The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1892-05-06
MONEY OF ACCOUNT.
There Is an Essential Difference Between
1t and Currency.


1t and Currency.
Money o! account in any nation
is the money in which accounts are
kept and is different thing from cur
rency corresponding to'it
What is called The Money OF Ac-
count" in our country, dollars, dimes
etc, was established here in 1872.
In some countries it is only an idea.
The British pound is ideal.
From about 1860 until 1916 the
pound sterling had no corresponding
piece of coin, The English guinea
had been intended to represent n
pound, says the Chicago Express. But
1t had not been properly nd ,usted;
and owing, also to the fluctuations
in the price OF sold it varied in value
until l7l1; when its value was fixed ut
q shllingS In 1916, after much dc.
liberation, it was decided to fix tho
weight OF the sovereign ut five penny
weights, three grains and l1-623
thousandths Of grain, 1t is mani
Test that the whole difficulty was in
establishing a coin whose value should
correspond to tho unit of value of the
money of account carried in the
minds OF the people, The English
sovereign has since been changed sew
oral times.
The people of the United States
have undergone similar experience
with pounds shillings and pence the
pounds varying in value In different
states from is Sd to IS to the dollar.
There were no coins in existence
corresponding TO these amounts.
These different units of value had
their origin in various causes which
we will not stop to discuss; but when
industry and trade had become suf.
liciently advanced they became fixed.
The trade Of the colonies with the
West Indies had introduced into the
country u considerable amount OF
Spanish coins. The names and value
OF these coins did not correspond 10
the money of account of the people;
and their value was estimated in the
money OF account OF the SO ieral col o.
nios-precsely as that OF wheat or
any other commodity, is estimated.
In 1892, an act was passed by CON
gress with view to establishing u
uniform money of account throughout
the country. People reckoned in
pounds shillings and pence; and paid
in Spanish dollars, twill be remem-
bered that continental money was pay
able in Spanish milled dollars. or
the value thereof in gold or silver.
The act OF congress of April, 1872,
decIa ed That the money of accoun
OF the United States shall be expressed
in dollars or units dimes or tenth.
It and that all accounts in public
Offices and all proceedings in the
courts OF the United States, shall be
kept and had in accordance with this
regulation. " This is believed to have
been the first time that money oil
account was established by law
money of account having in all other
nations grown up in the minds Of the
people,
Sir James Stewart in his work OF
Political Economy, says: Money
which. / call money Of account is M
more than scale of equal parts in
vented for measuring the respectiv,
value Of things v,ndible
Money OF account performs the sam,
Office with regard to the value 0
things that degrees, minutes seconds,
etc, do with regard to angles or II,
scales do TO geographical maps, or Il
plans Of any kind. In all these inven
tons there are some denomination
taken for the unit. In angles it IS thu
degree; in plans it is the foot or yard
in money it is the pound, livre horln.
etc. The degree has no determinatC
length; so neither has that part of the
scale upon plans or maps which marks
the unit; the usefulness Of these be.
ing strictly confined to tho marking OF
proportions just so the unit in money
can have no inyariabe Discriminate
proportion to any part Of value. That
is to say, it cannot be fixed, IN per-
petuity to any particular quantity OF
gold or silver or any other commod-
ity The value of commodities de-
ponds upon the circumstances and
their value ought to be considered rs
changing with respect to one another
only. Consequently anything which
troubles or perpIea es the ascertaining
Of these changes Of proportion-by
the means of general determinate
and inyariable scale must be hurtful
to trade. And this is the infallible
consequence OF every vice In the pol
icy OF money or coin II
does not follow from this adjusting
OF the metals to the scale OF value, that
they themselves should therefore be
come the scalen'