The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-11-09
PROF. BEMIS ON MONEY
THE wELL-KNOwN UNIVERSITY MAN
BEGINS HIS COURSE HERE.
His First Lecture Describing the
Early History of Circulating
Mediums.

Money" In the university extension
course last night. was delivered to a rather
small audience. but what IT lacked in num-
bers was made up in interest, as the ques-
lions which were put to him showed.
Professor Bemis began by describing the
uses and characteristics of money. Some
one. in a London paper, defined money las
the purchaser OF everything except happi-
ness and the passport TO every place ex-
cept heaven" The word money is derived
from the temple Juno Moneta, the place
where Roman coins were stamped With
out money the race would be in the state
OF barter. which is that of the most
primitive peoples. Exchange would be al
most impossible without money. To ex-
change two hundred articles and to know
the value Of each, one would be compelled
to hold in mind the value of each of the
others. which would require 1890 ratios,
when. with money as the medium Of ex-
change, only 1879 would be needed. The
materials used for money nave been vari-
Gus. The Romans used cattle and herds.
"Pecuniary' comes from ''pecus," meaning
flock and Capital from the head of an
OK. In early Rome lead was used as money.
Later silver came into use. Gold and silver
were used during the glory OF Rome. but
90 AOA q AtAlC Il ~ RONCAtt nv
came with its downfall. Wheat has been
used as money, and so was tobacco in
Maryland and Virginia. Such articles had
a value independent of that they possessed
as money. The use Of a commodity as
money enhances its value. The speaker
held that gold has an enhanced value, be-
cause of it's general use as money, and
that silver has lost part of its value be-
capao ~ Har,onaffzofion
The primary use OF money is as a medium
OF exchange. The man making nails might
be unable to find a hat AXE who wanted
nails for a hat. but he could sell his nails
to a man who wanted to use them and get
money with which he could purchase a hat.
Second. money is a measure of value. for
the prices of all articles are given in terms
OF dollars and cents. pounds n shillings,
etc. Third money Is a standard OF de-
ferred payments- We borrow. dollars or
buy land, or other property, valued In dol
lars. and give a note TO pay dollars at a
given time. Gen. +. A. Walker defines
money as follows: Money rs that which
out the community, In final discharge of debts
and full payment for commodities, being &C
cepted equally without reference to the
character or credit of the person who offers
it and without the intention of the person
who receives 1t TO consume 1t or TO enjoy IL,
or or apply apply It t. to . any ntgs other sI d use anan, d IN d Ssbn;
or payment for commodities"
The Professor gave the difference between
paper dollars and a personal check; II the
his check is accepted; but II the debtor
tenders a bank note or greenDack the cred
itor cares nothing about the individual Sc
curity. That Is, q check rests upon indi-
vidual security. while the bank note or the
greenback rests upon corporate ana ma
tfonal security.
He went on to call attention to the prev
alent error OF confounding. money with
wealth. Money is not wealth, for IL all
things were turned INTO money 1t would be
xrolro1oac nHG merchandise CrOnS. mines.
ETC., are wealth, and the wealth OF the
country Ia LOCO per capita, while the money
Is eoi only szz a Res c tSe precious ae sng metals taIse @e Ge
weighed and gold and silver aust ana Dull
lion were carried in bags. The bags were
them. Real coinage began five hundred years
before Christ. The Greek coins are yet
most superior and artistic. Our coins are
remarkable for their beauty.
The advantages OF gold and silver as
money were set forth, the chief advantage
being that these metals do not nuctuate
over per cent. In value from year 70 5yyt sar'
Another advantage is the divisiDillty OF
gold and silver, as IL can be divided into
the smallest pieces without loss. wnicn can
not be said of the precious stones. Dura-
bility is another property OF the precious
metals. They are not effected by the eie-
ments to which they are naturally exposed.
Portability Is a property or the precious
metals, fifty pounds OF fine gold being
worth 81, 900. cows were used by the Ro-
mans because they were self-portaDle. but
they needed pasture and could not be hid
away. The precious metals are easily rec
ognizable by the three senses or sound,
weight and color.
Professor Bemis took up what Is known
as "Gresham's law" explaining that II
meant that bad money or light weight
money would drive out the good only so
far as there Is an exces Of both in any
country. When the matter came up for dis
cussion or question, Mr.. Dunn, OF the SEN
tinel, held that the Gresham law was that
IL clipped coins and whole coins should be
In a country side by side, the good ones
would go out of circulation, and III an at
were made TO make sixteen parts
of silver equal to one part of gold in coin
age. the silver would disappear from that
as 1t did from this country in
ls4S. and go to Europe or where the ratio
was fifteen and a half to one, because the
silver is worth more there.
Quite a number OF questions were asked
the audience. showing an interest on
the part OF those present. The Professor
and Mr.. Phillip Rappaport got tangled up
with value and price" Finally, the
Professor asked the lawyer to write his def
inition OF the two and submit them TO him
at the next meeting, which Mr.. Rappaport
said he would do. Professor Bemis appears
to be a disciple of Professor Andrews, OF
Brown University. who emphasizes the the
DRY of the appreciation of gold by its more
general use as the money OF commerce, and
the general depreciation OF merchandise
The second lecture will be given at the