The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1877-09-21
FINANCIAL FACTS.
Resumption Without Contraction I'm.
possible.
lfrsain ihe a,hlravn flnles i

A certain degree Of obscnrity haA nj.
ways hung about The subject u national
finance. which haa deferred great ma
iority II people from Investigating Ii
thoroughly. VIZ have even heard great
American statesmen and constitutional
lawyers can,li.lly admit that they literal.
~ knew nothing of finance that II was
a sealed book 70 them. A great deal "
the obscnrity In which this subject ID
involved has arisen from tho n.r III tho
technical terms of tho science, II we may
sny ~, In a Hort VI Pickwickian sense.
Thus, W llear money called 4 standard
of value. a measure of value. and rep.
re.cntativc of value. Even many cmi.
ncnt politico-cconomic writer's use these
terms when writing upon lhe subject ii
money. J. II. Hay. John Stuart Mill
and Prof. J. L. Perry No ue them. Yet,
u the very sAmc works In which they 10
~. they insert truAtises ~ show that
money IN none ri these tliings. Tho
termH are used precisely In the same
manner TINT wc speak u the sun and
the moon rising and setting. In other
words, when using such terms In speak.
inR of money, we speak or write accord.
Ing 70 thc appearances, not the realities,
Of things.
Money, then, IL neither standard. 1
y !. simply commodity. governed by
the laws or operations of supply and liz.
mand, precisely ~ other commodities.
The more of u thcru ID, and TIM lc~a the
demand, thc lcsA II Ii worth anil tl,c leas
Il will purchase. Tho less of II there ID.
Antl the greater the demand. the more II
II worth and the moro Il will purchase.
What constitutes, then, the superiority
0f money, NJ compared with other con'-
mnlitieH, and ita power over such COM
malitiea? These arise from the fact
that, while other articles have only special
exchanging Or purchasing powers, money
l.as general and universal exchanging
Or purchasing power. II II the universal
exchangcr u other c0mMOtltticA. Thna.
by turning hia other property into money,
man may command any QUO among the
thousand commodities In tho market that
he .leaircn.
Then. again. In considering thc qmcs-
tiOn u money, w must rigidly define
what II really h; because, before being
able ~ make our readers comprehend
our positions, nnd Tho Arguments BY
which ~ support them. they and our.
srlf must limit and define our technical
torn. Money IN reality II whatever VII
cxchangc other property. Thua aperie---
gold, silver, and c0ppes---is money. hut
NJ il paper made legal tender by gov.
crumcntA, aih hank .nutra iasmsxl ~ cor.
porntions and individuals. Sui further.
the drafts, checks, bills ii exchange, Ia.
scrilNsl accounta. anil lrlA,2ilA u hunks,
md eyrn the nUtrA VI Individual mrr.
chants, Arc. 10 all intents and purposes,
money. 1hcy exchange property; they
pay debts; they render al business trans.
action. complete and perfect. Further
moro, they enhance Or .lcprrss ti,c value
of property, accordingly ~ they Are IL.
susd or withheld from issne.
Hut Ill descriptions of money arr not
alike. Tho difference consists In the
limit 10 Tho purchasing power VI thu vari-
Gus kinds. II II vnlgaFly supposed that
guild anil silver have universal puruhAs-
Ing power. This n M error. Our gold
and silver will not purchAss commodi.
ttee Ia Great Britain ard lselnud. 10
muse ast b ssshanSsd Into ths noasy