The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-02-23


1000 years before flesh was eaten by
man it il probable that tho representa-
tives Of value were land. clothing. trink-
OTIS, personal property. And since the
first was not movable, it was natural that
something should represent il. and
practically become circulating me-
dium, this land maniiestly being tho
real value. And even in rude state Of
society, the inconvenience Of station
ary value, like land, was apparent, and
since after the flood flesh was used as
food, IL was natural that "docks and
herds should represent value and be-
come circulating medium and value in
themselves: they were used rs food,
etc. four word pecuniary is derived
from, pecus, meaning cattle). 1t is plain,
however, that % society progressed, and
foreign commerce was instituted, some
thing that might represent the real
value. or something that by the 6at OF
tho people, government might aid in
effecting the exchange Of some commod-
tiles. In process Of time various articles
having intrinsic value were adopted, ~
shells, trinkets, or almost anything that
could be more easily transported than
cattle, OF necessity, were used a.
means Of simply transferring value not
Of its own creation. Now the estimated
value Of these was matter Of acci lent
or fancy. II the powers decided that
any article should be called = dollar, for
example, in value it Was 80 simply ~ q
means OF convenience. They served q
necessary purpose, . convenience IN
e6ecting exchanges, and this they did
with no reference to intrinsic value
only exchangeable or commercial value.
In course Of time coins we're made of
the 40. called precious metals, their pre-
ciousness being wholly or mainly de.
pendent ON their scarcity-an accident
Then, as . matter Of convenience, paper
represented the supposed coin value
while the coin represented the real val
ne, or some commodity capable Of sus.
tanning humsn life, rs the soil and
product Of the soil, food aud clothing.
Now, the exchangeable value Of the
coins and paper, neither having intrinsic
value, must be determined by the fam
cies OF the people, piece OF coin being
rated ct one cent, one dime, one dollar,
ono eagle, etc. Now. since the cent, for
example, il rated far above tho ex-
value Of the metal from
which it il made-the same being true
Of the nickel coins-it is plain that the
same fancy fat might FIX the value OF
the eagle ut $lOO or even 81, 900, or
q million, and thus be able to have an
imaginary coin basis for our paper. We
can have metallic basis in no other
way, since the precious metals at tho
present supposed value are not sufficient
for such basis. But this would, in tho
nature Of the case, be simply imaginary,
. freak OF fancy, as ut present. Indeed,
the soil and what can be produced from
il 10 sustain life must be the most i'm
portant basis Of value. Now, the world
never saw . better currency than the
true greenback. -. ! suppose, based on
the only value in tho country, and al Of
that value. II is not Reasonable, since
il is impossible to redeem with the pres
ent supposed value Of the metals. It
does not contain value. il is true, but
it, a. . deed Of real estate
does, and in the same sense. A
thousand dollar note costs no moro
and ID intrinsicAlly worth no
moro than one representing 81. on the
same principle that the paper and the
cost Of making deed Of . $50, 600 house
Is the same IS that Of one valued ct
d, 600. The cost Of 10-cent postage
stamp il no more than that Of the 1.cent,
and yet fiat says that one is ten times IS
valuable - the other, and we wisely
recognize the fact Indeed. no Govern
meut can exist without Hat So fur q
convenience and the aid afforded to
commerce by money are concerned, .
counterfeit note or bogus coin, 80 long
% they are circulating and facilitat-
ing exchanged, are ~ good a. the
true currency they depreciate only
when they are detected and rejected as
currency. At ono time such were, COM
mercially, worth . barrel Of -four but
whom known, not cent. and yet no
change in their form or appearance was
effected. Money, then, can only be .
creature Of dat.-Dr. j. H. Hanqford.