Griggs courier. (Cooperstown, Griggs Co., Dak. [N.D.]) 1885-1902, 1893-11-10
Moncy-what is it'?e

Money-what is it?
All who read this paper are
familiar with money, and, in gen
eral way, knew what it is. Not all,
however, can give definition OF it
which will be complete in itself.
Money needs to be defined ifthere is
to be any discussion of Its uses. Not
everything that goes under the name
Of money is money and thing may
be money in one sense which Is not
money in any other sense.
Definitions of money are not lack
ing in the treatment of monetary
matters and political economy.
It may be we'll, at the outset OF
series of papers on money and It's
functions, to have before US the
meaning of the term money as var
ious writer's have conceived IT, IN
ALI discussion toe much stress can
not be put upon the Importance OF
definition.
One writer says that "money is
The general name given to the COM
modities. or articles which the people
of different countries universally ac-
ceot in exchange as the equivalent
.or all other commodities or services
as the measure of value :"
"Anything is money" says another
writer. (Which the people universally
give and take in exchange tor tnelf
m ,rchandise or labor
"Meney," says third writer ''ls @
The national medium OF exchange 'of
property and products.
"+rhe term money signifies Legal
public medium of exchange, winch
possesses all the qualifications nee
essarv to effect a just exchange OF
property" "Money has four prop
critics or powers, viz: Power TO
represent value, power to measure
value, power to accumulate valoe ny
interest and power to exchange
value"
Frances A. Walker says: "Money
Is that which passes freely from hand
to hand throughout the community
in final discharge of debts and full
payment for commodities, beng ac-
cepted equally without reference 10
the character or credit of the person
who offers it, and without the lnten-
sion ct the person who receives IT 70
consume it or enjoy it, OF to apply II
to any other use than in turn, to
tender it to others in discharge o o.
debts or full payment for commodl'
ties" Richard T. Ely quotes the
above in his work en- Political Econ
omy, accepts it, and says further;
",Nhatever the law declares a legal
tender is money in the legal sense.
A leea tender is whatever the Ia"
compells person to receive IN pay
iMent Of debt.
He, also,. says that political econo'
sinists have framed a still further Den
Alton of money according to whlcf
It ts a measure of value; medium O
Of exchange; means ofnaking pay
lnents; and it "must serve as a stois
or receptacle of value" By this /:
meant that if money is transferred
from one place to another, or from
one time to- another it will have
value.
Now here are definitions OF money
bv Wells. Newcomb, Kellogg, Walker
and Ely, who speaks for many others
Putting these definitions into one, a
we are able to reduce them to
Common denomination, we get th'
following: Money is that which tn'
people universally give and take II
exchange for commodities ane
services as the measure of their value
and that, also, is money which the
law obliges one to take in payment
OF debt.
As thus defined money is
measure of value; a medium OF ex'
change, and means Of debt paying
Money is not the creature OF law
though it may be- Money is such
in one sense when it is not In
another. To use Prof. Ely's illustra'
tiens: National bank notes are
tneney in the popular sense though
not in the legal sense nor IN the
politico-economic sense. On the
other hand national treasury notes
are money in the legal and popular
sense but not in the politico-econo
mic sense. Gold is money in every
sense.