, 1875-07-22

Medium, of Exchange.
hlr. ChhTleGH. Carroll OF Dostnn, replies IL
Wendell Phillips OIL the nntnto anu functions o
| money. Ills statement ia 70 clear aud irsefu.a.
bio that NO reproduce il:
10 khs Editor n tia Eo.ton f7ioI4:
Mehdoll Phillips accepts for truth .t1c rofni.
c1olls erroF tlTnt promulgated an dc1riuo oF M.
i!tital economy by tho celebrated protector,
Joi LAw, wiioae 1nrllosoa It scr tod tl.at money
~ not al, object Of exchange, bat merely tho mo
dHH Of exchange. On til. metapt.yajcal nh.
! stracsion tho whold fabric tf fictitious cur1oucv
rests, and h1r. Phillips Is endeayoring 10 follutl
upon 1t . sclleno OF Government paper currency
unl!tu,ted in volume, except iu Tho desire anil
ability OF individuals to mako mortgages aud in
cutnoor thenaolvos aud tho nation With ueod.
loss load OF debt.
Money Is 10 abstraction: It Is d com,nolity.
tho simplest thing iu the world. 1t ID tho fuuc-
ton OF commodity to circulate ~ mn object OF
oxchAnEn, to bo bought sud Hoau; aud tim N
expressly tho function Of money. Money IN lilo
most ossoniial md conapicuouB object Of OK.
change in commerce tho vide world ovey No.
bo1y carcs MI question Of commerce or gcieucc
what tnay 10 tho ultimate uao Of thing Which
efo oryhody or anybody wants AZ q commodity
and IL ready to pay for In value or service. All
commodity. everybody wants money.
=, Ihefo III no Rpccal mcdium of exchange
Every commodity hsh tho quality Of medium
~ oay sss.ea ts q, /" So9 10 n.y. nsd sys'y ss
may flud It convenient 10 exchange hi, iron.
Pound for pound, for wool, AZ q medium to *
chanEe for wheat, or any other desirable thing,
without oven naming tho money unit. Nor il
this wort Of buaocsA yory exceptional: it il com
mon among farmara and oounlry dealers III r.-
note places.
Tho rurposo Of medium Of exchange IL por-
iocsly sersed by NJ esidancc Of debt, an ordinary
account euTFons, any nort Of baaa motalt token
or even by counterfeit cotn or uoto, at the on
tton of tlloso who conBcut t0 tho employment Of
such . medium; but tho purpaan Of monoy cat
ou!y bo served by that Which u,akes fnll payment
III itsclf, M m object Of exchange, all absolute
equivalent Of Intrinsic value i'll cost, demand, AID
suprly. " It IL ths cssc1,co OF money" SAY Afr,
4iustlsson, "to pokscss Intrinsic value" Fur-
chasing, power IL not value unless II 10 paying
power alHo.
Truro y nothing in y bank or Government
currency but tho priuciplo of MI account current,
VIC have but to debit tho bank or tho (;uyorr-
n'eilt a. the case may bo to the value loauud On
ita ohl'gation. aud credit tho same by tho value
received when tho obligation is disposed Of Docs
any enc suppose ths complication Of ,fobt and
croait In monoy7 or that with its Iondt, mort
cages, tndoraotnents, and manifestations OF om-
6Artsss'nont, ana !lo Inevitable ct,aes II onssn-
t ~ 70 i,d.slaqaIa ~ % or or Tug na!ion .ho equiv
doll Phillips think so2 Yet this coupIlcatou
aud poverty in tho raco Of
money. wo must hnye 1t II VIC adopt lis acilpue
of currency. os continue tho mixed ays-
W. HAtt AAH NJ ]NF HI M6 Hup-
sttuto an inferior carloncy for tnouey, ,nouoy
will not maintain its yHlue, and NJ soon AZ it
Faila hero below It's value In London A4 ln!icat-
ed by tho par OF Il. 8.G5 to tho po,nti sterling,
ne1chant knows.
Az 70 tho measure Of vA1uo-anothor abstEao-
Eto1 Of tho money gueBsion-eypry commodity |
kl4 every service lneasuraH tho ralno Of thRt {or
s4tcl Il will exoiangc. TAoro IL no ti1odncss to
tho value Of anything to Hosye III q cuaulou
measure of ralno. Tile comparison Of ,nouoy
nith the measures OF lcngth, weight. ati capa- |
,ity, which Ia 30 commonly made by writers OH |
he catrsncy III tmpertinont. Tl,eso measures
lfo lmplamc9ts, fixed IN their degEae which re-
II the sort It ia a thlng TINT III barfred aud |
measured by tlAt which 1t measures rccipyocslly
pasaea from sallar to buyer, And yarios Ia |
iaiae moro thkn many otbaf oommoditay ed
!ovosnmens aud OF banking In tho multipica-
ion OF eln.tars, OF no coat aud no value, wAiel,
'oinY interchangeable with mHnsy, alulora.e
'nd depIeoiate it eneotuaily TO the cost Of ltso /
'xnos OF monoy sna ultimately Ut the country,
without any compensation whatever.
uoublo the dollars of currsncy in this country,
ho capital boing ths same u before, with tho
anne activity Of circulation, and II tho cusrouuy
u, 5oa nonoy. Of interchangeable with ii, 1noney
lonb!ed. indubitably. IT, having ma
alto currency, ws should srlit our
ela into halves and ratse tho denomination
i the half.dollar 10 the dollar, wa should tlouho
30 dollars aud pEices. snd seluca the value Of
i's dollar tha sama. but not the yalue Of money;
Lat would remain unaffected. We should alili
ay 35o troy grains OF standard gold Tor tl.e Same
aiue ~ anything also ~ haforo, but thu price
fou!d bo ~ instead Of u. For money 10 tho
mssa Of gold and silvor Outside OF
''o arts IN circulation or in hua1ds, wl,olhor
olnod or 'sncoinoa. It is tha common aud mi
cssal equivalent OF vallo In e1ahsngo, aud no
ocros of Government, OF trickory with tho ia.
o1ntnatton, can alter this fact. "Afon In tl,eir
aFRainp." says Looks, "contsact, not for d.
omluatlonA OF sounds, but tor the intrinsic val.
- GHAnLxA L. uAnRutI |