, 1876-04-17

kH6Gltoh.
Who thon and vl,at, are the bt,lllonis.s 7 1,o-
ing Of tin. pornuaBion l take lcavo 10 explatn
that thoy Bro men who moan what thoy Say.
Whom they say money, thoy NOM gold and ail-
vcr bullion, coined or nncoiuod, and not prom
iso to Puy It. As one Of them, / hay so don't ho-
lsoyn tho promise Ia deliver n thing ia tho thing
iseotf III tnonny. any more than In corn. OF vine,
or in auy other commodity. "paror money Ia
tho slang Of tho market. There Is no such
tblug. Paper cur1ancy there Ia In Government
rniacalled !" deposits" for whlat no money wns
avor deposited; but currency Is not necessarily
money. Money II tho Hatno to-day As IL waH
when Abraham Weighed 10 Epliron !" 400 aokelA
uf silver cnrrnnt tno'ley with ths inorchant.'
for tho Cavn Of atacIlpeiah. II In tho aatnc to-
tlay rs 1t wn6 boforo hihtory began or Govern-
mont was known among mon. II ia tho creation,
not OF uoVorNmrnt, but Of commerce.. II Ia
plainly colnmoulty 10 tradc and wealth In sat-
isIact4an,
Ill object Of exchange, aud an iusttuulont Of ac-
comnlodation, bought and sold like tho mcr-
cllaudiso pnaslug through h.A warehouse. IL he
has 1nonny, no buyH Rl,st sells for cash II not,
fo buya and sclis Oh credit, and tito nbHeucD OF
inonoy ombatEassca him and tho whole CON-
munlty. 10 tho mlHsr, nonoy il satisfaction.
nH old china or a llno picture 70 the osthotsc
and II Eo pnyH ha b'lfe, ho harms no ono In the
IbuIjkouEt 0l HIH ptEulJAE 1nECHs HlHU = tuluH
III taken out Of the market, and appropriated 70
enjoyment, Ito function as n commodity ceaaes.
and 1t 6ccon.eH simply wealth. Th.B truth IL
nrocBcly ~ applicable 10 money as to any othcr
object OF exchange or OF enjoyment.
Commerce Ia simply tho o1chauge Of COM
1notlstcs. Obviously. tho morn cnMmodisteH We
llaye tho moro commerce wo muAt have; and,
tho mora desirable tho comtnodities. tho moro
acttyo and prosperous must DO our commerce.
Thoro tB no Mood Of looks OF study 10 teach tB
Which Ia tho most desirable commodity; cum
mon annao declares II 10 he money. II Ia mover
qurusioI, az to tho dcairaboness Of CON-
modify wl.uto4er may bc tta ultimate ,,se. or in
4! ti,o words Of Adn,n Smith. its "vel!,o N tso:"
tho most In dniOan1. vnno in oxcl,augo being
tho subject aud ehsonco Of political economy.
Except no far 0s utility tn the ground Or cauBe Of
valno iii cScllungo, It l.au no place In 1Hotical
being ESSENTIAL 10 tho existence Of exchange
vnuo. lEeuco, air ntld water, and sunlight. al
though OF tho greatest utility, aro OF no value
whlo, nndor circumstances Of great scarcity or
may 10 Of great ya'no, AZ Ua Quincoy auggests.
for tue moro purpose OF committing suicide.
Now. tho oyurallR1owinE heresy OF tbs tnonoy
question s tho notion tliat money Is merely tho
medium of oxchnnge. Which was tloor11cd Into
political economy by tue celebrated projector
and gambler, Joap Law. THIS fnIso doUtriue
was tie foundation Of hts MlasLss,ppl sehemo,
whioh poured tho precious metal cut OF Feancs
III u $uEFG1tks Auu IulIlct! M2HJ VI ulpst VI tu0
best fnsn!lies Of ttln Kingdom. along with crDwds
of citizens md tho noHt rntorpslsing b,lsinohs-
1aeu wliilo it enrlclod fow cunning spectators
with enormous gains. "alonoy," sayH Law,
.lH not the yn!ue fof which goods arc oxclIanEeu
but t!ie yaluc by which they AFRO exchanged; tho
1,ee vi muney il to buy goods: anu slIyOr Whjlc
money, Is Of no otEler uHc" This Ia the ofjHiu
OF the doutrine Of tho medium Of exchange nn
tho only purpoao Of Iuoney, which, boing in
dursed by Adam Smith, forma the .taplo
Of lllo British school Ut political economy
concerning monoy, md ts repeated, parrot-
like by every dabbler in tue scienco in
This country. It il not tr,lc. The uso OF money
/. to ,,ay fur Eoola. Credit will buy goods, hut
credit Viii not nav for tl,om. Crei,s pavs for
nothing. Tllcre IL uoycr q credit without a
debt, auj tllo trabeFcr OF ono dpht for another
IL not paymnnt. Tho Bunk OF Euglasld notc,
which ali EnsIishmau deems tho perfection ol
money, 10 dnnt: 1t mover ppys ouythtng, Willie
tha Eotc remains tho dobt romains.
Tho essential function OF suoupy Ia that OF the
common eu,,ivalont Of vAluo In exchange, whlci,
para ns il gocB. Money iH tho most copaplcuous
mud sesiraIlo object of exchange In commerce,
ts1o wlo world oYar. Az medium OF cxclange,
1t IN no better than any other commodity, OK
than III individual uoto, or au account current;
or @ baau toilun. Eyen u countorfoit coin or
tluBo who nso ignorant OF ita quality, or base
cnough to ci1cutato It, Mediums OF exchange
are aounlant and to DO Ind 10. nothing.
Not ns tho medium Of exchange do re wau t
ulunoy but ns solid Gapltal the utnkerfn OF oo1,l-
Hlcrco. II we sold our money for It's normal
vnlne, obtaining therefor All equivalent ynluo
in rarctGn goods tlioso could bo no objection 10
tho exchange; but this wo novor do. Always