The times. [volume] (Richmond, Va.) 1890-1903, 1895-12-06
HOW TO SECURE 4 SOUND CUR
KENCl.

cred. and we commence with TINS one.
We shall begin 10y treating the matter
in its most elementary form. Tor 1t II
useless for any one TO attempt to under
stand II i'm its complex forms who has
not first received clear Apprehension
of It I'm its elementary forms.
We begin by saying, them 'hdt the
popular idea Of the relation OF money
10 business. and OF paper currency 10
money. IS total misconception Of the
whole matter that people who wish 10
understand the subject must rid their
minds of, Just as the world had to f'd us
mind OF the idea that the sun moved
around the earth. before it could get The
faintest idea OF astronomy.
The great body OF Americans believe
that business is conducted by buying ara
selling commodities Tor money. But inns
is a rank error. Money plays very
small part. comparatively. in the trans
actions of life. Money is TO make change ,
when important transactions, erected
through exchanging credits, faii TO PAL
ance, and for the uses of those People
who cary their wealth in their pockets
and make petty transactions. But busi-
ness tn a large sense makes little or 10
use of money. Business is the exchange
of commodities. and not sales for money
AT all A Moments reflection ought 10
satisfy any one that this is so. II one
country bought from another with mthey
only. it would need an ineXhaustibie gold
mine TO keep up its supply OF money
But it does not do this. II sells It's
commodities 10 another country, ara
buys the commodities OF that other
country. and though the transactions so
through the forms OF purchase and
sale. they are really nothing a. bo'lCm
but exchanges of the commodities OF
one country for those OF the otter. me
same is true of the dealings of one neigh
borhood I'm one State with another reieh-
borhood in the same State. They eA-
change commodities with each other, ard
they use the forms and machinery or
sales to effect the exchanges, but they
sre exchanges Of commodities, and not
sales fer money. all the same.
The man who would understand this
subject must take this elementary propo-
sition. and think over 1t and dream OF 1t
until he has grasped it in all its ramihca-
tions and bearings. and then he VIII be-
Gin to be in a condition of mind to grasp
the whole subject. lie win never do
stands this elementary proposition.
The next thing a student needs is TO
get correct idea OF what money is-the
source of its value and its uses.
Suppose one of our great transatlantic
steamers. loaded with all the appliances
of life and one thousand men and women,
were wrecked upon some hitherto undls-
covered island. they would all begin
at once 10 see what they could do TO
sustain life. Some would cultivate wheat
some corn, some other useful products
and some would dig for gold in gold
vein that cropped ont OF the soil. There
would be no real use for gold In such
colony. but you may rest assured the
men and women would have the same
passion for ornamentation there as they
had in their old homes. so that gold would
be i'm demand.
At the end OF a year, when crops were
gathered. trading and commerce would
begin The wheat man would find That
his years work had yielded him one
hundred bushels of wheat. the corn man
that his had yielded him two hundred
bushels OF corn. and the gold digger that
his had yielded him as much gold as one
hundred OF our gold dollars contain.
Now, on what basis would they Degin
their exchanges? 1t is absolutely GER
tain the wheat raiser would say TO the
corn raiser. one busnel OF my wheat cost
as much labor az two bushels OF your
corn, and. therefore, II we trade, you
must give me two bushels OF corn Tor
one hushei of wheat. The gold digger
would say that one OF ms dollars cost
a. much labor a one Dushel Of wheat
and two bushels or corn. ana therefore
that the wheat raiser must give HIM one
bushel of wheat for one gold dollar, and
the corn raiser must give him TWO BUSH
els OF corn for one gold dollar.
This. then. proves concusively that the
labor required TO produce any article
whatever, whether money metal or COM
modify. is the foundation and commence
ment OF the value men set upon the
article. 1t may be that so much OF
particular article is produced that use
for all OF IL cannot pe found. and In
that case labor is forced 10 release and
abandon part OF its claims to recog-
milton In the valuation which that article
receives. But that IS an accident and
one OF the incidents or fortune. Inc
foundation and the starting point for valu-
ing any and every article. money metal
a. well as anything else is the labor
s-~->a~sA On us PRODUCTION. and " ts>rs