The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1878-01-18
Alihhlsburq Rpglstrr
FRIDAY, JANUARY Is, 1873.
What is Money!

The most important question now
before Congress is, perhaps, whether
silver dollars, whose real value is about
80 cents each, shall be made legal ten
der to an unlimited amount, thus Civ
ing debtors the legal right to swindle
their creditors ont of ten per cent. Of
their Just dues. This proposal and the
discussions growing ont of 1t has recall
ed to mind the history of money in the
ulden times. Mr.. A. j. Fogg, formerly
bank commissioner of New Hampshire,
gives a very clear and full account of ii
in New England. lie says that in New
Hampshire, in 1880, by law 1000 feet
of pine mcrchantable boards was called
thirty shillings, or equal to six and two
thirds dollars; bushel of wheat five
shiAhgs, and so on. This passed very
well for currency in those days. AS
early as 1851, the colony in Massachu-
sets used as media Of exchange beaver
skins, grains of various sorts, Indian
wampum, etc, This wampum was
made of certain kinds of rare white
shells found on the seaside rocks. These
shells were arranged on striag, and
SIX IN number were rated at two cents
and SO on in that proportion. Another
kind OF she'll, more rare, and black
called the ''pUquahock," were rated six
for four cents, and Il string six feet in
length was worth five shillings, oi
Sill. As early as 1880, small pieces
nf paper. which were called bills OF
credit, were issued in Massachusetts
New Hampshire and New York, which
wcte loaned on mortgages and were pay
able in gold. In l140, New Hampshire
had E56, 900 Of these bills in circulation
Soon after that the home government
took the matter in hand and issued q
paper currency for the colonies. In
III, the continental congress establish
ed paper currency which was at first
received at lis face value, but the peo-
pie soon began to lose confidence as tC
the ultimate redemption of these bills
in specie. Congress passed law tC
obligc the people to accept this money
Tor debts or merchandise at the value
the face of the bill represented. But
the public needed not such laws, and
continental currency soon began to de.
preciatc in value. In January, l117,
its value was equal with silver. In
January, 1878, it required 1926 Of this
money to purchase the same amount OF
goods that could be bought with a sill
yer dollar: January, 1919, S7.42, and
by July |, 1881, n silver dollar could
buy as large II quantity of merchandise
a. ~ 200 Of continental bills. This fact
alone should convince every one that
no Legislative enactment can make val
ues. Paper or silver or any other me-
dium of little or much intrinsic value
can be and will be received for what il
purports To be if the public have conf
dcnce in its prompt redemption accord
ing to promise. If there were suspicion
that gold coins would not bring full
value in commodities to be purchased
at the will OF the holder, no legislation
could make them worth their face. But
il cannot now rest under any such sus-
picion. for il is merchandise. and has
full value us such. If il were to be
made by legislation 10 represent more
than It's understandable value. then il
would depend entirely upon the conf
dence Of the public, and very likely
soon depreciate in spite of laws to the
contrary. SO silver. if made TO contain
enough of the precious metal to insure
its understandable value equal TO its rep.
resentative value, would carry the con.
tidcnce of the public sufficiently to pre-
vent depreciation. But this is not the
scheme Of the advocates of the silver
bill. They call for "thc dollar of the
fathers which is now short in value
some ten per cent.
Silver Is not so permanent as gold
more liable to fluctuations of value
hence not so we'll adapted US II measure
Of value. There is but little doubt that
If the silver mines in Nevada continue
to develop and new mode of transit
be opened to the head waters of tho
Amazon, which is now being strongly
agitated, aud where silver ore appears
TO be rs plenty as iron in the mountain!
in Pennsylvania, ere five years hav,
passed AWAY silver will deprcciatc a
least 2J per cent. compared with gold
Within the past twenty-five years, a
one time, there was scarcity of silvel
for manufacturing purposes, and Mexi
cum dollars were worth in market on,
dollar and five cents each in gold, to b.
melted up and manufactured into sill
verware. To-day it is the reverse, ant
what is termed a silver specie dolla
viii bring about ninety cents in gold O
ninety-three cents in greenbacks. Still
barring the dishonesty of the act O
attempting TO scale down our obliga
tions by paving only ninety cents on
dollar, we should not seriously objec
to the use Of this medium in exchange
But that consideration is above al
others.
~ Gold was quoted at l0l rs cent
Yesterday morning, the lowest reached
yet. AT this rate we shall resume speci
payments in spite of Congress.