Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1875-08-26

but the currency queStIOn-con
traction or 10 contraction-spe
cic or grcenbacks. And as W.
find the following neat it'll,
speech on the subject, published
in the Cincinnati Inquirer, W.
give it TO readers, and ask then
10 read every word Of it. 1t is ,
question on which we will all be
called upon to take a decided
stand:
WHAT IS "MoNEY?"
All authorities will agree up
on the definition thrt money i,
an article for the convenient ex-
change Of commodities"
You, gentlemen, manufacture
furniture; this furniture you cx-
change for such articles as you
need. This all there is Of bu-
sincss. All the business Of the
world consists in producing
something and exchanging il
for other productions.
Experience soon teaches lis
that exchanging furniture fol-
every little article you need is
bulky and laborious business,
and you soon find it more con-
vcnient to give your due bill
for furniture. The due bill is
easily carried and passed from
hand TO hand and becomes an
article for the convenient ex-
change Of furniture. Hence the
due bill is money.
OF course there is 10 intrin-
sic value in this money or due
bill. Nor does there need to be
any. 1t derives It's whole val
ue from the furniturc-the pro-
duct of your labor and skill
that is behind it.
Money being all article for the
convenient exchange Of COM
modities, the supply Of money
should be governed by the a.
mount Of commodities to be ex-
changed. According to David
a. Welles, the production Of the
United States amounts to 81
000,000,0C0 annually. To ex-
change these seven billions Of
commodities wehave seven hun
dred millions Of money, or ten
cents on the dollar. Hence the
stagnation Of business. There
is merely enough to go to mar
ket with, and We see that grain
and meat will sell for the money.
But the land they are raised on
won't sell. And nothing else
will sell, for there is no money
TO pay for it.
THE PANIC.
There was as much money the
day after as the day before Jay
Cooke failed. Before he failed
the business OF the country was
done with ten per cent. cash and
ninety per cent credit. Mr.. Cooke
occupied a high financial position
was reputed to be worth his
millions, and when it was found
lkat be couldn't pay, the question
was, Who can? and the mental
answer was, "Nobody." And the
ninety per per cent. credit fell flat,
reducing the business of the coun-
try TO ten per cent. Of what it had
been. If this credit had only
been cash a panic would have
been impossible, no matter what
single individual might fail. The
lesson of the panic is-more mon
ey in place of so much credit
And this Is inhltion.
CONTRACTION.
There is in this country about
I50,U00.000 in gold. With this
$50, 100000 we expect to change
seven billions yearly, besides pay
ing off fifteen billions of corporate
aud private indebtedness! AID
this we call contraction.
SPECIE PAYMENT.
What is the object of specie
payment? We are told it is to.
have "honest money"-"money
good all over the world With
YOU "hunest uuoney" means mon-
ey which will pay your debts;
.Eyood all the world" means money
that will buy your groceries here.
You never think Of Poland when
paying your store bills Saturday
night, nor of Italy when paying
off your mortgages. "All over
the world" don't bother you, but
YOUR creditors in Lincoln do. II
any man has business in Europe
requiring gold let him buy it and
nav what it is worth, the same as
he pays his freight from Europe. /
REDEEMING.
We are told that paper money .
must be redeened in gold This