, 1876-01-10
THE 4 + c OF FINANCE.

pitk1t1Eu 10 EsfEfY-Dhy 4sGD1IES Ah
Nine short nn.i En4y Lcs%ons.
f,,oI s. S,reamb ~ Hoypr,'& !gtl,y,
~, aouh, I'm roa,to. ,I,nr, Ia .nowa no,tinp
.,,o, 49,. .,,,s,,ia. 49, ,1,,. !, !, ,,,,,,o
a'ou' ,'.o n''ios .l''oh.'o'' aua s.as !. e".'s
peJnnu ha UNDERSTANDING. II 10 has over &Ted
to loasn anything, ho l,aa toon so bewildorod by
opnoB1oz tLeorie1 mud onnoainc assertions ss to
fcot t,,ot In tnor 1ca, ,f,sn lo ,,I hctor.s 11o
- .,'".," " "..,.-,.1 -. Nv 49,
H. tHesoibte' quito feaoy 10 lo2fe INC lue't,ou
best.
Ara first atm Two thinoa ,nust la rnieornad.
a,,.... 49,. 49,. ..e,..m-.. I,..
aneso "1o t"o e"t''e.y Rro""o'e8" 'oeae Ptefn-
no moro real foundations thAn tho notions about
Titc!,cyaft whicl, troyaiied ooupIo OF ceutur, Ga
ann tn1 f ,rhir;, ,,rro ,,,,t of tYa fn1,,c ca ns
~ .,oo. :. ,o"rd.d 1,r',,, .,aso ,,ta.s ~ M
tao h"olect IN 'oahueo' oua' t"os" 'uean are ~
to spcak ,inlcarncd. no progress IL poastblo.
LEs;oS f.--oyE potLAn.
Tim first idca to which alIuds fn tba. II any.
,bIr, ia ca,,ad n ,1o]l,r by sol m Cameras. -
tA''H ~ e@"o.1 uo''l ~ az, ~ eonSt,"'' y.
every ore passes anu acce2ts ~ as ao'lAr' II
must therefore haTe definite and A1ed yAlue,
unl DO for all practical purposes Just as good aa
q t,old ,lola+ yon tl,ink nar],aoy that = dollar
s,.,s. ..',,, t.s. o., - .'a;,,n. ,,oss ~.
Hua' W "'t.n IoAS 49, ae''uee u.o!o aot
!eas. no". then. can III Vaihe pa uhca ltan!
answo- that two kinds OF dollars can dltfcr from
esch othor In value just a. much RE- two loasca
o. 1read esn IN sze and qasli.y iou Snox vey
our paper doslnr has boon worth from & 10 10 per
cent iega thnp thu gold dollar. To explain the
matter fully / must perhara 10 little kbstruso.
aud therefore ask closer Intention than I will
elsewhere.
All tho difficulty OF this matter riEez from tho
fac: that value Ii ho1aethin; which cannot be
eccn nor felt, II Congress should enact that ali
tho foot and yartf measures Of tho Country should
be made of kjud of rubber which would SHRINK
to inches in tho courso Of q fcw months, but
which wero roYestle1csy stamped ~ foo,, by
act of Congress-" or II ya.d" az the caso
might bc, ovos5bods would soe ut . glance how
ridiculous Ii wou}1 b. 10 require every one 10
buy and sell BY a,lch sueasurcB. IL man should
bosst Of l,aYirg grown q foot aud half ib tho
courso of . rear, btcauso last ycnr ho on1y
measured feet, while with tLo tlcw India.rub-
her measures lo wue now G15 feet by
nct Of Congress-, Lis neighbors would laugh 1T
him. The TACT {htt oyerYbody might call tbs
now rubbor measures foot, and might buy
and soil by them. would not, ir, tho vjnw Of any
rorait,le ulau mako then, ns oup as the old foot
rlisa,
The reaaoD that thcAc Ind;a-y,htcr measures
would look TO mucl, moro ridiculous than sim
ilar dollars il t,tupy that their de:leieacr lu
Length, in ohyioua to the eve. 1ycreas tho depro.
ciution OF tho dollar Ia not obvious In roai,ty,
ealing thing ono dollar, mud legallzing It nj
nt,clI no more makes It tho cauivaicut of = Co,d
dollar. or OF anything earo It, value, than calling
It foot iii r,aEc 1t foot long 10 mattcr what
feel tho depreciation Of the tlollnr Gs ~o would
see tito ehortcujug Of the foot noasurc, Np be-
come a~are Of it only by tito general rsao Of
p1ices, mud tho general ,ncreaae In tho cost OF
depreciation in the samc way tsat tho nttio man
muayr,inE 8 foot iu hsp s,och1ugs would prore
that tito ioot-rulo with wllicl, ho wes measured
wRs too short.
LESSON n-yALuE CANNOT M GIVEN NJ novEnH-
MEar.
TIN second cotton 10 he 1nlearued in fntim.to-
~ nnaocia,cd viii, tho former QUO. Il Is that
governments pcsscas snmo wonderful power Of
giving vniue 10 money which eycfy ot;e must
admit. but which no one can oxnIaln, .Widey aY
this notion Is e1tnndod, It Ia as puro q suporsti-
tipn as was tho old notion thas q witch could
u,h!o her enomy aiok by secretly making wax
image OF him. and then bv sticking p.na into It.
roasting il before tho fire. and otherwieo torttr~
! ipE it. could msao him suffer corresponding tor
! tlrcB The disrroof OF this theory by au appeal
10 facts Ii easy and conclusive. Every man OF
Intelligence knona that the coiund money OF sl
Nations il worth on1y the gold that ia III It, ox-
| cent tnBt tho coin benrs slight premium, owing
to tbe ccrte{utv that It il te reat 1pelal whcgeaa
lie gold may ayo 10 DO apsayel, aud tho cost Of
| tie 0ssay must DO deducted from ts yaIue. In
other wogrs. tho coined money may bear pre-
| MUM over the nero bullion o1ual to tho cost I
coin.eo. THO Htnn,p OF (ioyerumcnt goes tor
| absolutely nothing, oscept cart,Ccato Of tl,o
weight md quality Of tho tuasa.
Now, r tho common uoilon woro co.rect, Tho
I
crude Lalliou out Of which It was msdo the Or o.
MUM depending; on how groat and powerful q
ration put its stamp on It. Dus ali nations are
lere vi dead ioyel their sta,npe, ous and al],
go for just nothing 60 Tar as giving yaluo III
| couceytlcd. Tue dollars Of tho poorest South
american Htatos tho sovercignn OF England, tho
napoleons Of Franco, aud tho gold 6ate fresn
/ tz6m tho mines without .uy Government Stamp
wurll ACCORDING TO tho amount OF gold iu them,
and nothing else, lhiH fact is couciussre ref
utatiou Of lilo opinion that Government can
coufer ynl,,c OIL anything by it's sta.a,
I.ssnos u1.-rllE VALUE t,p rArkn MONEY.
Will lnese tgo iionY uu!oarned, ws arc in
nroucr stute OF mind to inquire what siYcs 7aluo
10 pupor mouoy. You knusx that l:raetieally.jfar
tne greater part Of tie business Of tito world il
csrfied on by uylpg paper or credit, iustead OF
ralJ. Only At, insignificant fraction Of 1nercau.
t,lp nayIuei,ts nre Eado BIZ actually cot,nt,us out
roil, Ii ono n,erch.ut has to pay another 81 900
IL cold. be elmpiy hands linn ! check fus the
amount. which thu eecond mcrctaut, pelhapa,
pnsnca oTcr 10 ao1uo QUO olse llorc ii ptcce
If napar, of no value whatever In i,aejf, pass,
I'd from AAnl to hauu just ID il III