Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1880-08-19

The Chicago Times says:
True money is commodity, and the
true monetary standard must be single
commodity. A commodity is product Of
labor. Whatever the material, labor must
be expended upon it before it can become
commodity, and it must be commodity
before it can be true money: that is, a
true equivalent for labor, or for other COM
moditles. Gold has been adopted as the
material of money by general agreement
Of all the groups Of people known rs the
western nations. 1t has been adopted for
various reasons, and
the most important Of all, is that its value
is comparatively constant, because the sup.
ply relatively to the demand is compare
tiyoiv constant.
Here are four distinct assumptions,
every one Of which is false:
|. That money is commodity.
2. A single commodity.
3. Thatits intrinsic, or commodity value,
should be equal to the value Of the lat or
or commodities it is intended to exchange.
4. That gold has been adopted as the
material Of money by general agreement
of all the groups Of people known as the
western nations, meaning Europe and
America.
Once establish these propositions as the
policy of the civilized nations, and Repub-
Iicani,m would flee from the world, not a
republic could exist on the earth; and u
gulf deeper and wider than that between
Abraham and Dives would separate the
rich, governing aristOCraCy from the mil
lions Of poor, enslaved tOllers. Money is
a medium for the exchange OF ownership,
as u steamboat is medium Tor the cx-
chlnge of the location Of commodities.
There is 10 more necessity for money to
possess an intrinsic value, equal to the
value Of the commodities 1t exchanges,
than there is for a freight car to possess
the intrinsic value Of the cargo it carries
from the producer to the consumer.
Money represents or certifies to the value
Of labor or commodities the holder or pos
SCISSOR has yielded up to the government or
society, and the law Of legal tender makes
it draft or check upon the government
or society for an equivalent OF any surplus
society may possess that the holder de-
sires.
Money has no uses except TO serve as Il
medium OF exchange, and Tor debt and
tax-paying purposes.
This be,np conceded. its opIv vvalne c,n
sist in its IegaI function IA nn.form thc.c
offices.
The rich can wei afford to limit money
TO gold. 1t enslaycs labor and forces the
mass of toiIers to yield up Their entire pro-
ductions for pauper's subsistence.
of thc millions nj daily cash tronsactions
in every commercial ci,v nn, IN rvrneI
ner cent of money il nSrd Those hone.
apct;one ava nnrIormnd tbroug, tba ,nel;nm
of crodit toI,Sr, wbicb scrT" 'l a,i Ibo o,r
noses of money for The ricA witinIt tha
dongor of inGot;rg The rnrrarCy If tbc
n""s n""t nroJ,cn d. '"7 ''1 '''' VI '"0
IN None p1, bnt tbe poor the millions of ror.
radity nrodnc rs Tho w1", .Lorers tha
smolI mall ftrnors nannr, 'Inrors and no %
cbom;cs nsa money alone ns a msd;mm ot
sx"l'anoo ]
'@Tl'r'sU. Tho an,r,oo d,ic ov,bo,,o, h,. r,.
LoGli,, G ~ ~, W. !, nIort Se, 03o rn1
o"iiN' " " ,"'N ~ rwouU NV ,'oG,I,I
r [,',ii eIi9 ic5 m Gee 'SI' ooD H. tGtS'
VI Gtlp 4o-'cUo, 'yl s'nIs Cnc eS'".t'Su-
4 4. = y 1
% pay Whlch ou' Tlo'o'o '''' loo o' III 'A'y
vas ", use'' ,..-..,
1iaI Inl amount Oh eAc"tHsc ry, oGeh ualt
by farmers ana iaDorers' the luiI lN9unt
oi money would nave Deeh required M
S'eM sH oil per cent H.. i
Inc scare lhe producer me1iuh' ol
exchange l'' the cheaper must Ge Ms pfo.
ducts the cleaper MS pIoauc'S thI l"iItr
surplus he Is compelled TO prouuc' 70
meet current expenses; anu the larg.r ~ ms
surplus ol cheaG products thc larsGt 'll'
transactions anu inn gie"'rr the Prouls o,
Aouou % PIo lU,J,'S,,Io G ,;,S IPl 10 i,, SI"! 'qt
centres, VINO exchange WIN meululn 'I
Their own requiring IitII' or no mohey lo
settIe pai3nceS' ...-.,-.
II IS not true thaI the %IS'Grn hai'ohs
nave adopted thc siil{Ie goId Stlnuar''
Inc following nations a"here TO lI'
single silver standard; huSSil' hiSu'trI"'
Egypt Mexico, central America, Ecuador
and Peru; ,,., ,
Inc following nations nave eStaDilShco
the double standard, W.: uIee!Gie' hou-