The times. (Owosso, Mich.) 1882-1897, 1882-10-13

was we'll tnat the people snouiu un-
derstand the importance of this ques-
ton so as to know how to act intelli-
gently. If this propaganda is wrong
it will not do to let them gain con-
troll of the State of Michigan. He
did not pretend to know all about
the subject of finance, although he
had studied it, but he had honest
convictions on the subject which he
should endeavor to give, with the
reasons therefor.
The only safety of republican
form of government is an intelligent
public opinion John G. Calhoun
compared the currency to the blood
of the body polite, as it is that which
gives form and complexion to the
business of life. Money is not the
creature of today. 1t existed long
ago, and grew out of the necessities
of barter. The first idea Of money
was value-to give value for value re-
ceived-and the very word, pecus,
from which money is derived, signi-
fies herd, and refers to the ancient
manner Of exchange and payment of 7
debts by live stock at stated value.
In course of time gold and silver be-
came the recognized money of the
world, because of the fact that its
fluctuations, due to the quantity pro-
duced, were less than those of other
metals or articles of exchange. 1t
was first passed by weight but as
fraud was liable to creep in by diff
ference in weighing and assaying,
there was brought about necessity
for government stepping in and
weighing and stamping it to show
that there was SO much metal of such
a fineness. That was the first func-
ton of the government. The second
function was to meet deferred pay
ments, and out Of this grew the max
of gold andsilver legal tender. The
understanding has always existed
that the man who paid gave and re-
ceived something of value, but it has
been left to a new party or class to
arrogate to itself power which some
of these very philosophers assert not
even the Creator posSesses-that OF
making something out of nothing
taking something that is as near
worthless as it can be, and command
ing that it shall be received for some
thing.
Our Greenback friends would have
the government issue this money and
control its volume. The government
is irresponsible as debtor, aud not
subject to the courts. But it must be
secured by the faith of the entire
country, say they. The faith of the
entire country would amount to but
little more, as no one would be di-
rectly responsible for it. Govern
ment would issue this money to
the people. but its security would be
the same as though it borrowed a
hundred dollars of an individual and
gave him for security mortgage on
his own farm.
Money must be something that can
be exchanged, thus obviating the ne
cessity for barter. 1t must be the
standard of deferred payments. 1t
must be capable of accumulation as
the representative of wealth. Sta
bility is the prime quality of money
as the money of the world, as elastic
ity is the prime quality of currency
as currency. Money is real value.
Currency is based on that which is
the representative of the other. The
experience of the world has shown
that gold and silver are less liable to
luctuate than any other substances,
and are therefor best fitted to stand
as the unit of values. Every nation
that has tried the experiment of SUBJ
stituting something else has suffered
injury and retarded its own progress.
A commercial nation must have
currency like the currency ofthe rest o.
the world.
The speaker instanced the old Con-
tinental currency, that became SO
worthless that it was used to paper
barber-rooms, and was pasted on dogs
in derision. Russia, Italy, Turkey,
France, and Austria had tried paper
money experiments and the finances
of the latter were in bad condition
to-day from its effects.
The speaker showed that the vol
ume of currency is controlled by laws
as immutable as those governing the
planets, and that it would be abso.