The Red Cloud chief., 1895-05-17

'on, w tntt, III nfnuIlnE 'Ne issue,
he makes use Of argum ut, such rs it
is, rather than denunciauou. There
in he distinguishes himself from the
greater number OF gold standard ad.
vocates. | instance as one Of he ma
jority Mr.. Edward Atkinson, aud cute
his article in The Record of April 2G.
THE MATURE OF MONEY.
wish to answer Mr.. Phipps' qncs.
ticr: Why is the bullion worth OF a
gold dollar more than the bullion
worth Of a silver dollarp
4, the outset ] think 1t necessary
to clear away some of the confusion
Of though, in relation to money.
A clear understanding Of the fuau.
cial issuc-whether silver should or
should not be a bearer Of the money
function upon an equal footing with
~gold.-cannst be attained through an
anal, sis IF the subject in which the
terms value, Auctuation, demand and
supply, scarcity and abundance are
applied to gold and silver while unlim.
itedly coined. Those terms have a
definite meaning when applied to com
modities, to goods desirable for con-
sumption, and which are destroyed or
retained by the person using them
Money is of a different nature, and
with ike significance the terms are
not applicable u money-to gold and
silver when freely minted.
Money is not desired for consump.
ton or retention. Unlike commodity
it docs not expect a final purchaser,
nor do successive exchanges lessen or
, increase its desirabllily to part with
T 1t is to Immediately rescek it.
Cola and silver under a freedom.
age system are desirable in the same
; manner, to the same extent and for
the same purposes that money is.
; The bullion is convertible at the pos.
SCISSORS will into equal weights of coin
and hence becomes equally desirable
; with money.
Gold and silver under a f%ree.coinage
system are not valued chiefly because
l of use 10 the arts and for ornamental.
I ton. The demand for such purposes
cannot add price to the unccined bull
ion. Why exchange more goods fol
bullion when less goods will obtain an
l equal quantity of the desired metal in
the form Of coin? Supplies Of whea'
in excess of consumption are in effect
a deficiency of demand, the price
lowers. But deficient demand fol
r gold and silver for use in the arts
when gold and silver are free to ente,
S the minis, cannot lessen the price a
= measured by the unite Of value. WIZ
exchange in the market the bullion
7 for less goods when by having it coin
r ed The coin will purchase more goods
c COINED MONEY AND COMMODITIES.
The persons now likening golG an,
n silver in allegiance to the law OF sup
o ply and demand unto wheat, pig-iron
J. ETC., crowd their range Of vision will
c the service performed by the metal il
b. gone ages, and do not discern tn
c superseding attribute of legal tender
G Gold and silver were first used 70
: ornament. Later they came to b.
used as a medium of exchange. 4
c man possessing goods not needed TO
his own immediate consumption, ant
not conveniently retained unimpaired
traded them for agreed weights o
gold and silver if he could. In time
: with the advance of civilization, cam
. order, protection Of the individual il
his property rights and enforcement
Q Of contracts. Units OF value wer'
r enacted, and fixed quantities Of gol'
!. and silver were made to bear the uni
of value. Then, gradually, PEG
pie ceased registering their CONNER
r cial transactions, their debts and due
in commodities such as cattle, rice
Q wheaton gold and silver by weight ant
reckoned in the common unit Of value
the coin Of the realm. Subjects wer
forced to take, in buying or selling
d or other payment, any money lawful.
made.
!, Now, that which will discharges
h debt is the equivalent Of al
4 >hs>ok. vrh:~h o,> lo.;rohlo onJ ,vh;ol