Daily independent. [volume] (Elko, Nev.) 188?-1915, 1891-01-21
/ THE USE OF MONEY.


have urged it against US, and we too
often arc apt to give a tacit assent to
the charge. But while, in reality, the
accusation of being a Nation given up
to the pursuit and capture of dollars is
manifcstly unfoundcd, there arc certain
elements in our social condition which
would tend to give color to such Il view,
at least in the eyes of those unacquaint-
ed with the real conditions of our social
existence. Tho United St2tcs, taking
it for all in all, says u writer in Once Il
Week, contains the most radically in
dustrial end commercial people in tho
world. In no other land is idlcncSS
counted such a sin, and nowhere else
does the force of example and tho
pressure of public opinion unite with
such force to make every man, even
every woman, it might be said, worker.
Our millionaircs in their social life may
initiate the customs of the aristocracy
of Europe. But even the Vandcrbilts,
Astors and Goulds arc workers. They
do not, as is the case with the wealthy
classes of Europe, commit the charge of
their vast possessions to the care of
stewards and agents. They give their
business interests q close, personal
supervision, and it is the rule to find in
the third and fourth generation of
American families of wealth, energetic,
successful and busy men of affairs.
Eliminate the offensive sense contained
III the word money, or better still,
translate it to it's real Significance-that
is, busipess-and the alleged accusation
is rot only true but is something of
which our people can be proud.
But, leaving aside this exceptional fact
in our National life, that we have really
no leisure class and very little need for
one, there are some curious circum-
stances in the relations of the American
people to this article of money. We
talk about it 4 great deal, and VIC of
course arc forced to use it at every turn
of the existence of each Individual
among us. But, after all, it is only n
symbol. 1t is the measure with which
things of value arc compared, and tho
symbol which represents their CONNER
cial status. Money is the counters
with which the great and exciting game
of business is played. One hears of the
money market, and learns from time to
time that the commodity it deals in is
plentiful, or the reverse. 1t is even
urged that there is not enough money
to satisfy the actual requirements of
the country, and Congress is called
upon to meet the need by providing
additional money. But tho fact re-
ra2ins that apart from it's use in retail
business for satisfying the immediate
requirements of our vast population,
;.ctual money is not the largest itcra in
the world of business. The largest
transactions are uniformly effected by
another set of counters. which repre-
sent money, just rs money represents
value, either intrinsic or based on tie
credit of the Government.
Moreover, there is n means by which
the extent Of this work can be fucsscd.
in all Of the large cities of the country,
the banks have formed associations
known as clearing houses A great
deal OF their business naturally consists
~ the receipt on deposit of chccl:a
tlr2wn on other banks. Now, to collect
such checks in each instance would in
volvc endless work, crd ncces3itato tho
transfer of vast amounts CT money cvcrv
day. Tic clearing house is IN agency
to which all tho banks of q f:ivca civ
arc able to compare tho amounts Of
each otScrs' checks in their hands, and
20 effect g settlement of the balances
only. Statistics arc therefore available
from MI the clearing houses to show
the aTa0unt Of such EXCHANGES. Tho
figures from forty cities show that laet
year the total cxchanTcs of checks
amounted to ovcr fifty billions Of dol
l;srG, while the balances paid in con-
nccTion with them foot up over si,; bill
lions. This OF itself shows . nccs CT
business transactions fifty times
k,T'CT than the Iv:.: lnl,lc c,,D,,l,, ~
currency. Indeed, it does not in
Cl;.dc the checks drawn directly CT
h"nl:G, nor vast volume Of buoi-
Es25o Through drafts and other com
TAcTcial methods, that supplement The
ec0noray in use Of money, di5plcycd Lv
sho clearing house returns. It wouIJ
n,rA,. A..