The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1896-07-23
A PRIMER OF FINANCE.

has not been given to financial matter
by people generally, and now that the
question is before them they are not suf-
ficiently well informed to act intelligent
ly upon it. Our money has long been SO
satisfactory there seemed no occasion to
study its nature. 1t was known to be
good and this satisfied the people. Now
that radical change is to be made, if the
people so decide, II is advisable that they
have some means of informing themselves
on the nature of our present currency.
1t is the purpose of The Pilot to give
each week, under the above caption. such
information regarding money as may be
suitable to the needs of the general pub
lie. Care will be taken not to be technI-
cal aud to state nothing which is not alb
solutely true. Certainly no attempt will
be made to Intentionally mislead.
Certain elementary facts must be given
as basis for what may be said on the
subject:
Money Is medium of exchange, that
Is, 1t is a convenient thing to measure the
relative value of articles sold or purchas-
ed. Man in his primitive condition did
not use money because there was little
exchange of products What little there
was was effected by barter, that is arti.
goats, furs for articles of the chase or
food. The need of having some standard
led to the selection of some object the
value of which would measure the value
of other objects. This facilitated ex-
change. If furs were made the medium
of exchange people not in need of furs
would take them In exchange for some
article the y had TO dispose of because they
knew furs could be exchanged for articles
they wanted to purchase. In civilized
communities commercial transactions
were carried on by designating some one
article as standard. In Virginia in
early days tobacco passed current, IN
Massachusetts, corn, and in many places
wampum and shells This was because
of the absence of money.
In an early day, iron was used as mon-
ey. But 1T became SO plentiful that a
scarcer metal was sought AS trade in
creased and exchanges became more COM
mon the need of money which represent
ed value, which could not easily be de-
stroyed and which was not too plentiful
so that large value could be found in
little bulk, began to be felt. Copper was
then used. But as communities began
trading with each other, copper become
too bulky for large transactions or when
the trading communities were wide apart
Silver then put IN an appearance. When |
commerce increased and became inter
national, silver proved too bulky and gold |
came into use in large transactions and |
between nations widely separated. Today, |
IN quick and large transactions gold is
too bulky even and checks and drafts are |
used.
Thus it will be seen that our present |
system has been a process of |
evolution, of development. Legislation |
came IN TO ratify what business had de- |
veloped and perfected. Money, like trade |
IT lett to the natural laws of commerce |
and exchange, will inevitably reach the |
highest stage of perfection ard will most |
fully meet the needs of the people and of |
business. There is no law more potent
than the condition which has been Great
ed by mans progress and what has been
created through sense of fitness 10 aid |
that progress. Cattle, sheep, furs and |
iron, once used as money, are no longer
such because progress made them unfit |
as medium OF exchange. Copper, once
a valued money. is now used but very
little and only IN the merest detail. Bust
ness long ago grew away from it. Silver
which has ae~ved the people so long, can
no longer be used IN large transactions.
1t is the law Of commerce, OF exchange
and of business that has decreed this. 1t
Will always be used as money, but only
as subsidiary money, or If otherwise only |
In local transactions. Any man who
thinks otherwise has failed to read Alright
the history of money and fails to under
stand the readJustment in progress the
last century in the civilized world. Re-
is the only way ID which the
United States can keep ont of this pro-
gressIve moment. 1t shows but a poor
understanding of the situation, an ex-
tremely narrow view of it ard but little
knowledge OF the history of civilization
to interpose against this progressive
movement such petty arguments as
money sharks" "Lomt ard street." gold
bug" money corner" There is no move
ment of progress that has not undesir- |