The advocate., 1891-07-08

and consentlng to receive IL In payment
of taxes. And mch-is the influence Of almost
all established governments, that they hare gen.
orally succeeded IN attaining this object. be-
lIeve might say they have ALWAYS succeeded
for time, and the pO0Uer has only been lost 10
them after they had compromised It By the most
fragrant abuse.
In the case supposed, the functions Of money
are performed by a thing which derives It's
power Of performing them solely from cORUen-
ton; but contention Is quite sufficient to confer
the pOlUer; since nothing more isneedful to make
person accept anything as money, and euen at
an arbitrary UGIIte, than the persuasion that 1t
will be taken from him on the same terms by
others.
This testimony is all the more val
liable as coming from an advocate of
metallic money. The fact being es-
tsblished that the paper serves
equally with gold all the purposes of
money,the question then resolves itself
into one solely of policy; and upon
this question we shall have something
to say further on.
Among the writer's referred to by
the Capital as recognized authority
on this subject is Prof. Francis
A. Walker certainly most logical
ressoner; and we take pleasure in
presenting the following quotations
from his most valuable work. He
quotes McLeod's definition of money
as follows:
Any economic quantity which debtor can
by law compel his creditor to take In discharge
Of debt.
He defines his own views as fol-
lows:
We shall undertake to show that 1t Is hot even
necessary that the amounts OF labor respectively
embodied In the several commodities to be ex-
changed should be compared against each other;
but that articles possessing no intrinsic value
(BOwen) whatever, mere bits Of cOlOred paper,
perhaps may afford the common denOminatOr
needed for the expression of list of values, az
long as the diversifcatiOn of modern industry
shall require.
Again:
Money does not serve as a store OF value.
When commodity comes to serve as store Of
value it ceases to be money. Gold and silver in
boards, or as treasure, are no more money than
gold or silver In plate, or on the roof of temple,
or in statue of Jupiter.
Again: Speaking of the qualities
essential in commodity to render it
fit for money, he says:
And first, 1t may be said, the one condition
which is absolutely essential is acceptablllty.
Specific material qualities may be noted, partly
as contributing to this fact OF acceptabillty,
partly as Offering independent advantages for
the use, as money, Of the commodities In which
these are found; but however important the uses
Of an article however admirably suited In It's
properties to perform such an Office, unless the
fact of general acceptability is secured, whether
with or without reference to such qualities, an
article cannot serve In this capacity. 1t is the
disposition or the indlspOsltlon of the great ma
jOrity Of the community to receive 1t In payment,
which settles the question whether a particular
commodity shall become money or not. The
reasons, II indeed they reason at all In this mat
ter, which actuate individuals or the community
In these preferences may be mistaken, or the ap-
petencies to which they yield may be such as the
moral philosopher cannot approve. The ecOnO-
mist has only to do with the fact, however it
comes about, the willingness of the mass Of the
70 al1xoN ana khnvn nkl,n
in payment for whatever they have to sell, fur
nishes the prime, the only essential condition OF
true money.