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

statement that money is a commodity,
like corn or beef or wheat, and that its
price should be left to be settled by the
law Of demand and supply.
Our answer is this Money is not q
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 c.
D. and pay his debt without the inter-
vention Of money. But suppose instead
of owing all that $40 to C.. D., he owes u
number of small bills for blacksmith
work, dry goods, drugs, harness, etc.
amounting in all to 80, 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 80 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 a
merebn, asure Of values ;holding the same
relation to trade and commerce that the
yard-stick holds 10 the cloth it measur-
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 pur-
poses of money; they are in effect,
money; passing from hand to hand like
currency; and they are a measure OF
value. Now will it be pretended that
when A. B. stores his sou bushels and
receives wheat receipts tor the same
that he owns $1,000; to wit:-S50O 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 and are
ezchongob1s for $500 of property
So with money. Read your green
back or your national bank note; what
does it say
"The First National Bank Of Bungtown
promises to pay John Jones one hundred dol
ars on demand"
Read your wheat receipt:
"The undersigned promises to deliver TO
John Jones on demand one hundred bushels Of
No. l Wheat.
(Signed 0RABsA & HoLpsn."
You GO to your warehoLseman and
demand your wheat and you getit You
e to the bank aud demand your hun.
drsd dollars and the cashier hands you
tho MOI nrOvnS,A IS
OF the general government, 10 pay 900,
and iEyou call or these you may get
back your original Bungtown bank
note!
Is a prsmise to pay debt money and
property Ii so the more we owe the
more We have.
John Smith wealthy farmer has to
pay $500; he can't cus off q 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 dollars
each. This is an exchange Of debts; but
John Smith pays the bank. l2 per cent.
for the use of the banks evidences o.
debt; while the bank paws John nothing
for the use OF his evidence Of debt
Whyp Because the banks promises to
pay. are called money. and are a legal
tender. while Johns are not. But will
il be pretended that the banks promises
TO pay debt are any more property han
Johns promises are?
II q banking company owns 3IOO, 900
and invests it in government bonds and
on these draws $4,000 Of bank notes.
will it be pretended that it now owns
Sl9o. 900 OF property. any more than that
John Smith was worth an increase OF
$500 the moment he gave his note for
@50o7 Certainly not. The $50 600 OF
bank notes are simply representatives. Of
the 500 600 worth of bonds; as John
Smiths $500 note represented 80 moch
Of the value Of his farm.
But how about gold and silver? il will
be said. These are commodities SO far
as their intrinsic value goes. for they
can be melted down aud made into
plate. jewelry, etc. But this value At
taches to them not because they are
money, but because they are gold and
| silver. For instance, the immense pro-
duction OF silver from the Comstock
| Lode has broken down the value OF sill
yer as . commodity. but its value, cast
into accredited governmental forms re-
mains the same. But in every country
gold and silver constitute but 3 small
part ofthe money in use and it does no,
follow even If gold and silver are com.
modities, that the promises to par it ara
commodities.
Money being then mere convention.
Al. governmental yard-stick to measure
values. government has . right to say
how much shall be charged for the use
OF that yard-stick. to Wit: how mucl
shall be The interest upon money.
TIE 0REENBACK REVOLUTYOv
Is still spreads: Even the older .>>...