National Republican. (Washington City (D.C.)) 1872-1888, 1878-03-16

What il Money?
In the inevitable discussion Of financial
problems, which must continue to occupy
the thoughts and attention of the American
people until something more satisfactory
than the present vicious legislation is at.
tanned, it will greatly simplify matters If a
common understanding as TO the meaning
of the terms used can be reached. As pre-
liminary to such articles as we may hereaf-
ter publish about the influence Of past and
future financial legislation upon the present
and future industrial conditions of the
country it Is important that there exist be-
tween our readers and ourselves no misun-
derstanding as to our conceptions Of the ma
turs, the function, and the limitations of
money. 1t will be found, We think that q
correct comprehension of what money is,
and why it is used, will suffice to dissipate
much Of the mystery which is commonly
supposed to surround this subject, and will
enable us to realize that the progress of
events and the rapidly-increasing demands
and facilities of trade have long since made
obsolete many ancient and solemnly -enun-
ciated formulas which the students of
finance have been wont humbly to accept
as aphorisms.
Modern invention disuses the clmberous
machinery Of the past, and modern thought,
alert, inventive, flcile, is intolerant Of mere
assertion, however revered the authority
The musty oracles of the past must consent
to answer the questions of the inquisitive
present or be content TO sink into merited
oblivion. As the railroad, despite It's digni-
fed corporations, its armies of workmen,
and costly array Of cars, is, after all only the
means of furnishing an improved method
of transportion," is in its ultimate, only the
substitution of steam engine which is to
drag the farmers bushels to market in
place of the old ox-team, the end being the
the grain from the field where it grew and
putting 1t in the hands of the person who is
to eat it; and as all questions relating to
the production and transportation Of that
grain finally come down to the simple
query as to the minimum cost Of transport
ing that bushel to market, so is this much
talked Of money" about which such pOther
and such mystery is matchmaking more
than convenient medium of barter"
1t is fact that during the past few de-
casles as great and revolutionary improve
ments have been made in this medium OF
barter as have been made in the mediums
of transportation Unfortunately, how
ever, most OF the writers on money who
have been accepted as authorities belong
to the ox-team PERIOD while the actual
money e. medium of exchange
with which We of to-day have to do, is the
result of the changes necessitated by the
express train and the telegraph. Bills Of
exchange, checks, drafts, paper money, the
modern Improvements in this nineteenth
century barter" have. revolutionized the
old system of money, just a. steam has
taken the place of the ox-team and light
ming of the post-boy. Bear in mind, how
ever that under all these changes, back OF
all these notifications, improvements and
Tefinements, the purpose of money is just
the same as 1t was when the patriarchs in
lhlestihe paid Gown thcir shekeis OF silver
Bear in mind that all trade is barter-the
farmers bushel OF grain gwen IN exchange
for the weavers yard OF cloth, the Wanted
commerce OF the world Is nothing but TINS
All wealth Is the creation OF labor; money
Is not IN itself wealth 1t Is simply tins
measure oil wealth, that Is oil labor tits the
medium" which different laborers agree
upon to accept as "A common measure
Of the product OF their labor. 1t may
stamped like the Chinese sycee silver, II
may he coins OF copper, silver, OF gold II
may bepieces oil paper stamped by some gov