Griggs courier. (Cooperstown, Griggs Co., Dak. [N.D.]) 1885-1902, 1893-11-24
The Money Article.

being by the demands Of trade may be
one thing or another. What it shall
be is tor the people to decide w"o
need 1t and will use it. No two
Countries need to choose the same
article as the medium of exchange
and measure OF values unless they
wish to do so. In the past many
articles have been used for none y
at one time and another by different
people in different countries. Wam-
pun, skins, small shells, called
"cowries", tea, salt, soap, tobac-
CO, iron, sheep and cattle have been
money articles at one time and
another. 1t should be kept in mind,
however, that selecting an article for
money uses did not change its
nature. Its properties were all the
same as at the first, and there was no
change in its intrinsic value. Iron
In money had the same properties as
iron in nails or rods. Tea retained
It's properties and was just as drink
able as before it was declared to be
money. Salt was the same whether
circulated in money bags or pork
barrels, and so with all the remain
Ing articles. In like manner declar-
ing an article to be money neither
increased or decreased its inherent
value.
Here it may be we'll to say a few
words about value. "Value," says
Edward Kellogg, "consists in use; it
Is that property, or those properties,
which render anything useful" He
makes usefulness the measure of
value, and this, perhaps, is correct.
The value of anything is what it will
sell for in the market in exchange
for other things. Services and COM
modities both have value because
they may be exchanged.
Wheat may be exchanged for lum-
Der and days labor for meat; hence,
beth have a value. Commodities
and services which cannot be ex-
changed have no value. A piece of
land that cannot be sold has ne
value; but it will take on value when
It can be exchanged. An unex-
changeable article cannot have value
legislate1 into it. Legislation may
chan e conditions so that a valueless
article may take on value. The acre
Of land you cannot dispose of for
love or money is valueless in the
markets of the world. Create a de-
n,and for it, however, and it will
take on value, and that value will be
In pEopeztioa~to.the demand for it
It is the same with all other cemmo
dities.
Many articles are always in de.
mand, and are valuable. They are
valuable net because they are none,
articles but because they are in de-
n1and. Law does not decide the
worth Of an article, but it may oblige
Us to give more for it than it i.
worth. Markets are not the creature
Of enactments but Of trade. Article.
are selected for money purposes be-
cause they have already value
The government stamp on piece o
money is not certificate of value
but Of weight and quality. The dol
lar is worth as much without thu
stamp as with it. Should the fift,
cent stamp happen to be put on Z
dollar coin, through some blunder
Its value would not be reduced one
half, but the government would b.
cheated fifty per cent on the coir
should it pass into circulation with
Out the mistake being discovered
Should the government call in al
IS coins and reissue them as Sc
coins without increasing the amour
Of gold in them their value would b
the same as before; but the issu'
would be fraudulent and the fraut
would be soon discovered by tn,
scales: Stamped gold and silver
and gold and silver new from tn
mines, exchanges in the markets Q
the world according to the amour
Of gold and silver in them unaffecte,
N~t a nnks4~Sc ,,~4n A1o,n ~,