Crittenden press. [volume] (Marion, Ky.) 1879-1907, 1895-04-18
MONEY,

members live and sustain themselves
by an exchange of products. This
exchange can be practicable only
when a Eedium of exchange is estab
lished and the more convenient the
system the more profitable the EN-
ployment
While gold and silver have both
been used as money a tar bltk as ci-
vilizition can be traced, yet at first
all trade, such as il was, had to be
carried on 10y system Of barter,
where a mau exchanges his own for
the products of others; "A system in
which, for instance, 80 many sheep
were given for so many COWS, 50 much
c1rn for 50 much wool, and SO on
then as civilization progressed, this
system of barter was misplaced by the
employment Of common medium of
exchange 10 be used in buying and
selling between the people Of certain
tribes, the:e being scarcely any ex-
change between the tribes.
Nothing could be more apparent to
The people OF this day than the cruii-
ty and great inconvenience Of these
systems of barter and exchange. The |
bulk, perishabillty and lack Of trans
portation of these mediums, as well as
uncertainty of seasons to produce
them, being the chief among humid
reds of drawbacks to the prosperity
Of people using them. OF course in.
dustry could not thrive, nor the tribes
flourish. Then comes higher state
Of development, when metals, such as
iron, tin, lead, and copper were en-
ployed.
The examination of the forms Of
currency, both metallic and non me.
tallic, which have been mentioned.
leads to certain definite conclusions as
b the course which the evolution of
currency is pursuing. Itappears that
he mellls tend to supersede all other
orms of money among progressive
Peoples, and that certain metals tend
o supersede the others. 1t should be u
'orne in mind here that paper curren.
y in common circulation today is ID
lOthing more than metal cure ncy, it :
'eing simply promise of the govern. =
nent issuing same to redeem it at the {
'ption of holder on presentation at
he government treasury in the metal =
lpon which the currency of tnat gov
rnment is based, and is in no sense a
eparate medium Of exchange. "
From these conclusions we are led
o consider the quotations which are
desirable IN the material of money, Il
nd to conclude that the presence OF
bsence of some essential quality or
qualities is the reason OF the adoption
II rejection Of any given substance.
n the first place it is necessary that =
he material of money should be desi- ,
able, or in other words possess value :
10 matter whether you choose to call
intrinsic or commodity value; it .
hOuld have a value aside from its +,
'alue as substance for money, so r
hat if the government using same
hould collapse the holder Of the sub
lance will still have valuable arti-
lie. To this condition all the com
lodities we have revealed conform, y
Or otherwise this never would have =
ttained the position of being a medi-
m Of exchange. =,
The second requisite clearly is that =
be value Of the article shall be high h.
! proportion to its weight or bulk, ~
r, to put the same truth in another al
ay, it Is requisite that it should be I'd
1rtable. Wan. OF this quality has I
cen fatal obstacle 10 many early =
rms Of money retaining their place. 8,
kins, corn and tobacco '. ere found 90
cry difficult to transfer from pace to G.
lace. -.
Third, il is further desirable that
Ie material of money shall be as
early as possible the same in value;
lat is, that one unit shall be equal IN -
,lue to another unit. This is the y
ason for rejecting the widespread -
lrrency composed Of cattle, as the = :"
ference between one and another n
,ad is Of course often considerable.
he metals possess decided adyant- =
re in this respect, for after being -
elted ana rehned they are almost eX-
tly homogeneous >"
Fourth, money must be durable. 50
lis at once removes from the articles ~
liable for money all animal and -
any vegetable substances; vegeta- ~
es will not keep, iron will rust. ~
Fifth, the most important condition
lich app irs desirable for money 8,
lterial is, that its value shall be %
ady. This however is of but slight Wv
portance in early societies, and it is Jos
IY as deferred payments become a =
,mineut feature Of industrial life
It this requisite is so much needed. ~.
is enough for the other purposes of 80
ney that it shall not vary within 80
ut periods, which is found to be a -
ture of metals and esDeciallv of Nv