The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1891-05-21

Il
he paid the debt the day after con-
tracing it.
No one will deny that the most i'm
portant quality that money can pos
sess is that it shall truthfully measure
and state equities.
As have shown by the figures here
tofore cited, gold has risen in value
between 80 and 40 per cent. since the
demonstration of silver. 1t is not
therefore SO faithful measure of
value as is silver, which as illustrated
by a variety OF examples, has main
tanned almost undisturbed its relation
to commodities.
THE VALUE OF MONEY, AS SUCH, NOT
| IN THE MATERIAL But IN THE
| STAMP. MONEY Is AN ORDER
| FoR PROPERTY AND SER
/ VICES.
The logic of the situation, and the
reasoning of all the leading authori-
| ties on money. lead irresistibly to the
| conclusion that its value does not re-
side in the material, but in the stamp:
| in other words, on the legal-tender
| function impressed on that material.
| 1t is an order for property and SER
vices.
Aristotle, writing of money. says:
Money by itself = has value only
by law, and not by nature; SO that a
change of convention between those
who use it is sufficient to deprive it
of all its value and power to satisfy
all our wants.
And again he says:
But with regard to a future ex-
change (if we want nothing at pres
emit money is, as it were, our securi-
ty that it may take place when we
do want something.
John Locke, in Considerations"
etc, regarding money, published in
1901, says:
Mankind. having covenated to put
an imaginary value upon gold and
silver. by reason OF their durableness
scarcity, and not being very liable to
be counterfeited, have made them,
by general consent, the common
pledges. whereby men are assured, in
exchange for them, to receive equal
~ valuable things to those they par
ted with, for any quantity of those
metals: by which means it comes to
pass that the intrinsic value regard
| in those metals, made the common
barter, is nothing but the quantity
which men give or receive of them:
| they having as money, no other value
but as pledges to procure what one
wants or desires.
Badeau, reputed one of the most
eminent of an early school of French
economists, says:
Coined money in circulation is
nothing, as | have said elsewhere,
| but effective titles on the general
mass Of useful and agreeable enjoy
ment which cause the well being and
| propagation of the human race.
1t is kind of a bill of exchange, or
order payable at the will Of the bear
| er.
Adam Smith says:
A guinea may be considered as q
bill for certain quantity of neces-
saries and conveniences upon all the
tradesmen in the neighborhood.
| Jevon's Money and Exchanges"
chapter s, says:
Those who use coins in ordinary
business need never inquire how
much metal they contain. Probably
not one person in two thousand in
| this kingdom knows, or need know,
that a sovereign contains 1913,
grains of standard gold.
Money is made togo. People want
coin, not to keep in their own pocket
but to pass it off into their neighbors'
pocket.
Henry Thorton, in his work on
Paper Credit, says:
Money of every kind is an order for
goods. 1t is SO considered by the
laboYer. when he receives it, and it is
almost instantly turn ed into money
worth. 1t is merely the instrument
by which the purchasable stock OF
the country is distributed with con-
venience and advantage among the
several members of the community.
John Stewart Mill says:
The pounds Of sllillings which a
person receives are sort of ticket or
order which he can present for pay
ment at any shop he pleases, and
which entities him to receive a Ger
tain value Of any commodity that he
makes choice.
| Mcleod, Elements of Banking
Chapter /, says:
i When pers0ns take a piece OF
money in exchange for services, or
products, they can neither eat il, nor
drink it, nor clothe themselves with
it. The only reason why they take
it is, because they believe they can
exchange it away whenever they
please for other things which they
require.
| On that view of money Mcleod
feels justified in styling it credit, and
he quotes ia support of such use oil
the term credit. B4rke's description
of gold and silver rs tthe tWo great
recognized species that represent thu
lasting conventional credit of man
kind"
Prof. Francis A. Walker, Money
Trade, etc, page 25, speaking of car
, we'd pebbles, glass beads. shells and
red feathers, used as money in GER
tain countries at certain times, says
They were good money, though
serving no purpose but ornament
and decoration. They were desired
by the community in general; meI
would give for them the fruits o
their labor, knowing that with then
they could obtain most conveniently
in time, in form, and In amount, TIL
; fruits Of the labor Of others.
!. On page 30 he says:
Men take money with the expecta
tation of parting with 1t, this is thu
use to which they mean to put 1t.
Again Mr.. Walker says:
money Is lndG winch passes freely
from hand to hand throughout the
! community In final discharge of debts
and full payment fer commodities
being accepted equally without
reference to the character or csei;l
of the person who offers it, and with
out the intention Of the person who
receives it to consume it. or enjoy it
J or apply it to any other use than, IN
turn, to tender it to othe.s IL dis
charge OF debts or payment for com
modities.
Even Bonamy Price, who is wed
ded to the gold standard, in his Prin
ciDles of Currency. saws: