The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1880-09-12
MONEY.

two communications, ono from the pom OF
General b. j. Chambers, candidate for vice
president on the Greenbsck ticket, and the
other over the initials W. B. Both these
articles attack the position assumed by the
| HERALD two weeks ago that government
could not create money. We were thinking
that we had SO clearly demonstrated this
proposition and destroyed, or so put to sleep
tho reverse one OF the "fStists," that it would
rise no more in this vicinity, but like
Banquo's ghost, "it will not drown" Both
communication address themselves to that
vital point on which hangs all tho system Of
the Absolutists, and therefore the answer to
tho one is the answer to the other
Destroy that prop and their household of in
congruities tumbles to the ground, while all
its fustan about "wretchedly paid labor"
"bloated bondholders," Irrational bank
communism" grinding tsxatioR," "im'
poveri,hed millions" vanishes "into thin air
like tho baseless fabric Of vision" 1t is one
of the strange unaccountabilities Of the day
that these miracle workers, these "tiatists"
that would make something out of nothing,
that would soidify vacuum, cannot obtain
clear conception Of this money question. 1t
can only be upon the principle that some
people can never comprehend music, are de-
iective in the bump that phrenolossts in
form US indicates time or tule,
or can never distinguish colors.
The views that our correspondents express
arc representative, simply those that are en-
tertained with more or less distinctness by
their leaders, Mr.. Justice Bradley and Britton
A. Hill, down TO the veriest tyro in Green
back advocacy. We are entirely familiar
with the historical fact that different nations
have at different times employed as "me-
dun of exchange or as a measure Of values"
as Aristotle hath it, different things, for in
stance, the Aborisines of this continent were
found to use pieces of bone, of stone, of lead,
etc, a. also of wampum or strings of pearls
or oyster shells. The Carthagenians, at one
period, adopted strips of leather, and in Car
thay the inhabitants were served by the in
ner bark of the mulberry tree. Long ante
rior to these, Genesis Informs us, the metal
silver was brought into requisition as when
abraham bought. for Sarah, his wife,
burial place, and paid for 1t 400 Sheckes OF
silver, current money" But the govern
ment of none of these peoples ever Created"
money, the great accepted money article of
commerce. What they did do was merely to
stamp" designate the value of something
upon that something, value hxed by the
peoples, thus merely certifying to it. guam
tily and quality, or certifying that it repre-
.euted the value of some other things beyond
any act of government. Aristotls's def
milton, as offered BY our correspondent is en-
inently correct of money; somewhere no
speaks of it as being creation Of law, if
thereby he meant-whieh is not shown
anything beyond the enunciation that the
law legolized and sanctioned what the grand
or law Of the commercial world had selected.
IA to the quotation from Calhoun we may
remark just here that assuming it as correct,
although it differs in phraseology from that
reported by Mr.. Hill, yet there is nothing
trusr than the South Carolinans statement
in tho contest which our correspondent has
failed to give, viz: "No convertible paper,
that is, no paper whose credit rests on the
promise to pay, is suitable fora currency"
But to proceed. To say something is money,
because il is medium of exchange in par
ticulsr country is similar to saying that o.
NJ, Roberts is governor of Texas in Dallas or
Austin but not in the other sections of the
state. Perhaps the best definition of money
is that furnished by Adam Smith, when he
said that "money is the known and estab
lished instrument of commerce, for which
everything is readily given in exchange"
Now,csmmerce not being local Units character
but universal, money is that substance which
IL co.extensive with such universally MS =
recognized medium of exchange and the
only things that have so been are gold aud
silver. The tit qualities of these metals are
tho reasons why they have been thus adopt
ed. They are 50 as demonstrated by the OK
perience Of mankind on the ground of tho
Survival of the fttest." And they are the
fttest because, for reasons thousand times
repeated by political economy writer's
l. They are convenient. They represent
large values and occupy but small space.
>. They are not subject to loss or detcriora-
ton by exposure to heat or cold, Are or
water.
8. They are divisible, and may be coined
aud recoined, and made to represent large or
small values without loss.
4. The volume of their production Is
reasonably uniform. They are not subject
to those sud- n and violent fluctuations that
attend the production of other commodities.
8. They possess real value equal to that of
the labor required to produce them. They,
like corn and wheat and cotton, represent so
much of human effort
Now his..money ofcommerce in not merely
representative of values and therefore
good medium of exchange but it /, value it.
self equal in price as commercial ecmm,d-