The advocate and Topeka tribune., 1892-09-21
MONETARY COMMISSION.
Report OF the United States Monetary
Commission, Appointed by Act OF Con"
rraaR August lB, 1876


ttGI to prosperity.
It is In q volume of money keeping
even pace with advancing population and
commerce, and in the resulting steadiness
of prices that the wholesome nutriment
Of healthy vitality ls to be found. The
highest moral, intellectual and material
development of nations Is promoted by
the use of money unchanging In Its
value. That kind Of money, instead Of
being the oppressor, Is one of the great
instrumentallties of commerce and IN
dustry. It is as proftless as idle ma
chinery when 1t is idle; differing from all
other useful agencies, 1t cannot benefit
It's owner except when he parts with it.
1t is only under steady prices that the
production of wealth can reach its per-
manent maximum, and that It's equitable
distribution ls possible. SteadinesS In
prices lnsures labor to all, and exacts
labor from all. It gives security to credit
and stability and prosperity to business.
It encourages large enterprises, requir-
ing time for their development, and
crowns with success we'll mstured and
carefully-executed plans. It discourages
purely speculative ventures, and espe-
cially those based upon disaster. It en-
coursges actual Iranssctioas rather than
gambling on future prices. 1t metes out
Justice to both debtor and creditor, and
secures credit to those who deserve 1t. It
prevents ca ital from expressing labor,
and labor from depressing capital, and
secures to each It's just share of the
fruits of industry and enterprise. It
secures q reasonable interest for It's use
to the lenders of money, and just share
in the profits Of production to the bor-
rover. 1t keeps up the distinction be-
tween mortgage and deed. Itinsures
q moderate competence to the many
rather than colossal fortunes to the few
at the expense Of the many.
It may be impossible to devise any
system through which the volume Of
money shall always increase or decrease
in corresponding ratio TO the increase or
decrease Of all those things which it Is Its
function to measure. If it be admitted
that the volume of money should In
crease pari pGSsU with either wealth,
commerce Or population, the least
measure Of increase would be that based
on population, as in commercial countries
both wealth and exchanges are multi
piled more rapidly than population. The
narrower measure Of increase would
probably be the more accurate one, as
the thing to be measured and which 1t
IL important should have an unvarying
value is human effort, and as that can
neither. be Increased or diminished ex-
cept through an increase or diminution
of the population, it would seem that the
volume of money should only vary with
population.
As steadinesS in prices, which depends
on steadiness In the relation between
money and all other things, Is essential
to prosperity, 1t follows that in any
change in money systems, the volume Of
the new money, that is to say, the num-
ber of units of the new money Issued,
should, IL possible, be neither greater
nor less than the number Of units in cir
culation at the time Of the change. A
strict observance Of this rule, whatever
may be the material of money, will pre-
vent any general rise or fall in prices.