The Lamoille news. (Hyde Park, Vt.) 1877-1881, 1878-10-30
COMMUNICATION.
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EDITOR OF LAMOILLE NEWS:
In regard 10 what money is, the
amount needed, and the various other
points Of the financial question, the
opinions of those who claim to be
teachers are various and many of them
Numerically opposed. Has, or has
not, money an intrinsic value? Shall
paper be redeemable in gold at the
will of the holder seems 10 be the
question which divides men into par
ties. Doubtless nine-tenths Of both
parties honestly desire that which is
right and best should prevail. 1t
would seem as though the men who
lead these parties have either failed to
investigate the fundamental principles.
which govern the question, or are aim
ing to reap wealth and honOrs at the
expense of justice and equity to either
the debtor or creditor class. BE this
as it may, the men who favor imitation
oruphold contraction to the point ofre-
sumption are wrong; while the major
ity of each party, like the two men dis
putting about the color of the chame-
leon, are both right and wrong. This
question has been so befogged by false
teachings, mixed with traditional error
and political sophistry, that it requires
deep thinking and unprecedented inves-
tigation to discover those principles of
truth which govern by the fiat of the
Almighty beyond the power Of the
American Congress and the crowned
powers of Europe to control. They
may make laws in harmony with facts
which both God and man have made
to exist, and bring prosperity on, if in
opposition to the same, and bring
ruin.
Let me make few assertions which
think can be demonstrated, and
which we challenge any man to dis
prove by logical argument founded on
truthful premises Gold as money has
no intrinsic value. Money has only a
representative value. Should the law
makers of earth combine, and by law
enforce coinage Of all the gold in the
universe, and thereby double the
amount in circulation, they could not
keep it there only by prohibiting its
mechanical use, as the natural demand
for it would withdraw it to ornamental
and mechanical purposes, and no hui
man enactment can regulate its value,
unless you can change the natural laws
of supply and demand. The value OF
a dollar depends upon the number in
circulation. TO increase or decrease
that number any faster than the popu-
lation requires is robbery. To increase
OF decrease according to the demand
of the population simply preserves the
origina! value Of the dollar. The only
standard Of intrinsic value in the
world is the wants Of its people, which
we term demand. This demand Of the
people in the world gives ayaI1e to its
supply.
Had we no material needs or wants
there would be nothing Of value to us
in the material world (and so far as
we can know, this is true also in spirit.
ual things.) But our natures have de,
mands, and ever since the decree went
forth, " In the sweat of thy face shalt
thou eat bread" men have had to take
measures to supply that demand
Now, in the world is q certain amount
of demand, arising from the require
mcuSSs of life and Of advancing civil
cation, and an amount Of supply. De
crease the supply, you dwarf civiliza
ton and destroy life. Increase life anC
: advance civilization, and you increase
the demand. But as this demand il
, not embodied in one man, and as NJ
: individual can supply all his owl
wants, this effort to meet the demand
occasions commerce end manufacture
| To this supply one man contribute
= wheat, another cloth, another labor
7 and another nothing, hence the neces
sity of commercial exchange. This eX
change is cumbersome and impractical
= BILE, therefore arises a demand 70
Y something to represent and measur
: value in this exchange. This medium
: only makes the supply available wit
: less effort than commodity exchange
/, If this demand gives the medium in
: trinsic value, it would give pape
: money more intrinsic value than gold
:. for the demand is for something t
# lessen the difficulty Of exchange, an
!, paper money facilitates this far MOI
n u than metallic.
o But, says one, gold currency ha
l this equal value, because of the valu
= of the metal to make articles of adorr
;, ment. But your gold money must /
II changed into ornaments to be valuable
i and then it ceases to be money, An
suppose gold was demonetized, whi
Il follows? 1t is stripped Of the valu
y which coinage has given it, and res
e on it's merits for beauty and use, an
d you find its intrinsic value. The ia,
Q that money is utterly useless as a SUI
u ply for the wants of our nature, unit
r. it is exchanged for commodity, prove
v it to have only a representative valu
It In our next we propose to demon
II strate the other assertions.
q, ~ a W. E. Colby.
ELMoRE, Oct. Goth, 1878.
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