The midland journal. (Rising Sun, Md.) 1885-1947, 1895-12-06

supply VI hhOHCy dS Wei dS IHc sup
ply of that particular kind of prop
erty. Consequently the demand
for money is equal to the demand
for all other things, and the supply
of money consists of the volume of
money in circulation. This makes
volume everything, and the mater
ial out of which money is manu-
featured nothing. Anything is
good to make money of which is
durable, easily transportable, and
difficult to counterfeit. For this
purpose silver is just as good as
gold, and paper is much better than
either. We are now speaking of
real money not credit money.
Money does not depend upon the
credit of a government, because the
government does not have to pay
anything for it or redeem it. 1t
issues the mOny. In the case of
gold it stamps it and makes it legal
tender. This was done with re-
gard to silver for thousands OF
years, and such stamp made each of
the metals good money and a legal
tender in the country stamping
them, but nowhere else. They
were simply bullion in other coun-
tries and might be melted up as
bullion and coined into the money
of the foreign country or returned
as coin to the country which orig
inally coined them. Paper money
is no more a legal tender in for
eign country than gold money. 1t
cannot be melted up for bullion as
gold money can, but it must be sent
back to the country from which it
came in order that it may retain its
value. This is a great advantage
aud it is the main reason why paper
money is better than coin money,
because it will stay at home and
do the business for which it was
created. Money is for domestic and
not foreign use. Paper is the only
material yet found out of which
money has been made, with cour-
age enough and patriotism enough
to stay in the country of its crea-
ton, in war as well as peace. Every
nation of modern times owes its
preservation to paper money. This
is especially true of England,
FIance and the United States.
Each has been again and again
saved by patriotic paper money
that did not lun away from the
smoke of battle. 1t must be borne
in mind that money redeemable in
any other kind of money is a form
of credit, and that real money is
redeemable in debts and taxes, and
when government confers upon
paper or any other commodity a
monopoly of those functions and
refuses to allow debts and taxes to
be redeemed in any other kind of
money, such money is not only
good at home but throughout the
world, less difference of exchange.
Inasmuch as the value of all prop
erty is measured by the volume of
money, and the volume of money
by all property, the value of each
dollar will depend upon the num-
Der of dollars in circulation. The
best money will be the money which
can be obtained at all times for the
same amount of sacrifice in property
or services. The worst money.
whether it be gold, silver or paper,
is that which is continually increas-
ing purchasing power, because
such money is continually retard-
ing production, destroying oppor-
tunity, swindling the debtor and
the producer, and if its purchasing
power continues TO increase for al
long period of time converts liberty
into slavery and freemen into serts.
Some of our exchanges also suggest
that the silver question is tempo
rary question. The question is a
part of a question which has agi-
tated mankind from prehistoric
times. The contest between free
dom and slavery has always been
waged on the line OF expanding or
contracting the circulating medium.
To expand it would raise prices
and increase the value of the prop
erty and services of the millions.
To contract it would reduce prices
and increase the wealth of the par
asites who absorb and do not pro-
6una Tho '0nptaSt hat uaap woaltb