, 1876-05-05

10 capital pr trldo, but, on tia contrary, tsndne
to inuslr both by Increasing Tho oost OF whAe Ns
hon 10 slto~ablo. 10 certain e1tsnA 10 savs The
cons from shs crucibo. aud pFeyent shotr a1por--
tatton, wtth'a logal.tsnder provision to protect
urSditoss from needless Injustice; but In this
ought 10 b..
Tbs oyer-valuatlon Of the coin. sInoo tho fail
Ia tho valus of silver. uAkos Il possible 10 sub.
atttats silver for the fractional papor ourrannv, !,
nas ~ e. 70 oss ~
1xed BY tho Mink law Of 1858. When that law
WAS enacted, stt7sf bullion ulnA-tenths Eno-
the standard fpenees-wsa valued tn gold, and
ounoe. bnt the coin Was mintel and iaausd Al
al26 por troy ounoe.-aD generalization ot 10
per cent, which nas sufficient to koep tho ooins
In e1istence aud as homo. ThoIr leaal-tonilor
nent, no great injury 10 creditors Or 70 trade
resulted from this GENERALIZATION. But tlna a.
yer ID now quoted in the London market Ut "a
pence per ounce, and, as our market ID rulesl BY
fall to 81 per ounce ia gold with exchange on
London at par. This 10 but question of ttmo.
and OF vefJ short time, unlass tho pEloe Of all
vor opoodlly rises ,D EnRiand.
tokons at 8l.25 per ouuoo, interchangeable With
greenbaoks, which el25, with gold as 12h per
cent premluu1, a. It atanda to-day, will purchase
@l.ll Of gold; 10 that our silver to'tens are
A*pk - PCA ASAk ~ kV%1 w FAG000t- LhfIoH
tho London market for our CRITERION. So groAt
M generalization Al thts ia wrong TO creditors
In any evont; but tho extension OF tho legal
tondcr provision 10 e20 aggIavatos tho injuBtIce,
buninoss tor tho uaton, stuco It gives to foreign
ers tho privilege OF bnytng With eilvor really
worth ba,t IL tho valuo OF gill Of gold, which
thoy will carry array. We cheat ourselves cut Of
silver BY this nonsense. And who galna by ~
Firat, The proprlotors OF the hilver mines gain
tho Ii per cont their silver, atthe cost Of tho
roet OF u.s.. Bo far, tho nation. - q whole. loses
sont IN tho gold thoy carry away. to the loss Of
the capital and commerce OF tho nation, - COM
pared with the retention Of the gold.
Neysrtholess, as tho paper currency posaessus
tn pure loss, NO arc gaiueIn Of capital, On tho
whole, lust 30 fat - NO supplant the paper With
silver. let tho elyor DO worth what 1t may. Thus.
although ~o loss, ta rotation to gold, II por
om'ttibg . small fraaion, by the overgaluea
silver tokens, On avery dollar OF tho paper our
rency which ttey displace. uhtlc tho gold pro-
MUM continues at 1211 per cont. And thfstfs
abroad 20 much mora caTdtai than wo should
produce and exchange II We kept intact tho paper
currency. In other words, NO hhvo 80 much The
moro business. For, II the eilvor is Our own
withdraw tho paper, NO muat export 10 much
tho moro Of such merchandise an Illinois pro-
duces anl desires to nell. 80 far as We rotiro
tho p*por currency, goolB must be sold, hnd
monDy will tako the place OF the paper by the
natural lnHs Of VAluo md trade.
All this complication, whiol perple1es tho M
practiced thinker springs from tho efforts Of
running In pursuit. Of . solhsh purposo, rcgard-
vsduals. IN tho tsss instance. to get interest on
their debt ~ munoy. What the public noeds to
know 10 tho simpllcity OF the nature Of money
that tho McsB or notions Of medium Of az
ohango and measure Of yalue, which play
such conspicuous parts In books and discussions
Of political economy. nra moro abstraetions, OF
no practical Importance whatover. What II
mouey 10 Or ls not . medium Of exchange OF a
meauuro Of valuo7 Everybody uantn It all tho
same, tho wide world oyat, At commodity to
cell the one commodity which commands In
exchange every other commodity and oYory sor-
vico that asks remuneration.
Every commodity, as aucl. is medium Of
exchange, md an Instrument OF accumulation
tho trader uscs 1t to acquire capital by exchange,
and get iiviug Not till itH function as d COM
modify ceases docH it onter into uso or oon-
sumption o. = satisfaction, whom 1t ia simply
wealth. And evory commodity measures tllo
value Of tho commodity or service for which It
will exchange. Money like evory other conf
modify, has nu ultimate uHo, or Bervos purpoas
which 10 the ground or causo Of its valne In ex-
chango; but auch uho or purpose does uos..
dotafmino ita yaluo in exchange; that la
dotermlncd by demand and difficulty Of sttain-
mont, precisely like tho value Of every other
object Of exchnuge. All va!ues arc equivalents;
but money, although a variable. uko other az
ohaugeabio things Ia the COMMON or universal
equivalent. Such is tho nature Of money.
Nothing oan bo pIainor. II we hnve II, We have
40 mulch capital unit meana Of employing In
duatry. II We have IL not, NO havo 80 much
tho less capital, and 80 much tho moro poverty.
And, II We attempt to supplement 1t With debt,
aa currency, We but suppiaos 1t in suro loss, and
involve oursolvna in embarrassment inevitable
confusion, and bankruptcy iu tho end.
CHARLES Il. QAIupLI.