The Louisiana populist., 1896-11-20

While everybody-and most par
ticularly those who have the least of
it-are talking about money and dis
cussing the money question, especially
gold and silver money, it might be
well for them. in order to better in
form themselves, to stop and ask
themselves the sober question in the
above caption-"What Is Money!"
The child will tell you that it is what
you buy candy with. Some men.
who pass for great statesmen. will tell
you that it is gold and silver and
bank paper based on gold and silver
with nickel and copper for currency
This is true. But these metals have
not always been money, neither are
they necessarily the only substance
out OF which money may be made.
Money Is a creation of law. The
constitution of the United States says
that Congress shall have power to
coin money and regulate the value
thereof"; and it does not specify any
particular substance out of which
such money shall be coined At diff
ferent periods in the worlds history
nearly everything has been used as
money. Probably the earliest money
In general use to any great extent
were sheep and cattle. In ancient
Britain slaves were used as money
and were called living money" In
sparta, during the reign of Lycur-
gus, iron was the medium of ex-
change. Rome first used gold for
money about two centuries before the
Christian era. Carthage used leather
bearing the stamp Of government
Cathay used as money the inner bark
of a certain tree, cut into circle and
bearing the imprint of the king. 1t
was a full legal tender, and to coun-
terfeit 1t or depreciate it or attempt
to depreciate it by refusing to accept
it In payment for debts was death.
Glass coin was at one time the cur
rency of Arabia, and Goldfish was
used as money in Newfoundland. At
one time in Massachusetts, musket
balls were used as money. In 1872
tobacco was legal tender in Mary
land, and nails were used for small
change in Scotland as late as 1776.
George w. Childs stated in his paper,
the Ledger. that turnips circulated in
Philadelphia in the place of copper
cents as late as 1865. A hundred
other instances could be mentioned.
Money is a representative Of value;
simply a medium of exchange, and a
creature Of law. We will quote little
from high authority:
Money Is a value created by law.
Its value is legal and not material. It
Is, perhaps, not easy to convince one
that the value of metallic money is
created by law. 1t is, however, a
fact."-Henri Cernunchi.
TO coin money and regulate its
value as an act Of sovereignty in
wolves the right to determine what
shall be taken and received as money;
at what measure or price 1t shall be
taken; and what shall be it's effect
when passed or rendered in payment
or satisfaction of legal obligations.
Government can give to its stamp
upon leather the same money value
as If put upon gold or silver, or any
other material."-Judge Tiffany, in
Constitution Law" page 221.
/ Metallic money, while acting as
coin, is identical with paper money in
respect to it's being destitute of in
trinsic value. NORTH British Re-
view.
Money is a medium of exchange.
Whatever performs this function.
does the work, is money, no matter
what It Is made of"-Walker's Po-
litical Economy.
Gold and silver are not intrinsically
of the equal value Of iron. No meth
DDS have been hitherto formed to es-
tablish a medium Of trade equal in all
advantages to its bills Of credit made
legal tender."-Benjamin Franklin.
The first legal tender established by
Massachusetts, was the beads of the
Indians, and though insufficient in
quantity, it answered the purpose of
money quite as well as English gold
or Spanish silver. Later the infant
colony issued paper to pay soldiers
sent on an expedition against Canada.
The issue was for five thousand
pounds in notes from five shillings to
five pounds, . and was redeemable in
taxes. This money was not made a
legal tender. 1t was not stamped as
money by which private debts could
be paid; but in 1892 it was ordered that
they should be received at the treas
ury at five per cent over metal money.
This fiat" brought them at once to
par with gold, and they stayed at par
with that metal for twenty years, un-
til taken up in the revenues of the
colony.
In IT'S Virginia put out her notes
to sustain the war of that period, and
guaranteed their redemption in q
specific tax. To make their success
doubly sure. these notes bore interest
at six per cent Thomas jefferson af-