Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1896-10-03
The Money Question.

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form conclusions from which confusion
may result, if we are not careful. w,
must then bear in mind that value i,
neither a commodity or a product, am
that it constitutes no part of the wealth
Of a country. To.an extent it repre-
sents the capital of the country, but on
ly in a limited degree. The wealth of n
country consists in its resources, it,
product and labor, These money never
stand for o represent. These prod
ucts and labor of a country have differ.
cut values at different times and under
varying circumstances this value moi
cy does stand for and represent to \
greater or less extent. The laws of
trade, principally supply and demand,
when unhainpered by legislation, deter
mines value, and it is this value thus de.
termined that money stands for and rep
resents. Suppose at a given time and
place labor is worth 81 per day and a
horse | own is worth $50, expressed in
terms of u unit of value. That con.
stitutes their value at that time and
place. l then perform a days labor
and sell my horse; l get the amount of
money their value calls for, which is
S5l. The money I get does not repre-.
sent or stand for either the horse or the
days labor, but it does stand for and
represent their value at the time. It
does not necessarily entitle me to anoth-
er horse and a days labor, but it does
entitle me to another $51 worth of value
in any product or commodity / may de-
sire and that may be for sale. If / buy
$51 worth of wheat with it, it then
stands to the owner of the wheat for
that much value. Wherever it goes it
performs the same function. Whoever
holds it is entitled to receive in exchange
for it whatever amount it calls for in
value, but to no particular thing or
product. 1t becomes, in practical effect,
therefore, a thing of value to the amount
expressed on its face; not because it is
of value itself, but because the holder
Of it is entitled and enabled to convert
it into that much value whenever he
chooses.
The amount Of value that a product
or commodity represents is different at
different places and under different cir.
cumstances, and is rarely ever exactly
the same for any considerable length of
time, while the value represented by
money is always the same, When wheat
can be bought or exchanged for at the
rate of so cents per bushel, its value
then is 30 cents per bushel. If two bush.
els are then exchanged for money the
amount received will be one dollar. -
That dollar will then represent the val
lie of the two bushels of wheat, but 1t
will not represent the wheat. The mon
ey will always represent a dollar worth
of value, but it will not always repre-
sent two bushels of wheat, The wheat
may advance in value to one dollar per
bushel, or it may decline to % cents per
busha but the money received for the
two bushels that were sold for fifty cents
per bushel will remain the same it will
only represent one dollars worth of val.
ne. If re- invested in wheat after wheat
has advanced to one dollar per bushel, it
will only bny n bushel instead of the
two that it was received for if rein
vested at a time when wheat has de.
clined to 20 cents per bushcl, it will buy
four bushels instead of the two 1t was
received for.
These simpkM truths. which must be
appareRt@ every one, show the vital
Importance Of maintaining values at as
near the same fApm time to time as pos.
Any extreme Auctuation is he.
ressarily PRODUCTIVE of hardship and in.
and it is the duty of the govern
.ent to SO legislate, or abstain from le-
sislation, as the case may be, as to pre-.
vent as far as possible any extreme
in the values of the country.
If the values Of a country rise the man
has converted his property into
money loses to the extent Of the advance
n values. If, on the other hand, they
iecline in value, the man who has the
money gains value to the extent of the
If A, whose land is worth $40
Der acre when wheat is worth so cents
'er bushel, sells his land for the purpose
If investing it in wheat, but before he
IAN find an opportunity of investing the
money received In wheat, wheat advan.
'es in value to ST per bushel, he loses
half the value of his land; because the
of money he received for his
wheat will only procure him half as
much wheat as it would when he sold
lis land. If, on the other hand, wheat
leclines to % cents per bushel, he gains
vice the value of his land, because he
AN then buy with the money twice as
much wheat as he could when he sold
lis land.
It is often said of men who own large
mount Of money that they are wealthy,
md of those who have none that they
IRE poor; but this is not necessarily the
The mans real wealth who owns
money does not depend upon the amount
Il money he OWNS; 1t depends more up
IN the prices of products and labor u
The amount Of money he controls meas
the amount of value he can com.
nand; but the amount of products and
abor, which constitute real wealth, he
an command depends entirely upon the
'rices Of products and labor. If his
money constituted his wealth his wealth
you'd necessarily. remain the same so
ong as he had same amount Of money.
that any n can see is not the case.
lie might be able to buy at one time a