHAT is THE ORIGIN OF SOUND CURRENCYf
How does it get its brthH 1t is born in
ton and represents value money, or property,
which the transaction concerned This is truest of the
lowest and highest forms OF credit Take the earliest
conception of currency 1t in the very infancy OF trade
before money is yet used as measure OF value. My
friend has snf on the Hudson, have skill on tine
Potomac. We wish to exchange, MY friend takes my
sk He gives me writing which empowers the bearer
to take his. This writingis
DRAFT,
the simplest form OF credit the first piece of currency
And in the market any man who wants the skf. or
knows the value of It, will accept 1t as currency This
draft born in transaction-the exchange Of skf,
and represents value-propery the Hudson skf which
exists 10 redeem IL.
Money s used a measure of value and exchanges
are 10 that degree simplfed MY friend TINS time
money but trust him. He gives me written promise
pay. Here is another form OF credit l~aik OH with
THE PRoMIssoRY NOTE.
This note too was born a transaction-the purchase
and sae OF the house. And the note too represents
property vsue for 1t represents the house. which my
friend owns and which still exists as means OF pay
men II my friend, wien the note falls due, has the
house. he can by sale mOrtgae get II. But suppose
my friend has sold the house before the note falls due
II he IT, he sold It for sometine-money, or cur
rency or prOperty-and he holds the money. draft
property place of the house and tho representative Of
his note and ready for its redemption just as the
s stood behind the draft the house stands behind the
note go,
But before my friends note fell due needed still
higher KIND Of Currencyone capable OF wider clrcua-
lion Strangers refuse it; so 20 70 my bank. The
b,nk will If i take the banks promise The