Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1896-06-04

FOUNDATION
PRINCIPLES.
THE MONEY QUESTION slMPl,F,ep
~ c. STUART PATTERSON.
NV Propoaltsoas That shsal4 - CBsas1y
Undsrstood ~ All-Ars Eaav - Csm-
prsAsnsioa-whas Hsss Csanags 1Gsaas.
An Appeaa - Woekangunen.
The following Il from tho excellent
address Of q. Stuart Patterson, delivered
ct Lehigh university about May l. Mr..
Patterson II chairman az the executive
committee Of the Sound Money League
Of Pennsylvania:
Al the outset Of tho discussicn I put
before you certain propositions which,
% far - they may require explanation
Or enforcement / shall support By argu-
menk
The nrst proposition II that, no mat
ter how great . country may be, and no
matter how absolute may be the power
ct its government, it, laws can have no
extra territorial force and cannot compel
other countries 10 sell TO 10 citizens
either the natural or manufactured prod
uets Of such countries save upon pay
ment In other commodities or in coin at
the market value Of those commodities
or coin
The second proposition In that, while
. government can, within it, own terri
tory. define and declare that which shall
constitute legal tender In satisfaction
Of past contract, IL cannot BY legisla-
ton Az the purchasing value Of its mon
ey, Tor the money II commodity, and
its value Ia determined In the markets
Of the world under the laws OF trade,
and the laws Of trade. like the laws Of
nature, are stronger and more far reach
ing than any constitutions or statutes
The third proposition 10 that money
has two principal functions, ~ a. .
medium Of exchange and (s) as Q stand
ard Of value As medium Of exchange
It takes the place Of barter. II work
ingman has labor to sell and wants to
buy food, he sells his labor for money,
and with the money he buys food, and
10 him the essential quality Of the mon
- IL its purchasing power. That money
y best 70 him for which he will obtain
the greatest quantity Of food, and the
maximum Of purchasing power will be
found in that money which win freely
circulate, not only Ia the country where
he lives, bat also all over the world.
The second function Of money is to serve
. . standard Of value II q working
man contracts today to work for year
st : given rate Of wages, to be paid him
daily or weekly during the year, It is Of
the first importance to him that the
money which he is to receive for his last
day's work shall have a. much purchas-
ing power as the money which he ID to
receive for tOday's work.
The fourth proposition il that You can
no moro have two different standards Of
value In one country at one time than
you can have two different standards Of
i
any man goes into the market the law
being that . yard shall be either or 8
feet In length. and buys carpets by the
yard at q fixed price, there will be de-
livered TO him carpets measured in yards
of 2 feet In length. II he goes to the ale
house TO buy pot Of beer, the standard
Of capacity under the law being either
pint or quart, and he buys BY that
standard Of measure at fixed price, he
Will have delivered to him pint. In
the same way IL the standard Of value Of
money be either gold coins or silver
coins worth intrinsically only half Of
their nominal value, and not convertible
= par into gold coins. the payment will
b made In the money Of least value
That II . principle Of human nature
which Il Il utterly impossible to get
away from.
Il IL the teaching Of history that
wherever tho attempt has BEEN made to
circulate side BY side coins OF full value
and coins o1 less than full value the coin
of full value IL boarded or exported and
the ooin of less than full value becomes
tho only coin IN circulation.
Tho nth proposition il that Of the
two functions Of money. IT. function -
standard d value II in modern times
q moro Importance than it, function -
medium Of exchange, for the standard
q value enters into every TRANSACTION,
present or future and II Of great i'm.
pogtance also @ e6ecting the owners
valuation Of every possible description
q properly, while nearly al transac-
ti0ns Of exchange can be-. and In point
q fact arc. made By representative form
d money, such q notes, checks, hank
credits and clearing house credita
Free coinage means, using the figures
offered when the average market price
quoted at the mint was 81 cents, that
anybody could take 81 cents worth Of
silver to the mint and obtain therefore
the money Of the United States 20 the
amount Of e1.20, thereby making on
each ounce Of silver 3 profit Of 90
centA
The whole agitation Il inspired By