The advocate and Topeka tribune., 1892-09-07

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can be secured only through limitation
and regulation of It's quantity, the power
ofpimitatlon and regulation should be al
ways present, and that to this end the
material Of money should be producible
at all times without limit, and as near as
possible without cost, and destructible
without loss. They maintain that when
the money function Is conferred upon
gold and silver, while the requirements
Of portability, dIvisbllity, distinguish
ability, and difficulty of imitation are
tolerably met, the requirements Of con-
stant attsinsbllity and inexpensivenesS
are not met at all, and that the superls-
lively essential requirements Of steadi-
ness in value iS 30 imperfectly met as to
render them unfit for money. They claim
that the money function Is the nOblest
Of all functions and invests anything upon
which it ls conferred with utility far
greater than is possessed by any other
exchangeable article known to man; that
this utility is the true and only scientific
basis of money value; that the value be-
gotten of this utility Is all that is needed
for money and all that money can posi-
bly, possess, and is all and the only kind
Of value ever estimated, when money,
whether metallic or fat, Is used. That
whenever the material Of money is In de-
mand as commodity, such demand can
neither increase the money value nor
disturb either the commodity or the
money until 1t rises to the level Of the
money demand, when 1t begins to destroy
the money. That this Is illustrated in
subsidiary coinsges and In the full legal
tender silver coinage of the Latin Union,
the bullion value Of which, being below
the money value, prevents the metal in
the coin from being either exported or
used for other than money purposes.
That In that coinage 1t Is the legal tender
function conferred by the sovereign au-
thority and verified by It's stamp, and not
the metal that receives the impression,
which really constitutes the money, and
that this stamp of authority would be as
efficient and valuable IL impressed on pa
per, and that this had been shown in the
experience Of our fractional paper cur
rency. That while the bullion In this
coinage has added nothing to the value
of the money, the government stamp has
effectually deprived the world Of the use
of the bullion, and that the cost of the
bullion Is loss to the people for which
there Is no compensation. That the ag-
gregste Of the money value which can
exist In any country rs limited, and fixed
automatically by It's environment. That 1t
bears sure relation, however indeter-
inmate, to the population, wealth, and
exchanges Of such country as modified by
the character and habits OF the people,
their modes of transacting business, the
rapldity with which their exchanges are
effected, and many other considerations.
That this value exists potentially wher-
ever there are exchanges to be made.
That In order to utilize this value It Is
only necessary for the law to msteriallze
it, whereupon it becomes money. That
it is independent Of all other values, and
cannot be mixed with them. That it can
not be in auY degree increased by the
commodity value of the materials elected
for money. That the commodity value
can only make itself felt through de-