The Canton times. (Canton, Miss.) 1893-1906, 1894-08-10

exchanged for each other, is. for the
time being, both medium Of ex-i
change and a measure of value of the;
things exchanged.
Whenever a money has been kind
of property which existed in natural
units, like cowries, arrow heads, sheep,
or other like sort. the conventional
unit of exchange has been the natural
unit.by which the count Of quantity
would be made. But when the ex-
tension of the field of trade and the.
changed wants Of men have compelled
such re6nements in the quality, bulk,
and convenience of the instrument of
exchange that the rarer metals we're
more acceptable for the purpose,
some conventional unit of quantity
and some universally satisfactory mode
of its certifcation had to be found :;
and out of this necessity grew the va
r1ous denominations of money, which
are measures of the quantity of the
property contained in such units, and
also the coinage laws by which the
quality and quantity of the property
SO used is officially ascertained and
certified for the safety of those who
would exchange their property there
for. This does away with the incon-
venient scales and tests of the ancient
merchant, and allows actual quantity
to be accurately ascertained by mere
count OF unworn pieces.
COINAGE AND VALUE.
1t ought to be mere truism to say
that coinage does not and cannot affect
value that it simply certifes the quail
ity and quantity of a certain piece of
property, for the information and con-
venience of that world of trade whose
use and mutual agreement alone estab-
fishes the value of the property SO
certified. Coinage does not make
copper silver nor silver gold, nor does
it make two grains of one, nor affect
in the least degree the rate of their
exchange for each other in the open
market.
When the coinage ratio of 16 to l
was adopted, it was as nearly as pos
sible the actual market ratio of silver
to gold. The two metals were thus
treated as nearly alike as possible. In
order to get one thousand silver doll
lars one had to take to the mint $1,000
worth of silver. But with free coinage
at 16 to l, with the present market price
of silver and unlimited legal ten
der, can take $500 worth of other
property, go into the market and buy
$500 worth of silver bullion, take it to
the mint, have it coined into one
Thousand silver dollar pieces and COM
pei you to accept them in discharge of
my previously incurred debt to you
for $1,000 worth of gold or of any
other equally valuable property which
you had let me have in exchange for
an equally valuable amount of prop
erty promised to be delivered to you
at future time. But do not expect
to recoup yourself by taking that.
same $500 worth of silver in the one
thousand pieces and going into the
market with it and buying $1,000
worth OF other property with IL, just
because the law enabled me to compel
you to take it, for the $1,000 worth of
some sort of property which you had
let me have, on the faith or promise
of getting another $1,000 worth in re-
turn. If 1t be otherwise, if legal
tender act can make City cents worth
of silver as valuable in the market AS
one hundred cents worth Of gold, it
can work the same change in ten
cents worth of silver or cents worth
of pewter. The value of the bullion,
the property itself, is then no longerI
an element in the question of theI
value of silver dollar, or any other
dollar; and the question of the rela-
tive production and abundance of sill
yer and gold, or of any other metal, is
wiped out. Let us all get few hun
lred weight of iron, pass law re-
Iuiring only few grains of it in a
lollar of full legal tender quality with
rec coinage, end be rich.