The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-05-22
A FINANCIAL CATECHISM.
ny FRED. rruRY rowERs.

NV ~ iuUuVy
Anything that circulatcs freely bc.
tween man aud man In exchange iol
services and merchandise.
What two main classes OF money arc
thcrer
Merchandise and promises to pay
merchandise.
Give examples Of each.
Skins. shells, metals, otc., arc mer'
chandiss, and serve tho purpose o
money just in proportion as they arc de-
sired for use or ornament by any con'
munity Of 0 Pieces OF paper and
like substance sorve M money when
they convoy to the bearer tho right TO a
certain quantity Of specified merchan'
disc.
Why have gold and silver, more than
otlcrthings, come to be used nj monty I
Because they arc desired by all men,
everywhere and at all times.
Where wages and prices are very low,
and transactions rare and petty, gold
coins would DO too small or too valuable
for convenient use. Whore wages and
prices are high, and exchanges frequent
and largo In amount, silver coins would
DO too heavy. or too many OF Thorn
would no needed for convenieutusc.
What do tho money metals indicate,
then, as to a country's condition?
The brass cash" OF China indicate
tina. the people are in n state OF extreme
degradation; the silver dollar OF Mexico
indicates II higher condition OF the peo'
Pile; the gold coin and its paper repre-.
scntatives OF the United States and the
greater part OF Europe indicates tho
highest industrial condition.
Whence comes the idea that while
gold may do for the rich, silver money
is more suitable for poor people?
From n confusion OF quantity with
value. Of food n man needs quantity.
and the cheaper it is the moro easily
he can procure it. OF money he needs
value, and it is no easier to earn a dol
lars worth OF silver than Il dollars
worth OF gold.
France. at the head OF the Latin Mon.
etary Union. OF course uses little or no
gold?
On the contrary, she has a larger
stock OF gold than any other country Of
Europe or America; she has ) 1j,OOO,0N
more than England has.
And lndia--eold not being a legal
tender. or used commonly rs money
OF course the people there are nothing
Tor gold?
Far from that; n commission in 1866
reported that the desire for the coinage
Of gold was universal in India. The net
imports Of gold into India since the
metal WAS demonetized in 1885 have
been S150,000. 900. and IL is estimated
that there was IN the country $500, 000,-
900 OF gold when it ceased, under Brit
ish jurisdiction, 10 be coined.
But II all tho nations wanr"gold will
there bo enough to 90 around2,
NC can have the beat, and it would
DO an extraordinary spectacle of scli-
a%bnesation for the United States TO take
silver in order tina, there might be gold
enough for other nations.
Is not the gold giving out?
There va, produced in the world
from the discovery OF America to 1850
) 2.I10,0jO tinc ounce Of gold, and from
1851 to tho end Of 1894 there was pro.
duced tthc iignrcs Tor 1894 being partly
estlmatcd) POI ,669,3I9 fine ounces. In
the first five years Of California and
Australia production the worlds pro.
dnc,ion vas , 2.05l 1921 fine ounces. and
III the past five years twas 34,S9i.55 s
fine ounces. During tho past ten years
there has been m increase II tho IL
pu, OF every important gold yielding
country.
Is not the total stock OF gold very
small?
II 1t wcro needed In large quantities
it would be insufficient. But last years
product beaten to a leaf would cover
iitty-iiyo square miles. or drawn into
thread would reach the sun four times.
But does not the expansion OF com.
merce make, Greatly increased demands
for gold money?
There is computed by tho mint bu.
reau 10 be in tho world 81. 1855, 900, 900 oil
gold money. Tho urges. not move.
ment OF gold to or from any country in
any one Of the last thirty years was
so, Hog, l2I not Imports OF tho United
States in 1851. This is loss than two
aud II hall per cont Of the present stock
va S"N' hio'us. CNNIuhAIe tIlt CulslucII
bic gold boards OF China and tho onor-
nous gold boards OF India.
Does not tho demand for gold in tho
arts make it too valuable for money?
No;its only competitor. silver, is be.
Ing disuscd because it has not value
enough. II YOU could deprive iron Of
its specific gravity YOU could not make
weights from it.
Is not tho use OF the gold standard by
England a reason why We should use
something else?
Not unless tho u,e OF Other modern
improvements by England is a reason
why we should refuse them and stick to
stage coaches instead OF building rail.
waya.
Is not England trying to get tho res,
OF tho world to use gold?
No; Englishmcn lend or invest pound,
sterling, and they got their returns in
pounds sterling. aud it is Il thing oil
small importance to them how many
dollars or RUPEES or taels make a pound.
no III C]OSTISUED