Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1891-02-13
WHAT Is MONEY!

In IN 0FtlCL0 unu6T the ABOVE
ing %. B. O." IN the vermillion
Plain Talk, advances several ideas
and among others gives the follow
ing definition Of money: Money is
the 6at Of . government, represent
cd by : stamp upon some substance
making that substance q compul-
sorry tender for debts" In the same
article he says: "We assert that
gold is not money; and more. we
will assert that money cannot be
made from gold" The gentleman
illustrates his theories in various
ways, but we cannot give room for
the article. He also invites others
10 give their definition Of money in
case they do not agree with the one
given above. We shall therefore
give our views Of the subject, al
though We do not know but we may
run against a Hamilton in SO doing,
for we.d do not know g. B. o." Let
US first look over q little history and
see what has served ms money in our
country. The first money Of which
history tells US in this country was
wampum and the dried cod fish in
Newfoundland. These answered
the purposes Of trade among the
savages; but gave advantage to those
Indians who lived on the sen shore,
for these articles were more easily
obtained than the feathers, hides and
game Of the interior, or in other
words, the former represented less
labor than the latter. Wampum
was made a legal tender in the Mass
achusetts colony for IL d. only. This
money, however, became worthless
soon after, by IAN imitation" caused
by the importation Of beads by the
barrel, by the whites. Wampum
then represented less labor and was
worth less AZ money. In 1641, in
Plymouth colony. corn was made
a legal tender for the pay ment
Of debts, ito save the debtor from
the iniquity Of forcing him to great
sacrifices in consequence Of the sca
city Of the money of the realm
English money vas here meant. In
1890, this colony issued notes for
one-seventh of a debt contracted by
q disastrous expedition against the
French in Canada and made
them receivable for taxes and for
goods paid into the treasury for
taxes. A premium Of five per cent
over coin was allowed on these notes
and they remained at par for twenty
years. In 1928 Pennsylvania author
lied the issue Of colonial paper
money to the amount Of 1900
pounds, to be apportioned among
it's counties according to the amount
Of their taxable property, and to be
loaned by the county commission
ems tor sixteen years at five per cent
interest, aud one-sixteenth Of the
principal, annually. The principle
is practically the same AZ that on
which our building and loan ASSOC
Citations are now founded. More
plainly,-the whole colony signed
the note with the individual, secur-
ing it to any party to whom he
might want to turn il over for
commodities. Here then We have
illustrated four mediums Of ex-
change: I'd The wampum was in
itself useless except for ornament
but represented labor in procuring
II, but when it became plenty it lost
its value as money, because it re-
quired too much Of II to be conven-
lent; (2)corn and other commodities
had their intrinsic value, but fluct-
uated according to the law Of sup
ply and demand; (3) The colonial
notes made the colony debtor to
the individual, and promised to
pay the same in commercial com.
modities. or liquidation Of debts to
the colony; (4) The Pennsylvania
paper made h eindividual respon.
sibls for the payment of the note,
which when secured by the colony,
became sufficiently sure to be nc
ceptxble for the amount it promised,
in trade. From the illustrations we
deduce four truths, viz: "a The out
put Of labor becomes value; (2)
Useful and life sustaining commod-
tiles have an intrinsic value, which
fuctuates; ~ The value Of govern
ment obligations, depends upon
what they promise, the rate Of in
terest, the time when due and the
safety Of the government; az The
value Of individual obligations de-
Ponds upon all Of the last named
conditions relating to the indiyid-
usl and il addition, upon the re-
sponsibility Of his surety.
From these truths we deduce these
Aacts: Any value may be used as a