The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1892-03-23
What is Money:

Editor Herald aud News: The great
thinkers of the world from Aristotle 10
Iohu Stuart Mil agree that money for
its value does not depend upon the ;lia-
terial. ut upon It's legal tender quail
ties gin by law.
Ar?s.otle said: The origin of money
is not natural, but conventional and
arbitrary"
Henry Clay in speech il the United
STATES Senate in 1897, said: Nv hatever
the government agrees 10 receive IN
pavuIent of the public dues Is money,
no matter what its form may be-treas-
ury notes, drafts, etc. Sucn oils or
PAPER, issued under authority OF the
United States, are money"
Daniel Webster said: "N hen all our
paper money is made payable IN specie
on demand, it will prove the most Ger
tain means that can be used to fertlllze
the rich mans field by the sweat OF the
poor mans brow"
Clvis' friend Hugh McCulloch knew
this and fertilized bis field while Secre-
tary of the United States treasury. The
theory of the intrinsic value of money
has been abandoned by the h'st writer's
and speakers. .'-Encyclopedla Britain
MICA.
Metallic money, while acting as
coin, is identical with paper money IN
respect TO being destitute Of Intrinsic
value"-North British Review.
IAN article is determined to be
money by reason Of the performance,
be it of certain functions, without re-
Sard to It's form or substance. ."-Apple-
tous American Encyclopedia.
Failing prices and misery and de-
.trrction are inseparable companions.
The disasters of the dark ages were
caused by decreasing money and falling
prices. With the increase OF money,
labor and industry gain new life. -
David Hume. =.
There is no more insigfcant thing
intrinsically in the economy OF society
than money."-John Stuart Mill.
'sGold and silver are not !ntrlnslcaily y
OF equal value with iron. No methods
have been hitherto formed to establish
a modicum Of trade equal in all its ad.
vantages to bills of credit made legal
tenGer."-Benjamin Franklin.
"By the contraction of money IN En-
gland from 1915 to 1925. more than four
fifths of the land owners were robbed
of their estates, the wholesnumoer IN
the kingdom shrinking from 10000 to
0.n-Hcnry Clay in 1887.
Sir Archibald Allison said: "Gold is
q very good thing, and necessary tor
foreign exchanges, but it is not worth
purchasing by ruin of the country"
John Stuart Mill said: IF the whole
money in circulation was doubled !;
prices would be doubled If it was
only increased one-fourth, prizes wonid
raise one-fourth."
The American Review said: "Dimin-
ishing money and falling prices are not
only Oppressive upon debtors, of whom
in modern times, States are the create st,
but they cause stagnation in business,
reduced production and enforced idle
ness"
William Crawford, Secretary of the
Treasury, in his report to Congress IN
1890. said: .....
"Au intelligent writers on currency
agree that when it is decreasing IN
amount, poverty and misery must pre-
vail"
RlCaFQO SalO. Apoe So~hiAiOAiSiNS
would rise and fall in price, in proper
ton to the increase or diminutlon OF
money, I assume is fact that is lncon-
trovertible. That such would be the
case the most celebrated writers on po-
litical ecouony are agreed"
John Sherman, in the United States
Senate, said. The contraction OF the
curreucv is far more distressing oper-
alton than Senators suppose. 1t is not
possible to take that voyage without
the sorest distress. 1t means the fall OF
all agricultural productions without
any great reduction of taxes"
1T follows thatthe act Of May, 1878,
is constitutional and valid, and that the
Circuit Court held that tender IN
treasury notes reissued that kept IN
circulation under that act WAS tender
of lawful money in payment OF the de-
fendant's debt to plaintiff."-Supreme
Court of the United States.
The above clearly demonstrates that
the ideas on money, which the writer
has been endeavoring to impress upon
the public mind, have been held by all
the great thinkers Of ancient and mod
ern times, and are sanctioned and up
held by the decisions of the Supreme
Court of the United States
Respectfully,
ELLISON S. KEITT.
Enoree Plantation, S. c., March II,
1892.