Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-08-14


out were bought at par and paid for
in gold, you will see the essential dis
honesty of proposing to pay them in
paper money, not the equivalent of
coin.
LAW OF EQUIVALENTS.
Greenbackers uniformly ignore the
law of equivalents which applies to
all exchanges between individuals
and between nations.
1. "For the most part one man
produces only one or at most very
few things and must therefore supply
his own multifarious wants by ex-
changing his products for the pro-
ducts of other men,"
2. Out of this necessity grows the
law of exchange.
3. In the exchange of products
reference is had to equivalency, that
is, in exchanging one product for an
other-whether of brain or muscle
an equivalent in value is demanded.
From these simple principles follow
certain conclusions
l. That 1t is impossible, as we'll az
absurd, to apply the law of equiva-
Tents to products exchanged and ig-
more intrinsic value in the medium of
exchange-namely money.
2. That in ignoring this law of
equivalents upon which is founded
the law of exchange, the greenback
theorist falls into the delusion ofirre-
deemable paper money, because no
one can give any reason for demand
ing something, the equivalent in val
ne, for his bushel of wheat or pota-
toes, his yard of cloth, &c, when he
makes an exchange Of products,
which does not equally justify him in
demanding an equivalent in real val
ue, if money is offered in payment in
stead of another product.
This course of reasoning, SO simple
that any one can understand it, proves
as clear as demonstration that money
must have value either directly, by
reason of its intrinsic worth, or indi-
rectly, by being exchangeable at
pleasure for that which has real value.
The precious metals alone fill the re-
quirement of universal yalue-which
money should possess. There is no
man on earth but that desires and will
take the precious metals-in the shape
of coin or bullion-because while he
can make little use of them they will
buy everything he wants to use,
whereas not every man, no not one
half of mankind want land and still a
smaller number can afford an interest
in government securities, and hence
all schemes basing paper circulation
on something besides gold and silver
have failed, because of the absence of
universal desire for the thing ex-
changeSble for the paper.
We are often met here with the
statement, by these muddy drained
fellows that value in money is purely
ideal. Is it? Then why is a pound
sterling worth four dollars and
eighty five cents? Certainly mot be-
cause either Congress or the British
Government ever agreed just wha,
the relative value should be, but be.
cause there is as much gold in
one pound rs in four dollars and
eighty-five cents. You will avoid
much confusion by remembering tina,
"dollar" is only word, not a thing
Legally the word dollar now mean.
% grains of gold or 4l2h grains Of
silver, but it might be made to apply
to twice as much of either or half al
much. Since the value belongs to the
thing and not to the word represent
ing 1t, how absurd to speak Of alter.
ing the number of grains and vel
keeping the value unchanged by still,
calling 1t dollar. A man is simply
wanting in common sense who thinks
that after reducing our coin to IL
grains of gold and 24O ofsilver he car
still make tho pieces buy as much az
before by still calling them dollars
but that man is fool who suppose.
that he Can take valIeless materia
and, by calling it dollar, give it the
value or purchasing power of 2:
grains of gold--in the shape of either
coin or bullion.
The law of equivalents is of univer
sal application. Economics or tn,
science Of wealth includes, in its full
scope, the whole human family. Th,
wants and productions of one man af
feet, in some degree, every other per
son in the world; and hence the sci
4 SuNO HILL klCaNh VA hunuCC, cACuHLlX
es, &C., is and must be universal
Buffers talk Of establishing an erclu
sire system of American finance il
therefore, the drivel of a demagogut
As well speak of national Ethics O
American Astronomy. What mus
be thought of that statemanshi
which would thus turn into moder
China our free America, whose sor
roam throughout the world for thos
things that minister to our 10Y an
carry to every land beneath the su
the reflected glory of our civilization
No less absurd Is Buffers proposition to ha,
Tor TINS country q non-exportabe money. A
well talk Of raising non -eXportable wheat, cor
porK or beef, rs well talk OF inventions exclusv,
| ~ for Ame-. n use, as well talk of non-export
BILE manufactures or of laborers whose skill shou
be useless In the workshops of the world. Th
, more we have of skill, products, brains and mo,
} ey In this country that the world wants and mu
, have the more prosperous we shall be.
IL DODGE.
, One of the dodges resorted to by the W lie
: greenbacker, when driven to the wall in the val
attempt to defend his pet greenback is to ask r,
st.z.,k -