Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1881-07-07
Money Principles Formulated.

money used by the people and govern
ment.
2. No sovereignty can safely OIL
properly abdicate that power, or dele
gate any part thereof TO any inferior,
whether such inferior he an individual,
or an aggregate of individuals, like
partnerships or corporations.
3. Money is not cOsmopoltan-it is
not international-it is purely and
simply national; it is the creature of
the law of the sovereign which makes
it, and that solely and exclusively; or,
stated in other words, no sort or kind
Of money, no matter how scarce or
precious the material may be from
which it is made, is money, in its legal
or proper sense, outside of or beyond
the limits the jurisdiction of the sOve-
reignty which created it.
4. The law only makes money; and
that is money which the law declares
to be such.
| 5. National sovereignty and indie
pendence imply a power and authority
fully adequate to determine, prescribe,
and establish the kind and quantity of
money the citizens and the government
shall use.
6, AS the commercial value of all
property in the nation is measured by
the number of units of its money, that
number should be as certain and va
riable as human wisdom can devise.
Z. Even-handed justice dictates that
there should be but one kind of money
for all the people of the nation issuing
it; a common currency, not only among
The people themselves, but between the
people and the government itself.
s. The government may make its
money of material having no CONNER
cial value, giving it all the uses, and
hence all the efficiency, which any
money, as such, can possess.
9. Money should have 10 other value
than its money value.
10. Money should not be made of
Tor, in other words, the money stamp
should not be placed on) pieces of the
precious metals, because the CONNER
cial value of the metal in the coin is a
quality separate and distinct from the
function which the coin performs as
lawful money; and the commercial
value Of the material often comes in
direct conflict with the duty which the
coin should perform for its creator the
government, as money, and des.rOys it
as such.
IL. The quantity of money in a ma
tion should be steady, and adjusted in
proportion to the number of people;
and the proper proportion per- c0pitd
being once ascertained and established
should never be varied.
II. No government can control the
volume of its currency when its money
is stamped upon pieces of the precious
metals, because the bullion in the coin
will leave the country in obedience to
the demands of commerce, thus con-
tracing the volume of money in spite
of the government, and to the great
prejudice of the people and their bust
ness.
l3. The prices of all kinds of proper.
ty rise and fall with the expansion or
contraction of the volume of money in
circulation: and this rule is the same,
and the effect on prices is the same,
whether the money volume thus cX-
panded or contracted be made of pa
per Or of the precious metals.
II. TO reduce the volume of money
One-half, is TO reduce the prices of prop
erty One.half; 50 that the money re
naming will purchase as much proper
ty as the whole would have purchased |
before. This mutiples the purchas-
ing power of the remaining money by |
two, or divides the price of the proper
ty by two, while it leaves the debtor
DOund by mortgage executed before
the contraction, for instancc) liable to
pay the same number of dollars that
he owed before. Ills property will
bring but onc-half as many dollars as
when mortgagcd; besides, the stagna-
tion of business attending such con-
traction makes it much more difficult |
to find purchaser of the mOrtgaged
premises at the reduced price, than it
would have been before the contrac-
tion ut the full price.
Is. Money of various sorts, as usual.
ly made of gold, silver, and paper, can
not cO-e&i.t iii harmony under one
governments for the dealers in each
metal used as money are against the
dealers in the other sort; there is an
irrepressible conflict between the two
metals, and Il aireful conspiracy of the
two against the paper money and the
government also.
IL. The rules of supply and demand
affect the prices of all merchandise, in
cluding uncoined gold and silver; and
legislation is as important to fix the
relative values of the the two metals
as of other articles of mer-
chandise.
II. Among the proper functions of
money are, on the part of the govern
mcnt, to pay all its expenses; and on
the part of the citizen, to pay debts, to
pay taxes, state and national, to pay
custom-house duties, to purchase in
ternal revenue stamps and post-onice
stamps, to purchase public lands, to
purchase things desired, to pay a note
at the bank, to pay and discharge a
to pay Office rent, grocery
bills, lawyers fees, and doctors bills,
ETC., and at every such payment the
money is redeemed" for its full value.
The money which will readily perform
all these functions will be highly ap-
preciated and sought for by all, ire
speCtive of the material which bears
such money stamp.
Is. Paper money may perform all
these functions as perfectly and effect
lively as metallic money; and in many
respects t is better than money made
Of the precious metals. 1t is lighter
and more portable, and transmissable
by mail. Its weight would not help
sink a person in water, like metal
and if the paper money itself were
sunk it would be no loss to the world,
but only loss to heindividual owner,
while it would be so much gain to the
nation. So also with any accidental
destruction of paper money; while the
loss by natural wear Of coins of precious
oNn1 10 .uI. n /,