The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1895-06-25
WHAT rs MONEY?
A Simple Exploration of Some of Coins
Errors and Faliacies.

rdndNlSS.
Chicago Tribune.
Good morning, Mr.. Dollar"
Good morning, sir What can l do for
your
II have called Mr.. Dollar, to ask il you
VIII favor the readers of the Young
tlnancier with your views on tn cur
rency question. Your name has been suS-
gested as the possible nominee of the
republican party for president, and as
neither of the parties has yet declared
ltsef on the subject of money for the
next presidential race 1t is desirable to
get the individual opinions of the lead
| ers."
1T is certainly great compliment to
nave ones name even mentioned as a
candidate for THE presidency, but L do
not expect Ito have that honor rendered
10 me. 1t VIII afford me pleasure, how
ever. 70 give you my personal ideas con-
cerning money. Permit me to say first
uhat think You are mistaken IL you con-
slider the position of the republican party
uncertain on thds question. It has fre>
quenuy gone upon record as being in
favor OF sound and honest currency, and
In carrying out such views due consider
alton VIII be given to the gold interests
and the silver interests, the debtor and
the purpose OF doing Justice to ALL"
"Mr. Dollar. what is money? What do
you mean by the term sound cur,
rency?'"
You are starting at the bottom, are
you not? do not profess to be able to
give you off-hand an entire treatise on |
political economy, but 1t is not difficult |
TO find In the books an absolutely cor, |
rect definition of money think your
question is pertinentS for there is no |
doubt but that the cloudiness in the |
minds or a great many concerning these |
financial matters arises from loose or in
accurate ideas as to the true character
of money. Some Of our laws and court
decisions have had a tendency to create
ana conftim erroneous impressions rather
than to dspel them. Consider the green
backs, for instance. do not critic.se
their original issue. The law authorizing
them was a war measure and deemed
necessary for the safety Of the nation.
To uphold them on any other ground de-
oeives the public as to their true char
acter They were a forced loan, and no
legislation can make them anything else
than debt--notes payable on demand.
It Is not possible by law to tTpnsmute
receipts into wheat nor can
sreenbaclSs be made money though they
are capable. just like a check, of per-
iorming some of, but not all, the func-
ions OF money. Money Is THE commodity
which Is selected as the measure of value
II all other commodities. 1t must itself
POSSESS value. Theoretically anything
which has value MAY serve as money, but
n practice 1t is found that certain sub
stances are much better adapted 10 the
purpose than others. The money com,
modify should possess the following
properties: dndestrucibility, divisibillty,
Uniformity Of quality. malleablity, and
Ilso general diffusion in nature so that
10 particular community shall have a
monopoly in dts production. No other
ubsitances possess so many OF these
roperties and In such high degree as the
o-called precious metals. gold and silver.
hey have become money by a process
{ natural selection through the opera
ions of commerce. A government can
ot make money any more than 1t can {
lake corn IL has performed it's full Il
uncttons In regard to money when 1t {
esignates the substance to be used as {
IOney and provides a ready method for
eterm,nlng quantity and quality"
What do you understand by the term n
p
'Blmetallism means the use of two O
letals as the standard of value. Gold b
nd silver are the two metals which are -
roug'ht TO mind by the word at present.
rue h,metaQlism consists Of the coinage y
the two at their ratio in the market. .,
hus. IL gold is worth twenty times an =
lual weight of silver. then we are on T
netaEtc be-s.s only when the silver coin 7
a given face value weighs twenty
mes as much as the god coin of the
me face value. When the market ratio
80 to 1, IL we coin at the ratio of l6 TO
we practically demonetize gold and
lopt a moiiometallc silver standard. II ID
e com ait 20 to l we demonetize silver W
Vi place ourselves on the gold basis. to
ich will be the result Independently of dI
~ and all statutes" Sc
Are you in favor OF blmetalEsm, Mr., -
oloar?" sa
II am in favor OF bimetallic standard w
% II we can ascertain what is the II
ue market ratio between gold and sill w
r.. or what will be the ratio when silver az
adinltted to free coinage; CO II such fr
ito can be kept unchanged"
''In case of a monometallic standard
} you have any preference for gold di
bher than Sdlver?' re
II cannot say that have. The prime It.
seTatial Of money is chat It shall be un- =
langeable in value. or II e changes that
shall change at the same rate as the m
-erage OF all onher commodities. which :
practically no change. The reason for
Is Is 50 that contracts may be dis
Iarged by the same value which was
when they were entered r
to. A monometallic standard, either
Id or silver. Is undoubtedly better than
eduent changes from one 40 the other
e have been on a gold basis both IN
W and IN fact since 1873; we had been
a gold basis In fact though not In law
ON 1884 TO 1873. The law al that time
idervalued silver: hence Il refused to
rcuiate. We should not now change to
e silver bass uuiess in doing so we can
ave the measure OF value unchanged;
a even then the step should be care
lily considered that we may be sure II
a wise move. Political economy is not
, exact science II deals with human
Itnre, It's wants and desires. and Il
uas take cosnlzance OF existing facts.
I the great commercial nations are on q
IA basls n we 80 10 silver basis. even
ouch we make the change IN such a
AZ as not to impair exisfng contracts.
: must remember that all our exports
d ali our sales Of securities TO gold-
fny nations will be necessarily made on
gold basis Our silver money and our