The times. [volume] (Richmond, Va.) 1890-1903, 1892-08-16
Principles and Facts in Finance Gathered
Communicated

Money is strange thing. It is sort Of
fairy form into which everything that 10
valuable can change itself 1 own bushel
OF wheat to-day. / change il into a dollar.
Tomorrow change the dollar into lamb.
/ change the lamb back into dollar. Then
the dollar changes itself into a pocket
knife. / change the pocket knife INTO dol
lar And then ! change the dollar into a
hoe. change the hoe into Bible. /
change the Bible into "a dollar / change
the dollar into the note OF broken BANK,
and that's the end of 1t.
As long as the dollar was valuable and re-
spectacle it helped me 10 swap about the
good things got hold Of. Az soon as IL got
into the shape of bad promise 70 pay II
was useless. II had no value OF It's own,
and could stand for nothing. AS vehicle
of value its bottom dropped out, and 1t
could carry no value.
But when it had fixed and lasting value it
enabled me to get whatever / wanted OF
equal value. IL measured my wheat with q
lamb q pOcket-knifs. a hoe and Bible.
But it turned into bad dollar and was lost.
All this shows the Office and quality OF
true money. 1t metes out even justice
among the people and equalizes values.
No Government can create money out OF
whatever II may choose to call money. II
Government can create money why should
il not distribute it freely among the people,
Why should II levy taxes Why should II
not give every body everything " IL Gov
eminent can make 20 cents worth Of
silver equal TO 100 cents. why not do the
same for so cents worth, or 10 cents worth,
or a piece of paper Then we could have
circulation up TO our arm-pits.
Money is a representative and measure
of value. Ten dollars of good money IS
better then ten dollars worth Of odd
wheat Ii will stand for the value of the
old wheat wherever IL is recognized as
money. If it is gold. 1t will make my old
wheat, that / took it for. available all over
the face of the earth. And Just according
10 goodness of the money will be its pur-
chasing power and the extent of the market
it can buy in. If it is merely local, 1t will
shut me up 10 one place to buy in. To use
my local money | must sell 1t for outside
money. Good, true. valuable money
answers all things and is eXchangeable
for everything else that has value anywhere
Bad money is little better than the count
ers or chips of faro bank. 1t is made for
gambling and promotes gambling and cul-
tlyates fraud.
sound and stable currency Is an abso-
Lutte necessity of trade and civilization
divers weights and divers measures are
abominstion to heaven" An unreliable
currency is destructive Of trade and social
order, an unmitigable curse.
Less than per cent. Of the trade Of the
world is carried on by actual currency.
Ninety-two per cent. of the trade Of the world
is carried on by checks. drafts. bills OF ex-
change, various forms OF credit.
To the average man and wage-earneT
cheap money abundant circulation, mean
high prices for everything and little increase
OF wages and salaries.
An uncertain and huctuating currency is
the flush times of spectators and the ruin
of the people.
The mere hint of a change in the value of
money sends thrill Of alarm through the
entire credit system and leads to instanta
neous contraction. This is felt IN every
branch of industry and business. There Is al
once a double strain upon the trade OF the
country Gold and currency are boarded
in anticipation of approaching uncertainty
of values and credit is given only In cAsei
of the strongest security. All our mos
serious commercial troubles, our panics anC
threatened psnics. our tight money market,
and business stringencies are directly trace
able to this contraction of credit.
IL Is believed that fully one-half Of all III,
farm mortgage Indebtedness of the countr,
is in terms expressly payable in gold.
Rhode Island. Mississippi Alabama
France Gin John Laws time), Michigan ant
the Argentine Confectionery have demon.
strated the heresy OF land banks and chsar
currency.