, 1877-12-12
THE SILvER.QUEST1ON

Paper Head by the Hon. II. q. Miller De-
fore tho Philosophical Hociotv Of Evans
ton, Dec. 10. 1871
Money ia that form Of property with which COM
mcscia1 exchsngoa are effected. A mutt Of money
10 tho denomination In which accounts are kept. A
unit Of other properly IN definite portion Of any
kind Of property by tho multp!cs and fractions Of
which the various quantities Of that kind ARC ex.
pressed. Money bc!nG the medium Of exchange,
tho unit Of money becomes tho measure Of tho
value Of tho xarlonk kinda OF other property. II
uso value ~ synon1moua with prlcc.l a dcahite
quantity Of any kind Of property Is worth tho
amount Of money It will bring. When na-
tIon has uAed medium, Of exchange for long
tln,o, tho vancs Of ltd other property will become
eajuated to this medtnn. II ils nnances Aso In
a normal, htalthfni condition, It's money
will consttluta. 4 definite portion Of It's
entire property. It Is impossible to sta'e accurate
" what that portion IL, but wc will suppose that
the ratio of iss property IN tho form Of money to
sts property In other forms Ia a. to 3o,-that Is
that for every dollar OF money ihrrc are $50 Of
othef property. Under these conditions each dol
lar In money has u hxed purchasing power. II
this ratio or relation once established can be
nsde permanent, and continue without any
change, then tho purchasing power Of the unit Of
money will alvhys be the same. Whatever thing
dollar will buy to.day It will buy At any future
tilne. II It will buy bushol Of wheat today, and
tho other influences affecting the price Of
this commodity continue ~ they now arc, it wit,
buy Just one lnshcl Of wheat and no move
ut any future tmc; but II thsa ratio OF relation IN
changed, then TIN purchasing power Of this Unit Of
money Is changed. It is diminished ju-t in the
proportion that thls ratio ~ diminished. and In
Just in tho proportion that this ratio il In
creased. In other w1ttst tho prices OF property In
uthos forms thnn money will rtRc tho purchasing
power Of money decreasca. and fAll as tho pur.
s"ns"s ~ ] y, ~ sou,,st WI .s.,s ~
pose i'lat the vonme o' money ~ aouolca' Win no
addition to 1he oths, property, then the ratio VII
!Hst "hat "nu ~ h'.'o tuan @ po'ena.en s,
=: Instead OF e. or eons.e
long time will pe r.e1useca ~ 10 accomplish ~.
cnangc nna nGf'eet 1 M me new no?nssment nHt ny
ptiecs. .Wo w! supposo taat one'ha,i Of tae
esy ion 10 10 e from i't 10 d. sf
what 81 pnrcnated ecfoso. In othcs words. thr
bu.hc! o. wheat fnat Naa wortn ~ scIolc t'!s
change was rnade y now worth omly hay dollar:
Ihis Gnnhee hafka an ~ ~ !al!inE pIlecs. As
thc pEces Q! ~ ehchahhseaH!s .h property arc u
ADDITION a!ieetsa ny ne aW o. euppl{ an!
demand. Tue ptieeS ol parlen!af kinds Of
property. stcn az !ea! setate IN lap'a!y. .ssowlnK
At Times edyanco more rapidly than tho prices Of
propes{ IN o.ner o ,ha.s Mis e. E5 = eompsnsate1
~ iAl IN INC prices o1 tHuho khHus q ptoheiIy
that arc from vnftons taases subject TO The &c.
pressing ln!laeness Of sht. law q anppIy and DE-.
mand leaving tas sum Q! tho price, 81 tt,e ent'ro
tho form nf money. untef mo SOLO !n1lncnea OF tue
agent which axcd and s7tabllshed thcm;;-.namo'y.
money: frlccA u phslcaiaf Kihha o.
property arv andcteh by .commerclnI
intercourse 81 other nations m e1 BY ~ creating
Or stl,nufattns demand Tor tho suh}eets Of TIL.
commerce. The price. 81 property ID the country
nre therefore controlled W tMo ipauences dspond-
Ink upon thc manner IN winch Il + viewed " r.
Easdcd y Viewed n fsspsst to IT, various kinds.
lnw Of supply and deMaho. y sleMou 70 Us gu.
tFcty, TINT Is. II tho af.rcshta nf prices IL Looked
st then tts aggregate h established sna fcgaatc!
BY the ratio tllat exlbIs between thS anonnt ot
property In tho to.in OF money anu tho amount uf
5opety n otos II Ss1 Mctas " tho
compared with tho quantity oi other property. Dy
continuing thh rat!n aachaneed Whcn u Is once
established. the stabll1ty Q! pricss. ~ nnorfing IN
taincd. While this lasts. money hns proper
rclation 10 all It's appropriate objects. Al!
tho product lve Industries that are adapted
to sbe circumstances and condition of
tho people are prosecuted on an
economical scale, and thcrof1ro auceossfuly psos-
secuted. Capital and lsbn1 will receive Just rec.
an frR EA} Era IN ~