The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-03-02

statement that money is commodity,
like corn or beef or wheat, and that its
price should be left to be settled by the
law Of demand aud supply.
Our answer is this Money is not a
commodity. 1t is simply an artificial.
governmental measure Of the value OF
commodities.
II A. B. comes to town with forty
bushels of wheat, worth forty dollars,
and he owes G.. D. tor $40 worth OF
groceries, he can deliver his wheat to Z.
D. and pay his debt without the inter-
vention of money. But suppose instead
of owing all that $40 to C. D., he owes y
number of small bills for blacksmith
work, dry goods, drugs, harness, etc.
amounting in all to $40, it might not be
convenient to pay each one OF these IN
wheat, or convenient for his creditors to
use the wheat afterwards in payment OF
their debts; and SO money is brought in
to play, as q medium OF exchange be-
tween the wheat, the blacksmith work.
| the dry goods, etc. It is therefore q
mereSln, Asure Of values ;holding the same
relation to trade and commerce that the
yard-stick holds 10 the cloth it ,ncasur-
es.
To illustrate a B. stores 500 bushels
| OF wheat in Hastings worth $500. He
takes from the warehouseman negotiable
wheat receipts payable to bearer, in sums
of ten, twenty, forty or one hundred
bushels, each; and with these he pays
$500 of debts Now the wheat receipts
have, it is plain. answered all the sur-
| poses of money; they are IN effect,
money; passing from hand to hand like
currency; and they are measure OF
value. Now will it be pretended that
when A. B. stores his 500 bushels and
receives wheat receipts tor the same
that he owns $1,000; to wit:-S500 OF
wheat in the warehouse and $500 more
in his pocket in the shape Of the wheat
| receipts for the same wheat? Certainly
NOS. The wheat receipts are not $500 Of
property, they simply represent ard are
ezchonga6ls for $500 Of property.
SO with money. Read your green
back or your national bank note; what
does it say
| s.The First National Bank Of Bungtown
!! promises to pay John Jones ono hundred dol
lara on demand"
| Read your wheat receipt:
"Tho undersigned promises to deliver to
John Jones on demand one hundred bushels OF
No. W heat.
(Si8nsd) GRABsA & HOLDEN"
You GO TO your warehoLseman and
demand your wheat and you get it. You
&c to the bank aud demand your hun
dr.d dollars and the cashier hands you
the paper promise Of some other bank or
OF the general government, 10 pay 400.
and il you call or these YOU may get
back your original Bungtown bank
note!
4 Is prsmise to pay debt money and
property Ii so the more we owe the
more We have.
i John Smith 3 wealthy farmer has to
pay 5000; ne can't Gu. off piece of his
farm to pay his dept. He goes to the
bank and swaps his note to pay $500 for
one hundred notes of the bank in which
the bank promises to pay five dollar:
r each. This is au exchange Of debts; bu
John Smith pays the bank. II per cen,
tor the use of the banks evidences 0
debt; while the bank paws John nothing
, for the use OF his evidence of debt
Whsp Because the banks promises t
pay. are called money. and are lega
tender, while Johns are not. But vii
il be pretended that the banks promise
TO pay debt are any more property ha
Johns promises are2
Ii q banking company owns $4,000
and invests it in government bonds an
on these draws $4,000 Of bank notes
will it be pretended that it now own
> $500 OF property, any more than tbs
John Smith was worth al increase {
$500 the moment he gave his note 70
$500? Certainly not. The }aO COO {
bank notes are simply representatives 9
5 the 500 900 worth of bonds; as job
Y Smiths $500 note represented 30 noc
s of the value of his farm.
!. But how about gold and silver it vii
Re said. These are commodities so "a
5 - their intrinsic value goes. for the
o plate. Ewelry. etc But this value 4
j taches to them not because they al
d money. but because they are gold al
@ silver. For instance. the immense pr
= duction OF silver from the Comstoc
is Lode has broken down the value OF 81
yer rs commodity. but its value. ca
. into accredited governmental forms r
4 mains the same. But in every countl
j. gold and silver constitute but a sma
Z part ofthe money in use and it does n,
os follow even If gold and silver are cor
N modities. that the promises to pay il a
81 commodities.
~ Monar ho;nc taor a --o .,.-...;.
- al. governmental yard-stick to measu
values. government mas : right to 8,
tn how much shall be charged for the q
~ Of that yard-stick. to wit: how mu
he shall be the interest upon money.
of
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