The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1876-03-04
CANPpELLITE ABSURDITIES.

| Mr. Campbell's currency speech, when
was laid before our readers last week il the
form of an extra, is SO full Of false ;eadllng
and absurd:ies, that it is hard TO tell where
70 begin 10 review it. After his Introduction,
which amounts 10 nothing, we come 10 his
chaptcr on money" This he defines a, !ol.
| lows:
Money IS q localized agent, inveated 10
! facilitate the exchange of property and pro
ducts and 10 pay debts. To be fitted for the
performance Of these functions it must have
uniform credit and equal legal powers in the
payment of debts throughout the jurisdiction
| of the government lnstituting il and putting
it into circulation. These properties " pow.
ers are impaired to il by the law making II
tender in the payment Of debts, and ale in no
degree dependent upon the quantity Or quail.
ity of the material by which they are express
ed. The only thing that gives one substance
the preference over another for the material
of m-ney is its superior convenience. IL has
no material value, but only an unnatural or
! legal value. Money, when rigidly in,titutcd
and honestly put into circulation, is Evidence
that the holder has, either directly or ,emote-I
Ilv, given value or rendered service 10 he gov
eminent whose impress il bears and. conse.
Quenty, il Is a legal lien on al! the property
! for sale IN the nation in the same sense and
to the same extent that the bond or Interest.
bearing obligation OF such nation Is On all
property in it whether for sale or not.
Shades OF Adam Smith ana Stuart Mill.
wha, an idea this man has of money Money
is no more an invention" than potatoes are.
1t Is commodity that happens TO be found
more convenientior the purpose ofiaeil ta,ng
the exchange Of comodi;ies than any other,
and that is all. Mr.. Campbell calls moGey au
invention" however, from the necessities OF
his theory, because if he admits moneI 10 be
commodity, like any other article df pro
daction and use, which it really is, that ne.
essariiy destroys the groundwork OF his sys.
tenn, which assumes tina. money is 3 mere
creature OF law and can be made out Of bits
OF paper, chips or sawdsst as readily rs out
of gold or silver.
Secondly, admitting With Mr.. Canpbell
that money must necessarily have uniform
credi, and equal legal power in the payment
o: debts Throughout. the Jurisdiction Of the +!
government ins,i,u,ing' it'-whaieyG that
may mean, then VIVA, cecomes OF NJ. lamp
bells pet money, greenbacks, iorthey certain
~ have no, uniform credit anywhere. They
are worth - cents on the dollar one DAY and
in one place, and worth 50 cents ueI. day IN
another place. Nor does money need ".e-
gal power from any quarter 70 constitute it.
such. Gold passes for and IS money in all
parts OF the world, though no; one nation in
three IN which il is thus accepted may have a
scntlla law except common consent and i'm
memorial usage on the subject.
"These properties" (oi being OF equa. or par
value, &C. "are impaired 70 it money by the
law making II tender" &c, land are in no
degree dependen, upon The quantity or quail
ity o. the material" of which the money is,
made, says Mr.. Campbell. Inefabe stuff and
nonsense. The quantity oC the material
gold or silver Of which alone real money
can be made is everything as 10 is proper.
ties for paying debts. liza gold dollar lacks
even a grain in weight it suffers to that ex
tent in value Wha, Nr Campbell means,
however, is that b; Of paper stamped by
law az q dollar beeo ONES dollar Just as much
as a gold dollar IS q dollar This is a delu-
sion which all history coutIadic;s and has
been exploded q thousand times. The French
assignais are 4 familiar instance. Tue French
government declared them 10 be money not
only by law making them legal tender, but
visited the severest punishment on any one
refusing 10 receive them As money, yet they
deprecated TO nothing within three years AT.
ter they were issued. The greenbacks are!
another instance. Though Substantially our,
only currency, and "Jus, as good as gold"
(by law for the paymen, OF debts, they are loI
to ID per cent. below par, and nothing but gold
redemption will ever raise them above H. or.
make them money"
again it is false that money Is male by
the government, or is ian evidence iha; the
holder has given value or rendered service 20
the governmentfor it, No government, ever
made, or can make a dollar OF money. The
material OF which money slone can be made
is dug out OF the earth, and the government
puts stamp upon il certifying . Us weight
and flncress, but no government ever made
the gold or silver o: iron, or any other ma.
,erial o, which money Is made, or dug il out
of the earth, or instituted il in any sense.
Mr. Campbcl!s notions aboG; money are
thus shown 10 he all awry and ronsensical,
yet i, is upon these absurd ideas hat his
whole financial system i based, aal as the
foundation is shown to be mere smoke and
mooushine, OF course his Whole system j. Wis
IOnary aud baseless.
1hnsc WHO cIaim 'hst oonls are 10 b. pad