The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1882-10-19
THE MONEY QUESTION AGAIN.

paper picking up the GEORGE WASHINGTON
JONES, PETER COOPER and GENERAL WEAVER
statements that "money is the creation OF
law" etc. The Austin Argus a day or two
ago, expatiated on this, and last week some
other journal discoursed on the COOPER argu-
ment, which is substantially as follows
''In the beginning was barter; then came
gold as medium; and then came credit.
The higher the civilization the less the
proportion of coin used and the greater the
proportion of credit paper; hence, in SUI
premely civilized state coin will disappear
altogether and paper be the sole currency"
The value of this argument has been
happily illustrated by the case Of that
other sage who discovered that by using a
stove instead of an open fireplace he saved
half his coal, and then straightway deter
mined to use two stoves and so save the
whole of it. Or that other genius who
said to his grocer: "My friend, when
moved into this neighborhood had to pay
you cash down for every pound of butter
and peck of potatoes l bought from you !;
but you soon came to know me and were
willing occasionally to give me tick
AT the present stage of our intercourse you
have acquired entire confidence in my
honesty and the extent ofmy resources, and
are willing to sell me all | want on credit.
Suppose now, in the interest Of "a higher
civiliza tion,' we carry out this process of
evolution and abolish the bothersome sys-
tenn of periodical settlements. Let us make
the thing credit all the way through"
But in the matter of this
national credit business, based on
taxes and customs, the greenbacker
slys "the paper dollar is therefore of a def
mite and fixed value because it will be re-
ceived for exactly dollars worth of taxes
or duties" This is exactly what COLONEL
GEORGE WASHINGTON JONES said in our
Dallas courthouse the other day. Now,
COLONEL, what is dollars worth of taxes?
The unit of value is certain quantity Of
tax; now this quantity is determined
by the value of property as measured
by this quantity OF tax taken as a unit
And then again the rate OF taxation is de-
termined by the expenses of the govern
ment; and who shall regulate this, and
with what uniformity, and how about
changing values, etc, etc The whole diff
fculty about this mighty maze" with an
hundred plans, lies in the considering
of money as simply me
dunn of exchange" when it must
be considered as standard and measure OF
values, as well, because itself has value,
aud value that comes like all other values,
because it is the product of labor and de-
5ermined by the great law OF supply and
demand. The government putting its stamp |
on piece of paper, saying this is dol
lar" may, with adequate legislation, make
it medium of exchange, but it gives II no |
actual worth beyond that. And
il due legislation be not |
and constantly made, |
it may not last very long even as
medium" As some economist has asked, |
suppose bit of paper is stamped zone
will IL measure the weight of
quantity of sugar? Suppose it is stamped
by the government lone Quart" can a |
person thus discover how much water there
is in the cistern2 To measure WEIGHT you !
must have weight not something which |
represents" weight. for this isreasoning In
A circle, or is biased on weight" or is
good for weight" or is redsemable in
weight. To measure length you must have,
length; to measure volume you must have
to measure value you must have
value. And further, there must be def
nile amounts of each Of these as units Of
in the respective classes.
Congress regulates" the value of dollar
Just as it regulates the length Of
h yard, the volume Of a bushel,
ETC. II may alter the STANDARD"
and make five-cent nickel piece illegal ten
der for one dollar" so that a 5-dollar hat
would be priced at just 800. That IS rs far
rs it can 20, but government has no right
10 concern itself with the price which peo-
pie put upon their exchahgeable services.
Money makes no alteration in any law Of
value, but merely substitutes, for convent
snce sake, in ever. transaction
N which it play part
/ universal for a'specifc purt hasiRg power.
surely il is about time that .hese clear, ex-
Dlicit and elementary truths were learned
By the people at large. And, indeed, Il Is
gratifying 10 observe that the press eener-
lily Is lending its abilities and efforts
10 their PRONUNCIATION and elucidation, and
lnder it's continued blows the misis and
logs must pass away.
Doctor said I must de Of consumption,