Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-05-01
CURRENCY PRIMER.
What Is Money and Why It Il
Money.
The Function OF Govern ment IL 60 cert,fy.
by Its stamp. to the Purity and Weight
of coin-tt should Not Attcn,pt
TO aiake Honey from Nothing.

One OF the recent publications OF the
sound currency committee of SO VIII
linn street. New York, is entitled a
Currency Primer" h discusses the
fundamental principles underlying
money in plain language. We quote the
following:
The whole matter OF money. a meas
uTe of value. n means OF exchange. n cir
Culating medium, Is one of necessity.
convenience, adaptation TO the end tits
question OF the fitness and effective-
ness of the material substance OF which
the instrument Is made
Mnnifestly that fitness, the convent
cnce and effectiveness OF the thing. must
he determined 10y the Judgment of thoses,
who use the instrument. those who dor
the business. the labor and exchange OF
the world.
Law should attempt TO follow that
Judgment and not attempt TO form IL,
force IL or control H. Experience has
determined several points as to fitness.
convenience and efficiency. Silver is
found too precious, too concentrated, TO
Ice conveniently used 10 represent very
small values. Something more bulky
cd. Hence for smallest values copper.
coins, for slightly larger nickel or some
equivalent. and for still larger silver.
But silver Is too bulky-that is. OF
too little value by weight-to represent
very large values. Hence gold - used
for those. But even gold Is too heavy
and bulky 10 be used 10y actual count or
10y aetunl weighing, and passing from
hand to hand nc every turn I'm large
transactions. especially betweeh dealers
at distance.
Hence come into uso bank notes. and
TAR moro largely Btill checks and bills.
OF exchange. by means OF these n given.
quantity of money will rapidly. though.
only I'm legal sense. pass from hand to.
hand, from owner to owner. 10y nero
entries ON books OF nccount, no money
being actually counted nor even seen
by the banker who keeps II locked up III
hisValuts. Checks and bills OF exchanrc
are simply additional facilities. com
Ncnicnces. multiplying the i-lpidity OF
ciIculntion-more rnpldly changing
ownership. but the mohey they repre-
sent must bc behind them.
we now see the reason why Roreru.
ment cannot make anything money
which II chooses 90 call p1oucy. nor
Iankc IL money, "currentSSith the fner--
chnnt" nor current With the ial,orer,
by simply calling ita S,gnl tender. Gov.
cinment can no more do this than IL
can say what your days wages shall bc
or what shall bc the price OF bushel OF
wheat Any government assuming 10
do these things wonid soon bc reformed
or " need be revolutionized by force.
Having seen the function OF money.
anu the materials OF which u should be
composed, and seeing that government
s:'asei make money OF iron or leather OF
pasicboard. simply becnuse intelligent. :
free people OF great commercial inter
csts and activities will uot use these
fubstHnces as money. the question
an ises. Whnt is the function Of aovern-
ment in regard to money? Here again
the answer Is. simply TO increase the
convenience and effectiveness OF the
substances or materials which the peo-
pie have already found most convenicne
ana effective as standards of value. lus
crease IL how?
The old time method Of use svas 10
weigh the metal. That Is slow and
eumbrous. and ineNact. unless n pnrtat
least OF the amount be divided into very
small pieces-in case OF gold. too small
for either safety or convenience. Hence
The art OF coinage, each piece of copper.
silver or gold being composed Of n given
weight. But II coinage be left 10 indi-
viduals fraud will creep I'm. Allows.
mixtures, dcbasemcnt would he prac<
ticed. Hence the convenience. the cf- IS
icctiveness. the fitness of metal coined H
INTO money are immensely increased by IS
confidence In its purity and In the full. &
ness OF it's weight Therefore the oniv
luty and province Of government in ss
gard to coin is by fits stanp. 10 certify rs
hat given piece OF metal Is of a given zS
weight and of ii given finencss or purffx.
There the interference of governments &
should stop. unless To declare what I'D
eRal tender, and in what sums. as f<{
'ach metal
1t is now doubted by some whetkes<
should go further and rna at<t
lnythihg a legal tender for debts. and
1t would not be better TO leap.
very man TO make dis contract to ~
ohid in the money OF his choice. fffhs
we're done. and the fnihts of the whoI,
world were thrown opefi for free IN.
unlimited coinage OF ali metals noss
Used as money. the owners OF The coil
'ould soon find which would circulas.t,
md which would not But pass n.
opinion whether governments EhcssbsE
ine or establish legal tenders:
Why Abuse <soidf
The lacc -