The Weiser signal. [volume] (Weiser, Idaho) 1890-1904, 1895-11-21
ABOUT VALUES.
The Dollar Should Lave Permanency
That Is Not disturbed by Legislation.

The Dollar Should Lave n Iermanency
That Is Not disturbed by Legislation.
The unit by which either quantity or
value is measured, should be fixed and
Interchangeable. The inch, foot, yard
and rod should be the same from year
to year and from age to age They
should neither be heightened nor
shortened. The same number of feet
of lumber should be in the pile when
taken down for use that was put into
it. The bolt of cloth should measure
the same yards that it did when folded,
though it has been wrapped up for
twenty years The farm should
measure the same rods, feet and
inches that it did as recorded
in the patent from the govern
ment received by the great grand
father. The liquid measures, barrel,
gallon, quart and pint, and the
weights, ton, pound and ounce, must
remain the same, or endless confusion
will result in the measures of quanti-
ties
The dollar, the unit of value, should
have permanency that is not dis
turbed by legislation and that no or
binary variation in the production of
nature would affect. 1t should remain
the same from age to are, that vested
funds may be safe and stable and that
long tenures like land rentals or 90
year railroad leases may not be dis.
turbed.
In this connection a portion, at least,
of the famous letter of John Sherman,
dated May 1S, 1867, may be quoted with
approval. This letter was written to
Samuel b. Ruggles, the commissioner
appointed by the United States to the
monetary conference then in session in
Paris. In this letter he strongly urges
single gold standard coin of uniform
weight, as unit among the nations
represented. The franc had been sug-
gested and the possibility of making
the weight of our dollar conform to
the weight of the fve-franc coin in
gold; this would slightly reduce its
weight. On this point he says plainly:
1--WE will have some difficulty in adj
justing existing contracts with the
new dollar; but as contracts are now
based upon the tluctuating value of
paper money, even the reduced dollar
in coin will have more purchasable
value than our currency. We can
easily adjust the reduction with the
public creditors in the payment or con-
version of their securities, while pri-
vate creditors might be authorized to
recover upon the old standard. All
these are matters of detail, TO which
hope the commission will direct their
attention"
Money as medium of exchange
merely represents value and CONVEYS
that representation. 1t need not have
value in itself. The vehicle that is
employed to convey precious goods may
be of little worth. The value lies in
the goods conveyed The medium of
transportation is possibly thrown
away as worthless when the goods are
received.
When an article is sold, note may
be given by the buyer to the seller, on
which is certified the value of the arti-
Gle. Any amount great or small, may
be written IN II; lts power
lies in the sum which it rep
resents. The seller receiving it may
pass it, for articles he needs, to another
seller, who, in turn, may pass it to an.
other, and he to another; thus the same
note may be the medium of MANY ex-
changes; especially is this the case
when the original giver of the note is
well known, aud known to be reliable |
and honorable. And if every man
were known to be unfailingly honest |
and responsible these individual notes |
would be all the medium of exchange
necessary As matter of fact a very |
large portion of our business is now |
transacted in this way. The clearing
houses are but the stated exchanging |
)f the notes and checks and drafts OF |
individuals and corporations that were |
given for this purpose, and the pro-
posed international clearing house |
will be the exchanging on a colossal
scale of these representations of value
between parties of all lands.
1t is very convenient, however, to
nave these notes already made out to
'epresent different values, and to have
IN indorscr we'll known and of recog-
iized responsibility, so that exchanges
IAN be made quickly, accurately and
afely. Money is, therefore, issued by
he government representing such val
les, that any transactions, great or
mall, may be arranged wilhfacility
Coin is metal stamped to represent
'alues' the copper with which we make
xact change is very common material,
'et the government stamp makes one
hundred of them represent a dollar;
he nickel is stamped to represent one
wentieth of n dollar, and silver and
old stamped represent. one, five, ten
r twenty dollars. The material of
Which coin, as medium of exchange,
5 made is of no importance. 1t may
70 iron, copper, nickel, silver, gold.
luminum or any other metal. 1t is
he stamp upon the metal, as upon the
aper, that determines the representa-
ion of value it shall carry; Just as
ruly as the date, amount and sigma
ure of an individuals note determines
that it shall represent and convey.
oins are not necessary and are not
opular as medium of exchange.
aper currency, such as bank
ills, silver and gold certifi-
ates, checks and drafts, are
luch more convenient and desirable.
Money in the form of coin has its use
5 a measure of values, but as medium :
trade it might just as well remain
lrefully and safely stored in the treas
ry vaults. Prom Rev. j. C. Elliott's
These Hard Times"