New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-03-26
Mr. Uerzfeld-I decline TO answer
4 LECTURE on MONEY BYHoRAcE WHITE.

A fair audience gathered in the Cooper In
stitute last night hear Horace White lecture on
Money and its Substitutes" The lecture popular
IN character and designed to explain I'm simple and in
reigibe terms the origin and value Of money as me
dunn of exchange
In the early days OF California said the lecturer when
Government coin almost unknown, private persons
struck of gold CONS to used exchange AS they
had not the Government device they were
not countereits but neither the other hand were
they Iega; tender Nevertheless they were equal in
value to the legal coins they passed SUCH and in every
sense OF the word they money Before this gold dust
had been used as medium of exchange, and though
convenient It also money. Then at last the Govern
ment established mint and money which was legal
tender came into Use. Now these three things dust,
private and legal tender were all money II Cali
forna had used skins tobacco instead of gold our
ancestors Of Maryland and Virginia did these things
would also have been money. All things in common
use-skins tobacco musket balls cattle and the various
metals-haye at different times in the worlds his
tory been used as money. We see from this
that money must have value Of its own, that it must
b. serviceable and the creation OF labor Some things
are better than others representatives OF value and
mankind having tried almost everything has hnaly, by
general consent decided in favor of gold and silver for
these reasons: They combine much value with little
weight so that they be easily handed they can be
divided and subdyided without losing their value they
me not subject to loss by exposure 10 the atmosphere
they will fine impression, and are not easily coun-
forfeited they are always the same In character never
inferior; they are reasonably stable in value.
The amount Of gold in the world to-day Is about five
thousand millions of dollars there is about twice as
much silver. About hundred and fifty million dol
lars are added this every With such an amount
as this there is a sameness In the value which makes
these metals the best medium yet discovered or
there are variations even In the value OF
these metals. Tbs two facts that affected
them most largely were the discovery OF
America and the discovery OF gold In California.
These two events have caused permanent rise in val
ues During the first half Of THIS century the growth Of
trade ouran the supply Of money and FOR time prices
went down but after $40 they went up again We are
NOW able 10 give n scientific definition of money it IA
subt ncc possessing attributes which III II 10 serve M
measure Of value aud convenient equivalent IN barter
Rut IL must be remembered that money Is not merely
sign of value piece OF gold has Its own inrin-
sie value, though you cannot eat II. But IL may
be said: "If mankind should agree to use anything
else for money would II not be just as goodf The an
swer is they will never agree Every operation of NE
Is n matter Of dollars and cents, hence the important
place which money has always held IN every civilized
community. 49,, .--- --- $4,000, l.. -,..--,--
that cold il the only standard OF value in the estimation
OF The common people and that checks drafts and bills OF
exchange are merely convenient substitutes Tor money
but not, strictly speaking, money ltheI