The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1876-01-08
FROM CALIFORNIA.

er Institute, before the New Hor6 Board
Of Trade, said that, ''The word finance
was nov understood to apply in its more
extended sense, 70 the duty II the govern
ment 70 provide for the people stable
and uniform medium Of exchange aud
standard u value, rather th ln its former
signihcation Of the reverses aud resources
of the government. II Is u be regretted
that We have not a more definite cumpre-
henslOn Uf the words finance, money, cur
rency and wealth. If Adam Smiths deti-
niuou " the last word IL " be taken, that
any thing is wealth that has sxchangable
value, then-as writer III the London
Forth,ghtiy observes Mr. Bpniface's
calves, when he exhibits them behind DIV
iady's carriage, must be wealth, As ms
services arr valued NJ proportion ~ their
size. The same might be said Of many
other things, many that do nor add Old the
wealth of the nation, ami many 81 which,
though -'exchaugeaole frr c.m, a. We
say III California, are fertile sources nt
immortality and crime. 10 D. quite time
that We had All entirely urN definition w
wealth, awarding the credit 'I its pro
ductiou to labor The definition w many
words, as gwen IA our standard dlctioua-
ues are labrrgd efforts, like thr WRITINGS
Of Adam Smith. To deceive the people INTO
the belief that ialsehuuds are facts, aud
that wealth can be- created by barter as
BY labor, and hence legislation has foster
ed the trader a. IN" rXpeus, # tie aburvr.
Our ideas " money aud currency arr ,1-
treInely indefinite, and these terms are
often considered synonymous Would it
MT be much better If Ne left the worj
money to mean what Il WAS originally in-
tended To dehne-money having intrinsic
Nalue-and let VS. understand that curren-
" means, III the words W Butler ..a uui-
form me iium of exchange that shall bee a
legal tender paper currency. aud thu unit
Of value 10y which all values shall be meas
ured, ana accessible tu Mi requiring rs
use at the level possible cost. 50
The present signilcatinn of finance seems
to befog the mass, 5 iu their investigation
of the money and currency questions and
the same Is true ii many other words that
like initiation are utterly meaningless when
applied To this sutjecr
Many of our people are disposed tn give
the trainers ot our constitution credit tur
great financial wisdom. Great ignorance
prevailed upon this subject NJ those days
1t is true Venice, Genoa, Amsterdam AMI
Barcelona ID Spain had secured great cum.
mercial prosperity by the substitution Of
paper currency fur guld ana silver money.
but they had not seen the effects Of sus-
pension in England and the United States.
and more recently IN France, nor Witnessed
the fatal results as We have since of re-
turn I" specie payments m England, und
Nj are n"" witnessing the disastrous mi
tects OF a slmiIar attempt ~ our own couu-
Try
Ol'izehs "I our country oi mature age
can ven remember the narrowing tales N
misery ahd want that reached us from
Ureat britain across the Atlantic durlns
lhe Hrs' quarter .l lhv present century
me iab"Tins P"puiati'n we're turned 'ut
n employ meht' iTautrs "n" manufacturers
were Iu'"eu' iai'''u estates were Ie"u''"
I" uiuoh m '"L'e- 'ia' ali D'"I '-a5eu Fr"P
ef'ieS were l'''''''S'u 'ii' S''' ''r " '''S
Suui .i'", '"'S III
anu "uii'E 'n' F'''' .''"' ''''
ia"u'u MI i'' ''iS M ''''i
uuceu iIoiH loo'''0 =" 'V'oVo' anu '"lS
.u'' a"u '''','i' "''
iaho TOT the oeheh' ~ ~" leudAi l"IuS
and moneyed arIst"crais. They only were
hauebtr-i and wbp hut rha ..ai,itaIIsts and
..t..
htted ny "nr I'l""lh- ~ 'hsli wake
The wealth Of England ever increased
l-. I... ......,. .t .,.....,..
payments she was a'l' 9" S'oS'uiAe 'ne
armies NJ her allies ru thr continent M
Enron.
AIM. ,.... M. ..,,- .y,,, ,...,,,,
"s vi
before aid uur wealth increase 4u rapidly
never v.re uur people VI prosperous. ~
l.,,,,.., n. .,,.,s,,,,. 80 .,...c, r,,,.,,.,.t.
anu "ni'7 We "''' "'' ''
cy.
Nov let W turn w France for another
.t. D.f.at.i ..,. ..,...r,, b..,,l. 6.td
her arul'eS ui"oe P'i'''i.' - ~" ~ ner
richest provinces dismembered' compelled
to pay All indemnity VI more than 200.
noo Goo - dollar. ~ y,!d vas meyer h.-