New-York tribune., 1875-09-25

WHAT Is MONEY!


NOT AN INVENTION OF MANA THING AND NOT
sIGy-FIrNEss OF TIE PRECIOUS METALS TO BE
USED AS COINAGE.
TO the Edttor OF The Tribune.
SIR: Perhaps the fundamental error OF all our
delusons ernng money the notion that IL II
device invention Of man. But this IL no more
true than that he invented barter and any one be-
lieves this latter proposition, he may also believe
that fish invented swimming. The definition OF
mOney in political economy is " The name gwen 70
the commodity adopted to serve az the universal
equivalent of all other commodities" IL was forced
upon man by the necessities arising in the process OF
his adaptation to his environments. he great IN
conveniences and embarrassments resulting from d.
rect barter have caused the adoption of various com
modites in different countries to serve as money,
until at last the precious metals have forced them
selves upon all civilized nations by the irresisfoe
logic Of almost perfect adaptation to the purpose.
They possess in a superemnent degree the requisite
qualities, TO wit:
/. They posse s great value, in small bulk.
.. They are less variable in value than any other
commodity.
3 They are divisbe to any extent without loss OF
| damage.
4. They are least subject 10 loss or deterioration
I from time or use. They became UNIVERSAL.
money to use the words of N. Turgot, mot III con
| sequence OF any arbitrary apIeeHlcut
nor of the Intervention of any law, but by the nafur
and force of things Observe the force OF the tern
commodity, which has a higher significance thai
any of it, synonyms also that of the definition
universal eauivalent' We see hrst-that money
must he "A commOdity-i e., something valuable
Secondly-that il must be "equivalent" tO-that ls
| of equal value wth-the commodity purchased ny
/ it. The whole moral of money is-that wheh you
purchase any other commodity with it, you give a
quid pro qao When we consider also the qualities
essential to money, think we must conclude tha'
money is a thing ard not 4 sign.
Coinage Is human device. designed merely 10
save the labor of weighing and asSaylng on every
transaction "The guinca stamp is only authorl-
tative proof of the weight ana hneness Oh Inc uo''
nothing more whatever
a sovereign is not sign: il is the thing sigrl-
fed" When you receive $20 in gold for load OF
wheat y.,. have full equivalent for your com
modify. Mnlt II down and get yOur 1925 grains OF
pure gohi and Won viii not get quite TO for IT,
/ Why' BccaJse you have destroyed the labor OF
coinage. And as labor is the measure OF value
when Won destroy labor yOu destroy value But PUT
your ioubl eagle into your waistcoat pocket ana
20 10 CHM aud yJu shall there get 800 worth for
! IT, if " a-r
What 4, a doar' The United states tells you
distinctly every hour in the day, and II Wouid be
well not 10 hcirken to any one who tells you dcr-
emily Ho.i When the United States makes
a dollar noe Il says. United States viii pay TO
bearer one dollar" Here is explicit promise 10
nav. containing an implicit acknowledgement that
Won have not been paid. p, that this note If not
| one dollar and therefore, * not money. But Wheh
it makes a gold dollar, it simply makes II "one dol
lar to wit. the thing that the note talks about No
promise 10 pay, but here's your money
The inexorablc logic of this distinction cOmpels ac-
ceptance of these conclusions. and should make our
eyes dust-proof against the demagOgues who would
entrap us III the of initiation. Imitation means
the arrayng of the debtor class against the creditor
class and the compelling of the latter 10 receive
paper promises IN payment instead of money. II
will prove in the end disastrous To the debtor IL ~
/ the first grip of Communism.
If the United states should mark TreasuT'' notes
This is one dollar" This is ten dollars Sc, &C.
they would be- valueless if made b. cOrn-fed
negro down here in Alabama - Paper money is a
misnomer IT. sole value rests upon our faith that
il may be redeemed by an equivalent in value
for the commodity we have given for it, If Treas
ury note be money, then paper promise 70 deliver
beef may be roast ed and eaten. which Red Cloud AT
least knows 10 be impossible and which Mr.. DelanO
may perhaps find ont eventually. Money is mans
powerful ally. bu; is very stubborn and wholly in
dependent Of man, whims and caprices 1t is
erned by its own laws The delusion in regard TO the
coins stamp Is not a thing MOnarchs have said
to money. ." YOu are nv crcature-l made You and
will alter You at my will And money has laughed
al and defied them Under this delusion they have
often debased the public coin, and have always come
10 grief When the [ nited STATES puts its bird on
the golden eagle, and marks it, Ten Dollars II
only means Z" this coin contains 246llO grains OF
pure gold" Suppose the United States should put
only half that quantity in IT, what do you THINK
would be the consequence pause for reply.
POWHATAN ROBINSON.
Hanfsrile, Ild., Aug. Il. 1s7j.