The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-12-04
HARD MONEY 4"

Last week We surrendered considerable !
space to Mr.. Jesse A. Jones, Of South
abingdon Mass, who had boiled down
much that has been sid during the past
few months IN the money question. Mr..
Jones says a good deal but his apparently
strongest arguments are really his great
est weakness All that he says against
greenbacks aud IN favor Of hard money
depend entirely upon his conception Of
the vital principle Ut money for force OF
pcrunency. We have critically examined
a great many definitions Of money, and
Mr. Jones definition is the worst one We
ever examined. H. says Real money
is real wealth measured, and Of such a ma
ture, that It's measure IAN be put upon It,
and that 1t can pass current from hand g
hand. house and lot are real wealth
its measure can be put upon It by making
out blank deed, expressing a considera-
tIon IF 500 or s. OD0, but leaving the
name Of the purchaser vacant. This deed
can pass from hand o. hand readily. Ev-
cry condition ~ Mr. Jones mouey Is pro
vided for But unfortunately few people
would like tp have currency consisting
exclusively If houses and lots, made trans
tvrsbie m this manner. Store orders are
another even more convenient form of Mr..
Jones money Pork. braus, nu,uIny and
nolasses are real wealth. BY means Of
store orders this wealth passes readily from
the hand 81 the manufacturer to that Of
| the workmen. It fultils every requirement
Of Mr. Jones money. and embodles one
other very essential element, namely, II IS
easily diyisibly ~ that store orders are
really al Improvement upon ms real
money. We might ~ % and enumerate
/ hundreds III examples which would be IN
I strict accord with this definition, the Alb
surdlty IT which would ~ apparent AS soon
as Ne would mention them. In fact IN
the case If store orders Ne have gwen HIM
the benefit II the best possible system OF
his - cal money currency, ana Yet nine
out IF every ten wurAlngtnen know that
stor, orders are An ahominable nuisance.
Again he says The world has hitherto
counted the precious metals as such con
convenient wealth.. aud an organic change
IA human nature ust be effected before
tins can be different In this sentence
We ind the clev e. the idea v hich pervades
his entire argument, Tie supposes that
the essential element Of money Is intrinsic
value. hense We must have gold OF some
thing else that has intrinsic value. We
understand that the Luiiluusts are ex-
ceedm.ly anxious to haze tins idea pre-
vail. although there never Was a sound
reason fur H. The value II money de-
ponds To- the least possible degree upon
the intrinsic value Of the material Of Which
it Is made. Why Because money Is
nothing more Nor less than THE LEGAL
MEANS oF PAYMENT. Anything which vii
satisfy a Judgment. or pay a debt against
the Nil III the creditor. is money. This
Il the ne chief uvers hadowng quality OF
money Il should also ~ easily dIvIsible,
MT easily c.uut,rtyit-d great value ii
small space be II convenient form, ana as
near a uniform value possible. Neither
COLA nor silver ave money unul they are
. coined. some time SINCE Germany de-
mouetzed stiyer ana made guid the stand
ard, although this ia~ does npt 20 mo Ell
feet until Nv Years. silver Is already :
per cent. below The Tar II gold Should
France Jceuually Z. hsh the vslu- ~ silver
would doubtless drop A. least - per cent.
more. and il China. Japan and India
should follow suit. silver would soon be
worth no more than pewter or nickel. The
effect Of the German law proves conclus-
/ lively that II was hot the intrinsic value OF
silver which maintained It's price, but the
fact that silver would satisfy judgments
IT Vas the one thing needful in Germany
to pay debts. which gave II value. This
il only one instance Of many which We
might citg ID support II this position.
We therefore hold that as the value Of
gold and silver has always depended upon
laws, and experience has demonstrated
that whatever COVE: nmenrs declare to be
a legal tender becomes in fact the standard
clrrent money ~ the realm. that govern.
eruments have the same right 20 declare
that paper dollar j. a dollar, that they
brve 70 declare that a gold or silver dollar
is dollar The thing dollar is a creation
ct the Imagination. This is perfectly Illus
trated BY the following facts Before the
new coinage laws we're adopted in 1892, a
commission vas appointed y decide upon
the standard IF value They found a
money II account in use IN each State
which gave the following results