Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1879-05-31
Saturday, May 81, 1879.

EDS. FREE PREss: As, in your issue
Of the l7th. you fcrego The luxury OF even hint
ing AZ a desire 60 know" What think OF some ct
the other financial propositions oi Dir. DE La Ma
tyr, will say nothing more about them but ns
YOU speak about the - pEreha.'rg Po'oer Of mo-
ney, may l. now in turn, ask you what you mean
BIZ the - purcsGsisg po tcer of money
In all Inc books OF political economy have ever
read. Enqlish, French, or German, or ancient or
modern, I have never seen u asserted that money
had ang psrchasihg powcr Whatever but on
,he contrarv 4. is asserted 10 al oihem, that there
is no " purchasng pore" III money, but only an
"e.chanrinc power": the "pHrchdsinJ poNs' "
Il, In all political economy, asserted to be 80 re
flings errhanged. 10 such treatlses, that labor
paws for ln5oT," and product pays for product,
are axioms Ifit were nots 20, why is not money,
IN common parlance, called the ''ps'ehdstny NIT
d,gn,." Instead Of The " erchgHgiHg nedian," as
all denornlnate it2 The truth Is, that this talk OF
the "purcha asing power OF money, Is all hosh and
deceptiou. Messrs. Editort ond you have been
sold. 10 adopting it from the bulionlsts, who. With
malice aforethought, use 81 with She ely, sud at
sui. parpoec Of having money supposed the p-ipa-
~ factor in tho exchanging process while II, IN
reality, I, only ,.coadary, and performs she very
humble fohc;ion of a mere " TOOL OF 4" token. q"
or order" 10 be held By toe possessor, until be-
receives tne sbor or procnet oflabor, In which.
only, resides n payiog, os "pafchssiog power"
Itis like the pepper check, os ticket, you receive
90 csietiog the car, which does not pay for your
psaage, but Is only eTtdence that your !sbor, or
the product ol yo-f tabor, has paid Il. When you
receive On hautred dollars for horse you psri
with because you want say. tSo cows, you % not
receive the hundred dollsra CO payment e. the
hor,e bat as &" tool, -" token" or " order that
all have sareed 90 receive for any thing they haze
20 sell. When you get the COWS, The cows pay Tor
me horse. and .ho horse payS for toe covs, and
because tie "pu'ehssiog power "" 10 them aud
not 10 tho money
Think over these facts we'll, Mcssrs, Edtots, and
you will see there Is necessity for 'air'"ste cal
Ne 10 the medium Of croln-go, beenuse you have
annie security in the iHf,issic rai-ss Of the tiugs
cEch0nged-,ho horse ard the cowe o. Wit
Jso. \. fEossoy.
Sunni, Poiu,, Nay lo, ls7'
We discovered our mistake in the use
Of the expression purchasing power Of
moucy as soon rs vo received the above letter
Of our distinguished friend Of Summit Point
we we're about 20 sny Of Ita'y. 's he conu un!-
Gates three -four,hs 10 roman md the Other
fourth In itslic, "W'hy shonld man spond hit
money for that which IL nc, meat. and bis IA
Dor for that which sa,isGoth not2" IN oil our
reading upon political economy, not only IN
the Englsh, bnt 10 the french, Go'naa, Span
ish, Greek, Hebrew, SyrIsc. Arab'e, Burmese
Italian. Sanshrit, Choc,aw. 80. 10 lcsrn what
is morey.' ne have never soon the ils.lnction
between the purchasing power md the
exchanging power" Of fmoney 50 finely drawn
as II IS presented by our friend.