The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-09-28
MONEY

when the government stamp Is placed ON
material to designate it as being worth so
much, il is money" "If you endow paper
with all the money functions and regulate
its quantity, all that is needed to be done,
is done" Again: 1.-THE law makes the
money which is the medium of exchange, as
which 1t is valuable" Again; ait is
immaterial whether this goyernment-en-
dowed paper be or be not rodeemable in
CON- Again; "all that fiat money adyo-
Gates contend for is that money should be
portable diyisible and indestructible. The
number of errors in the foregoing, to say
nothing of the utter insuficiency of those
statements about money the great plank
of the grecnback party, is simply remark
able. 1t would have been thought that
one Of its leading advocates and
goyernor-aspiring candidates would at least
have furnished to his hearers n definition of
money, and yet he has completely failed
therein. But before We pursue his errors,
let us boldly take the affirmative, so as 20
get a basis ON which to stand and from
which to strike. We are told by one of the
coin advocates that "mOney is some useful
product of labor which serves as standard
of value for measuring wealth, and as an
instrument by which one kind OF wealth
can be exchanged for another This is
substantially correct, though better ulti-
m 1aitnttinn Vun,,1I 10, l. IL
current and legal measure of services, I"
We can conceive that one substance might
be adopted us q standard OF value and yet
another one be employed rs a medium of
exchange; thus, wheat might be selected
for the lirst-named purpose, to which every
thing else should be referred, while certain
beautiful African shells, copper, leather,
beads, etc, might be used ms
counters in the actual transfer of
articles; all arbitrary and uncertain
We prefer the last definition as it is Il "me-
dunn in exchanges, because it first be-
comes n measure of services The two
functions are not separate and of equal
rank, but the one is original and the other
derivatiye AS for the essential Characters
tics or qualities; In the lst place the arti-
Gle used should have an intrinsic value, and
of this precision and stability are of the
highest consequence; 2nd, it should be of
universal acceptableness, Sd, it should
be Invisible; 18th, it should be indie
portable and readily recognizable.
Now gold and silver, presenting these
qualities, have been universally accepted as
the proper materials to be employed Tor the
purpose stated. But because money is Il
of all other valuable services,
itself representing so much labor in the pro-
curing of II from the mines, the transpor-
tation, etc, 1t is not, therefore, the repre-.
sentative OF value. Its own value is like
every other value. Now, COLONEL JoYGs
says that money is medium of ex,
change and there he stops in woulIy
deficient definition, for is it no:
also II legal measure of services
But again, he says, sit should he porta
Bile, diyisblc and indostructiblc." Is ma,
per iulcs,ructible? We have never thought
so. But again, he says. "the government
stamp on the material makes II SO mucl
money, audit matters not whether IL be re-
deemable in coin or not Now, what is ia,
true meaning Of this government stamp or
coin 1t is simply to certify that u silver
dollar or gold dollar piece really contain.
u dollars worth Of silyer,o or dollars wortl
of gold; that is, it declares the purity ant
ccrtillcs the actual weight of Il piece o
metal Hence, it follows that a gold o.
silver dollar Is an object havingg real value
ltyou choose to melt 1t you can sell th,
gold or the silver for coined dollar. IL i
worth, the world over, the labor or service
II as bullion cost in obtaining il, CoLoNr
JoNrs admits that while the goycrnmen
can make money, such money canno
make the people rich The conclusion /
correct, 1t might as well decree tina
everybody is rich,' and the effect woul,
I've identical with the decree of CANur
whom he ordered the waves to cease flow
ing in upon the shore where he sal
II the object of the government stamp upo
the coin is to certify its weight, Gnenes,
etc, SO the object of the stamp ON the y,
per note is to evidence its value rs con
pared with some standard This not
is moro convenient of handling, TRANSMIT.
sion, counting, etc, etc, aud for such re,
son is often preferred to tho coin, nut strik
from it the guarantee, the attachin
thought in the public mind OF its ultimat
rcdcomability into or by something
itself possessing intrinsic value, and it b,
comes rs the assignats OF Franc,
the continental bills Of the Unite
colonies OF Revolutionary day
But COLONEL JoNEs says "baso il upon III
property of the country, which is subie,
to taxation, and "if YOU base il ON gol
and silver you make rich Kings of the min
owners" Well, suppose wo base IL q
wheat, or iron, or lumber, or oxen. lie,
we have things Of uncertain and luctua
ing value, some OF them perishable, al
none Of them fulfilling the qualities whic
even he requires for money, Aud then b
sides. should We not, for the san
reasons, make rich kings OF tho aSr
culturists, the iron.miners, the forcstc
or the cattlo.manF And thus whc
we 70 astray from correct princip