, 1877-07-12
TIE CURRENCY.
GOuKIT AND WELLS on TIE SILL
WEIR QUESTION.

40 He G2ttVJ " 4S< 4YNAHF.
CHICAGO. July 1l.-Nr. Godku, OF ths New
York Natton+ and Sir. wells, po,ittca, ceonomlat
harc both given their views to the world upon The
demonstration Of silver. Beth arc against L.
tio1hin. In hta l1npndent and arrogant manner,
hat with ignorance ~ atsikInr - bis impudchee,
puts 1t ali IN = buuhcll, ~ he thinks, when be
says: ''Tborc who fATor rcmnne etlzation Ars per.
sons who look upon money merely ~ An tnstru-
ment VI exchange. mot, as II IL, . standard and
measure Of value"
Bnt ths beauty Of IL r., that VT. Godkin csrnot
ouotc Fngls political economist Of notA who wili
eav that money IL STANDARD of value, Of Iuess-
urc Of vstue. ThcY ali my that 1t neither n,cas-
uscs values nor represents vntucs. tquots from
Say, an old writer. anl FROM Perry now, In con-
atmatlon Of ny position.
j. u. SaT bays that coin, Whatever tn material
Ia commodity, whore vaiuo IL variable. like that
OF commodities In general. 1t Il marc valuable
when 1t will purchase large quantity Of cnsnmod.
lilies, and lcss uhcn Il will paEchlsc smaller.
''tt has never" he says. "hern pretended that
money Is tho measure Of all things; Il Is not
the measure OF values; and ia vsIns cannot oe
made Invartablo.' (sce American edttiuu of says
Political Economy page 244.l
Says Perry Elements Of Political Economy,
page 2..7): mo Une can show anything different
III the yaIne Of money. either In rcspect to tho way
In which It arscs OF The laws which control II. from
the value Of amy other commodity, excepting only
tho difference already pointed out: that tnoncy, By
the usaycs Of st,ccty. has gcncralEzed inrtead offs
specific purchasing power. its sil false to speak
of gold and silver nhney - tho representative Of
value. It represents nothing but Itself. II will
buy othef things certainly, and 30 will bushel Of
wheat"
Tho above are sufficient answer 10 Dir. Godkfn,
willis they leave money what u really ta; an in-
sttument q sxeh99aSs. s1mmoa,t1i :,ne1est to
~ i gspy essdty tho .w. of snrpi afi and
vsins 1,,rrcisei1 a. other sommniities wond b.
vsilsd ander similar eircumstanecs-
vhich msys On tna ono hand. onhanoa tbs vx1ue
Of money, and, On The othcr. depfceiate the value
Of iii other property Thay arc ihe following:
silver mines. s~'~'
!. boarding Of eotn, or paper money Of The
ooxe1ansnts ID esss Of w'', or aonetaTy p.nio, Or
=. jsstructIou Of pub,le Of private cre,I!ta
such Az {oycfun,cnt. notca bank. notes, bank. ac.
estate no,cs and nortgasca; In nne, Of Ill thosa
methods Of eeos,oniixng monuy which actually mi.
iil iii ihe Functions Vi money.
n,nncriy. Il i curious that tbt Truth wss forced
upon tho dnanclcta and merchants Of slcal Britain
" r. '1Sa a,ns1 sh III H. MI ysosIt IN
Of tho Cou1Dops, which subsrtiuently made lie
celebrated Ilorncr report. Ia lb10. This report
ms1.-pt s,ssst Hrlia!n via ali dcpFccislsl 70.
rcihc: br she too great Issue Of paper Ind ihas thc
ony v! q @.ks IL pspet i. '.la.bls 4 !. IT,
saost. Thts va. done. nil The ie-uit was 10 ruin
5r.tish trads md oonmsrce which dtd not fully
can and Australian mines aean deprecated .hs
value OF money, and appreciated thai Of I'll othee
properly.
N"w "hs I'LL hn ~ Vaac s q op N
nthc, M ro,srt1r Tha foiinTn" tnueness md H.
ss;nasa:: =. .Hu ~, =, .,,r..
.r,,r;a IN fro. ~ ~ inc VI s'a ILL e'e'
c,,nn iso asa ens o ca,ed coin or naner mon.
home ?; ,S5e. IN ii, circulation ., Government
nsssy; Sssf ~ y !Ss ts;%' Ill :; s;;iSs!s ;i
snrs ~ sns 4, "nnHrim ~ tcnrn..snc
s.c snea eacsry prooo1 ny ne,e gs amnnis
= wa sSn ss 5eeH Lssbecx pas
~ I'M nc, rsnt ~ usnrr to HI uer crnt n coin
1eslthS ri 10 miud the ss,ove iaets. woud * th!s
IN at. hin y, ynnn n ineps1 sc
ar o9 H. saes II 1 y.uea
il psvef . Do . j: bat !. ,hIss .nd ! hsii q
nitnety. :ix aud half which latter 10 tho power
ol paP1a nov let ma como to Mr. we,.. Ills euay
q otss nve 60. ~ ~ ~ tnnu, ,ctd
se shEoty ya IN :. IT, r. sn,n =, ano"o1 H
:: ~ matter ot f.es, no sonnod!ty :saiirnsy Soij.
b. relatively snsspeT 1an one o, eho1uHs ah N' ~
i.I,n. n,,,h.d{n.l il, {hnf ,rit S
h Il IA -, - y .oj.e,,,n c.n ri1e T. .nv
tn.s"a"S sHo .o AsS'st4Ao" Inv s'o - ""'
o'nGF ta!us' ....,, d. r. !, H.. ,x,-d ...n,.
~. "sl!" ~ SstHtat ~ pas ~ % se "o i,.. u,
moa't! eu..ane5, waEn, e fonss' rs 81 ~
~, 1snd. I* 81 pages money teo1 hs ~ o. ~ eas iss
Ivy sacu"e eosnt .s s. - ~ t,h" H.
thsm; woa,a nnoek hn % sa'fS aeo5 1ehSf ng aaaa ~
asme; sosG n!tu ~ r. ~ n,-iasiS ~ ~
naks 1ns - ne.I1 @ aaA y. ~ sns ~
Eusopf ts, = ~ Moas.hnaeat III uan% ppe " II
hi.n .oty ~ pst sGAs y. - papst e. e.
snas. 'as'au."4 ~ Ts =, .n H. ~. W., ~ In. ~
comes 81 h!i ne!ls aacoI{ tnas ant ,a'VS Vs., "
oasy uepeTata Mt ppon tne eoa. W. q S,ou!en0a, ~
snnn st9att ~! sAJs taas aot oaly governments, ~
ont nahAe.ei eau n's.e .s ponnal oa1 ~ ~ nspes "
Mthp'y csahns tasm pounaa. !" " Autu,
!hn moro hoy MAXI .., ,os snsn. a .ne
!eaa: -, ,esusssMh .n"i: Hn,y, .,ts
WoIta: nat, ~ .astt iu!,, tneJ nsns u'"ss w.
tns ths ehhhe 2. tne eoa IT. mHheY, even ,a " w.
eonsetLD's nsb t9ent anu VIZ ~ ~ un'I ~ ha ~
coaaa!es - "@tGa tney ~ iIsH.u ~ uus ~ o. oas
counttlss $50. Ihus eda 70 tae toiat!n IT,! u Fapst
nol.s. IN america, hnd Joa oSGtea,e aae pafca0-
1aR powat, y MonsJ ~ ~ WHY - 'Itse. TIE .
~. Ncl!a lasa, MY tsgn,ni'oh goes hot f.so
sa1ne y money, - sD4ata: nta not tne monetaza.
t!oa ot stssr Kss u s4a!ioaaa H.au y -
and u hot ~ aemonst!zsunn soas.ns ~ 1sesas
ANA ~ not these !es:l.lnt1se actaI l9a t9fct q
Goyssnmcne sPd ths efet o. psisato inaitidaals %
anA banks, E,se vat9e 20 ms5o n!sees o. Garsf,
AZ n9t these aGts g. ey.st,ont Me E,ness ~