, 1875-10-02
BetIprthan Rag Foney.

. The opponents Of gold a. the basis Of eur
rency foolishly assume that mere coincidenc,
Of views and force of custom is the ouly
| reason why specie money as Il standard OF
value passes from hand TO hand. Nothing
could be more absurd. The substance that Is
to serve as money must have value outside
and independent of its use as money. 1t
must be not simply representative Of value,
but value in itself. For It's function as money
ia to exchange for other commodities-that
is, for other values How can that which
has not value exchange for that which has ?
Every one admits that money Of some sort
Is an absolute necessity. The use of money
suPersedes barter III even a low state of civih-
iza'lon, and much more fully 50 in proportion
as civilization advances When the world
began to seek standard SOFT of money, it
found that it needed a substance which was
~ wealth in itself, IN order that any one
who had a valuable thing to sell might be
willing to take this in exchange for it: -
possessed Of large value in small space, IN
order that it might be conveniently carried
or secTcted; (}) infinitely divisible. in order
that it might be as nearly iudes'ructible rs
possible, in order that it might not consume,
waste, OF rust away iy exposure TO fire,
water or air, and 50 fail 10 be Of permanent
value; and a unvarying IL value, III order
that It might serve Is a real measure Of all
other values. The world, continuing It's
search, found that Just one substance com
bined- I'll these qualities, TO say nothing Of
minor advantages. IN the highest degree.
That one Was the precious metal gold. Ii Is
valuable III self outside Of all use as money.
Il contains large value IN small space. 1t
viii buy many, many times its own weight
or bulk in any common commodity 1t has
this value because little Of i represents
great deal Of labor-the ultimate source Of
al value. Men dig and delvo for days for
thimbIeiuI oi it, and count themselves fortu-
nate if years e1hausting work gives them
a few Dances Of this yellow, glitteTing wealth.
If It cost as little labor to make gold dol
lar as 1t does to make paper $50 called dol
lar, gold would lose this precious quality,
and some other substance would take its
place as the worlds money.
Gold Is infinitely divisibIe It can be re-
Il
often so reduces IL And it loses no value
by hr division. Quarter the diamond that
sparkles IN a lady's ear, and the four fourths
are not worth one-tenth as much as the un-
divided whole. Quarter the diamonds
golden setting, and each of the four parts l.
worth one-fourth Of the whole.
Gold Is practically indestrrctible- The
Of one Of the first Pharolhs
CLEANS IN q New York museum. The tooth
Of time cannot gn2w this precious metal.
Fire melts, but does not destroy it. Water
does not rust 1t.
Finally, gold Is unvarying in value The
average amount Of labor required 10 extract
an ounce Of it from the bowels 81 the earth
does not change, and 80 the value Of the
ounce remains substantially the same The
merchant does no wish to measure his cloth
with yard stick that notes thirty-sII inches
to-day, twenty-five Tomorrow and thirty the !
lay after. He mast have Il stick that always |
no;es thirty-siz. And 50 the world wishes to
values with an unvaryIng Iule, and /
to exchange all kinds Of wealth for this kind |