The advocate and Topeka tribune., 1892-09-07
True Value Of Money.

Of many by allowing the idea OF what
money Is TO bs obscured by the thought
Of what money does, or enables lts posses
Bor to do, from which it derives all its
value. But such derived value can never
be intrinsic value.
Intrinsic value ls natural power In the
thing itself to supply human want or
necessity. Air has the greatest intrinsic
value. Water has great intrinsic value.
SO also have food, clothing, medicines,
dwellings, light, heat, music, liberty
civil and religious, and whatever else
adds IN itself q social or individual
blessing. Money in itself fills no such
condition.
Commercial or market value can never
belong TO money. IL is not commodity
20 be bought and Soda thing for trade
and barter. The value of money consists
wholly in It's use, and Is fixed by the
stamp placed upon il, and Is unchange-
able. Hence the variable commercial or
market value Of the material Of which
the money Is made constitutes no part Of
lts value as money. While such material
10 In use as money it's market value is
wholly disEsgarded. More than this, the
cheaper the material Of which money is
made, the better 1t will circulate, and the
more Of other commodities q dollars
worth of IL will buy. Note this fact: A
dollars worth of bullion gold coined will
buy less than $1.20 worth Of other COM
modlties; q dollars worth Of bullion sil-
YER coined will buy about $1.60 worth;
dollars worth of nickel coined will buy
over &6 worth Of other things; and q dol
lars worth of copper coined will buy
nearly $15 worth Of any Of the neces-
saries Of life. More than this, green
back, which costs but a cent to make,
may pay for one, five, ten or fifty, or 10y
its stamp any number Of dollars worth
OF valuable purchases, while It has much
greater facility Of carrying and counting
in circulation.
This entire neglect Of all other values
makes the fact evident that the true
value Of money Is wholly representative.
This represented value exists always and
entirely in the property for which the
money is received or paid. Let as illus
tEase: John StockmRn sells a horse for q
greenback 800. Now the Rreenback
represents value of $lOO, not In itself, but
In the horse for which 1t Is received. Mr..
Stockmsn needs a buggy. AT Peter
Wheeler's repository he selects one to his
liking, for which he pays the greenback.
Now the greenback represents value In a
buggy. Mr.. Wheeler has a payment to
make on his house and lot, which he
meets with this same greenback. Now
the greenback represents value in q
dwelling. So It passes on from hand to
hand, facilitating exchanges Of all kinds,
itself neither having nor needing any
value save that which It represents in the
property for which II is received or paid.
Nlnety-seven per cent Of all CONNER
CiAl transactions are now performed with
bills Of credit on individual security.
And IL 1t unreasonable 10 believe that
the remaining 8 per cent. can be done
with like bills Of credit, Issued from the
national treasury, with all the wealth of
the nation, individual and corporate, Of
mine and farm and factory, for their
security and the authority of the govern
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