The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1875-11-13

uUully De AuOWIuS INV luuCu COIu
is to be bought for pound of silver, and also
how much flax for the same quantity of silver,
we learn without further trouble how much
corn exchanges for SO much flax. The chosen
commodity becomes a common denonindtor or
common measure of gdtate, in terms of which we
estimate the values of other goods, 50 that
their values become capable of the most easy
comparison. A third inconvenience of barter
arises from the impossibility of dividing many
kinds of goods. A carcass of meat may be por-
toned out, ard more or less may be given in
exchange for what is wanted But tailor
may have coat ready to exchange much ex-
ceeding in value the meat which he wishes to
get from the butcher. He cannot cut the coat
up without destroying the value of his handi-
work. 1t is obvious that he needs some me-
dum Of exchange into which he can tempo.
rarily convert the coat, so that he may give
part of its value for meat, and other parts for
bread, fuel &c, retaining perhaps portion for
future use. So divisibility should be property
OF our medium of exchange. Thus money does
away with three inconvenience attaching to
simple barter, and performs two distinct func-
tions of high importance, acting as medium
of exchange and common measure of value.
In its first form money is simply any COM
modify esteemed by all persons, and which
therefore, every person desires to have by him
in greater or less quantity in order that he
may have the means of procuring necessaries
of life at any time. 1t soon begins to be used
as measure of value; for being accustomed to
exchange things frequently for sums of money
people learn the value of other articles in
terms of money, and thereby calculate and
adjust their exchanges. A third function of
money soon develops ITSELF People begin to
borrow and lend. 1t is generally possible to
pay back in the same kind of commodity in
which an article is borrowed; but the lender
will often not wish to have things returned to
him at an uncertain time, when he does not
much need them, or when their value is un-
usually low. Hence arises the convenience of
borrowing and lending in one generally recog-
nized commodity of which the value varies
little. Every person making a contract by
which he will receive something at future
day, will prefer to secure the receipt of com
modify likely to be as valuable then as now
This commodity will usually be the current
money, and it will thus come to perform the
function of standard of rolae. Money also
serves fourth distinct purpose. At times a
person needs to condense bis property into the
smallest compass, so that he may hoard it
away for time, or carry it with him on long
journey, or transmit it to friend ip distant
country. Something which is very valuable, of
little bulk and weight, and. hich will be rec
ognized as very valuable in every part of the
answers these conditions, and so becomes a
store of calue. These functions of money may
be discharged by different agents but there is
evident convenience in selecting one single
substance which can serve all the functions.
By general consent the precious metals have
been selected, because they possess utility,
value, portability, divisblity, indestrnctbility,
stability of value, and cognizabiity, qualities
all which no other substance possesses.
The subjects considered above are treated of
in the first six chapters of Prof Jevons' work
Their consideration occupies the main portion
of this review because many of the false finan
cial theories entertained in this cou2try have
their origin in ignorance of the very grammar
of money and a knowledge of its first princi-
Piles is very desirable. Its complex uses ap-
pear to be misunderstood, and it is too often
considered in only one of its functions, as
medium of exchange. Thus ''paper money!
which answers quite we'll for that purpose
alone so long as it is taken, is too generally
believed to fulfil all the requirement of money
The truth which StoIch has enunciated,
that cit is impossible that substance which
has no direct value should be introduced as
money, however suitable it may be in other
respects for this use,' is ignored, and the fact
that pieces of money are ingots of which the
value, that is weight and fneness. are certified
by the integrity of designs impressed upon
the surfaces of the metal. is apparently over
looked.
The length which this review has reached
shuts out more than brief menti IN of the fur
ther contents of the volume. Having demon
strated that the metals are best suited for
money, Prof. Jevons goes on 10 consider coins
and coinage, the principles of circulation,
money of account, metallic and nominal values
of coins, and legal tender. An exposition of
Gresham's law, that "bad money drives ont
good money but that good money cannot drive
out bad, "a law with which this country is
now practically famliar-is gwen. The various
systems of metallic money, the conflict of the
systems, and the theory of international money
are then treated. Thsse Considerations occupy
about half the volume. The remainder is
devoted to an exposition of the mechanism of
exchange and the vast development ut of the
check and clearing system. In this portion of
the work the power, advantages and limita-
tions OF paper or representative money are
clearly set forth and the views expressed ought
to command the careful consideration of every
citizen. The volume as a whole is the best of
an excellent;seres and should be 10 the hands
of every American voter.
CARTOONS. By Margaret j. Preston. Published
by Roberts Brothers, Boston, For sale by Loring,
Short s. Harmon.
Mrs. Preston's verse is characterized by vigor,
earnestness and purpose; and seems modelled
in some respects after Mrs. Browning's work
Though exal ted in Imagination aud expression,
her poems lack the musical quality and the n-
describable art which is the nborn gift of some
singers--the exquisite fitting of rhythm and
rhyme, the graces Of ALTERATION, the sudden
ripples of accent and discords sweet as bar
monies which give color and melody to the
WORK oI many poeG WuO perhaps OaS not so
high an ideal or aim for his verse as has Mrs.
Preston. Her work is somewhat weighted by
the quality that the poet critic, f G. Stedmau,
has named 'overpossession.' The intellectual
and spiritual elements of her song have such
first Importance to her that she does not know
or care for the tones and cadences of the ast of
words
The "Cartoons from the Life Of the Old
Masters" show genuine dramatic power, origin.
ality aud refinement, and that unmistakeable
familiarity with historical and legendary ac-
cessories, that, employed in George Eiot's
"Romola' TO an extraordinary degree, gave to
it much of its power. Indeed, Mrs Prestcn's
blank verse often resembles that of George
Eliot, in manner. Among these TN the Sis
tine" and ''Murillo's Francs" are especially no.
tceable ''The Maestro's Confession" is strong
ly outlined and very dramatically treated. In
the Cartoons from the Life of the Legends"
a certain GOODNESS of coloring is more than bal
anced by clear and terse expression and some
very fortunate lines. The Cartoons from the