Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-09-12
rHE PHILOSOPHY OF MONEY.

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THE PHILOSOPHY OF MONEY.
This is the title of a neatly printed
pamphlet of twenty-five pages, written
by our w~ell-known and thoughtful fellow.
citizen, Colonel Enoch Ensiey, and read
before the Social Science meeting at
Saratoga on the 9th instant, Perhaps
there are few people who in the eager
endeavor to get money stop to
consider whether there is any par
ticular philosophy in the art Of
money-making or spending. The most.
of us are satisfied if we have the knack
OF adding TO our pile without stopping to
moralize or draw metaphysical diagrams.
When a man makes money and keeps 1t
the world generally credits him with be-
ing a sharp fellow, and pays him all a
ner of respect and attention. unless be is
actually an outlaw. 1t is seldom inquired
whether a man uses his money as
q means Of doing good or merely
to crafty ambition, selfish purposes
and morbid appetite. Call a man
rich and very few will inquire whether
he uses this great power c-onscieutiously
or becomes a petty tyrant in society,
crushing the poor and initiating those
who may have more wealth than himself
Colonel Eusley starts out by assuming
that the great objective point to be
reached in the discussion OF money or
anything else is the good Of the human
family. Establishing this as i~ndispn;a
Bile ground, be lays down as a secondary
basis OF discussion the assertion that
there is not now and never has been
such a thing as a stable or non auctuat-
ing money"-thst it is and ever will be
continually huctuating, and that the
stability of anything depends on the fix
edness of its supply and demand. He
assumes further that money is no more
a fixed standard to measure things by
than other things are fixed standards to
measure money by, and that many other
things are less ~auctuating than any
money, as land, labor, wheat, wool and
many other universal and indisputable
wants of man. Three hundred years
ago, he says, a given amount Of labor
would purchase about the same quantity
Of wheat it does to-day, while it would
take treble the amount Of gold to par
chase the same amount Of wheat or
labor it did three hundred years ago.
He says further: "All money Of any kind
is of the creation of government, whether
it be gold, silver, copper, paper or what
not. 1t is made money because govern.
ment says by arbitrary law it shall be
money for the payment Of debts" With.
out combating this in the abstract we
would remark that a mere edict Of gov.
eminent cannot destroy the intrinsic
value of the precious metals, any more
than make paper money valid, unless it
represents actual values. All the gov.
ernments in the world might unite il
demonetizing gold, and yet it would pos
sess its actual commercial value accord.
ing to the demand, the same as a bushel
Of wheat. But it is not the object Of this
article to combat Colonel Ensley's thee.
ries, but mainly to give his theories and
ideas, one Of which is that a nation
using its own irredeemable paper
money can with discreet management
bring and retain to its people with
unerring certainty great and almost con.
tinued prosperity. The proof Of his
proposition occupies considerable space
on ground which, to say the least, is Ok
batsble. Colonel Ensley's arguments
however, we conceive, are well fitted To
gether and present a front which no re
sumptionist will hasten to attack. Some
of his arguments are exceedingly neat
ingenious and well put. He has ev'
IDENTIFY studied all the theories and placed
himself en- rapport with the best thinker.
of the age. For instance, take this sen
tence: Money is not a fixed and non
fuctuating standard for the measurement
of other things. Yet it is a moving ant
auctuating measure, and it occupie.
the other side of the scales in measuring
and regulating the price Of everything
else of the land Of any value whatever
AS more Of it is put in its side Of tn,
scales it goes down and other things &
up, and as less Is put in i
goes up and other things 20 down.
What could be more ingenious to prov,
his theory? The paper before us is al