New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1878-11-13
ATTRIBUTES OF MONEY.
Written for the Review BY 0. P. cHAnap11r.

Written for the Review by o. p CrzAmpI1r.
Although anything is money which
the people universally give and take in.
exchange for their merchandise. vet.
but few articles are worth using for
that purpose as all history has demon
strated. The experience of mankind
has taught us that the best article to
use for money is that which has among
other things the following attributes:
j. U1saUersat purchasing poyer. The
purchasing power, or value of an ar
ticle is that for which it may be ex-
changed. When an article can be
bought or sold it has value or purchas-
ing power. Now such is the relation
existing between the nations of the
earth, such is the international char
acter of all business, such is the inter-
mingling of the races in every cline
that the article that has universal
purchasing power is the best to be a..
dopted as the money of any people.
| The article most desired by all nations.
in all lands, and by all men rich or
poor, ignorent or learned, and under all
circumstances is the best for money.
Suppose we adopt as our money the Zu.
LUIS COW. No doubt she has purchas.
ing power; but if rich man wished to
leave the country, and to take all his
property with him he might experience
great difficulty in converting it into
the cow money and in carrying it with
him. Moreover, the money might be-
come sea-sick and die, or he might take
1t to country where iron was the
money OF the people, and the value of
COW was no greater than that of a
sheep among US. He would have sad
lesson Of the unwisdom of using an ar
ticle for money that had not univers-
al purchasing power. But history gives
us better illustration. When VIM.
Kieft was governor of New Amster.
dam the money in use was the Indian
"Wampum. This money had an in.
trinsic value among the Indians: and
the Governor proposed to make it the
current coin of the province. He pro.
posed to increase the wealth Of New
Amsterdam Accordingly he caused
the shores of Long Island to be search.
ed for shells and loads of them were
gathered and taken to New Amster-
dam and were there manufactured in
to Indian money. This money he OBJ
liged all the servants of the company
to take; and paid the debts of the
Government with it. OF course money
was plenty and the public prospered.
But now an unforeseen difficulty arose.
The Connecticut Yankees found thew
could make this money with but little
labor and cost; and at once began to
| supply the wants of trade in New Am.
sterdam. The Yankees bought every
thing that was offered by the Dutch.
men and paid them in their own coin.
The Yankees, however, would not take
the Indian money adopted by the
Dutch Government; hence, whatever
they purchased of them had to be paid
in sound metallic currency. The re-
suit was the Dutchmen and the Indi-
ans got all the wampum and the Van.
KEGS all the desirable articles of COM
merce, and the gold and silver of the
province. New Amsterdam suffered
a fearful depression in trade. Men
lost confidence in each other and there
was financial crisis. The article best
adopted for money should have a uni
versal purchasing power. It should
be such as any people would be glad to
take for any exchanges.
=. The article best adopted for money
is that which most permanently repre-.
sents given amount of any grade or
kind Of labor performed by men.
Such an article should not be pro.
duced without some labor and cost. It
should not be as common as leaves and
as easily gathered. The production
of such an article should fairly meas
ure the labor and costs Of the necessa-
rles OF life; otherwise it will not be.
what it should be, the standard of val.
ne by which the comparative value Of
other commodities may be ascertained.
This is very necessary. The article
used for money should have some in.
trinsic value. =
B. Again, the article best adapted
TOR money is that whose value inheres
in itself constant and continuous under
circumstances which would DESTROY the
value OF most commodities. Cow
money would depreciate with age. it
might run away in the night, or die if
not daily fed. Grain money might; he
destroyed by the weather or by YER
min. Bead money would loss it's value
when the fashion changed. Paper
money would become used up in the
handling. None of these are the best
articles for money.
4. The article, best adapted for money
is that which is the most conveniently
handled consisted with the other attri-
butes named. Pig.iron, or wheat.
or Wampum would S not be5a tie
i most convenient money for us 81. arvG