Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1880-11-11

should be defined and fixed by law to
express some definite duration and force
of unskilled manual labor or industrial
value, before money can even be truly
said to be"a common measure of values.
The very lowest order of rude manual
labOr-directed labor is alone suscepti-
ble of definite measurement or unit.
Since money is a medium of exchmge,
and nothing can effect an exchange
which is not an authentic evidence of
claim against, and definite measure
of the value Of that which it is first
passed for or is purchased with it, the
purpose of money can not he fully
served by an instrumentn not fully vested
with the power to perform these func-
tons. Let lis see how it can possibly
be vested with such power.
One man who has a surplus of iron
above his own demand for vital use,
may exchange it for any surplus of pO-
tatoes owned by neighbor who wants
the iron; but the law can not compel
him to take iron for potatoes, nor has
the law anything to do with such a
transaction. Government should regu-
late and protect, but MT encroach upon
the rights of the individual in the peace
able trans cton of his business affairs.
Even if a owe B for potatoes already
consumed by a, the government has no
right to decree that b shall take gold,
iron, coal or any other property for a
potato debt. But as gold, iron, potatoes
and coal are all legitimate earnings and
proceeds of labor, the government may
compel b to accept an equal amount of
labor for debt because labor will pro-
duce anything b may want; or if a can
get claim on Il for labor that should
be legal-tender for the debt, because
it would he returning like for like, la
Dor for labor.
This adjustment the law may fairly
enforce, but beyond this it cannot legit-
imately 80, and say that one mans
flour or potatoes may be eaten by an
other and then compel him to accept
iron, gold or coal for the debt, because
he may not be in need of such articles.
Labor or service, then, is Il fair and
just consideration for its kind: and
any evidence of claim based on labor
or service is money-a valid claim
against property, and Il measure of the
value thereof. If A perform days
work for b and take B's due bill for
the same, that bill should he valid
tender to b for any marketable proper
ty he has that cost him only days
labor; but it is not a valid tender to
C or ID, because A rendered the days
work on the due bill is based for Il,
and not for c or ID; therefore its cur
rency is here obStrucied. and the bill
will not serve the purpose of COM
mon medium of exchange. But if the
government render service or incur
an expense on behalf of a b, c. and d
in common, and present Il claim for
such service or expense in favor of gov
eminent and against the governed. who
are !, i, c, and ID. then that claim is
valid and just against all of them, and
when one liquidatcS the whole claim
and parts with his property instead, he
has thus paid claim against all with
his own property; and the rest of the
governed, therefore, owe him as much
property in value as he parted with
less the pro rata of the debt due the
government, and the other constituents
of government will therefore accept
the claim for their property, knowing
that is Il common tender to all, and is
based upon claim for services and in
cured for all. This money thus pass.
ed into circulation among all parties t0
the issue and institution of money, he
comes Il current medium of exchange,
u common measure of values, and Il
valid tender for payments.
As soon as the feature of legality is
impaired to money this renders it de.
sirable, and places it more in demand
as property, just to this extent, namely;
that one piece of property will cX-
change for another, provided the two
owners both happen to be in need OF
each others property; while money is
Il measure of that amount of value in
other property in market. and is Il eur
rent tender thereof.
Property includes all the necessaries
comforts, conveniences and luXuries OF
life, but money includes neither OF
them-it is only Il medium or instru
ment of exchanging them. by express,
; ing their value and an evidence OF
claim against them.
No instrument serves fully the pur
pose of money which will not pass cur.
rently and freely from hand to hand fol
all public and private dues and tho
true test of the reality of money is 4
, feature that it will pay taxes to govern,
ment. Anything which will perform
: this prime function of the money in
strument, is unquestionably the money
! thing. No one will refuse to accept il
in payment of q private, if it will can
eel a public debt. And this feature be
trays the true and legitimate source OF
money, of which division of the sub
, iect l shall treat in my third article Of
: this series.
| We observe, then, that there are two
/ distinct services to be performed by
money: the payment of debts due b,
: the governed, to the government, ant
, the payment of private debts du,
, among the governed from one to an
other. When it will perform both o.
r these services it is, and when it vii
not, it is not money.
; That the payment of taxes is tn,
prime function Of money becomes obvi
Gus when we consider that those wht
, govern do not produce or manufacture
+ yet they are employed to serve thos,
. who are governed and do produce ant
manufacture the things which the gov
. erning must have for consumption anC
l use, as well as the governed. Then i
+ there be no money in existence, til,
/ governing party must be paid for thei
r services in such articles as they need
: which are produced and owned by tn,
], governed, who employ them to govern
This would be strictly barter, services
5 of government being exchanged TO
: property. But it occurs that all tn,
governed owe their government fo
l public service alike, while the govern
, ment does not need the productions
S proceeds or manufactures of all classe
q ~ L.. G,lI, e.