Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1896-08-22
The Money Question.

y1ven time. nat WOuIu SUIT Vho A."
bon and people, with their peculiar con
might be very disastrous to an
other nation and people living under en-
tircly different conditions, The f1nau-
cia! Nuiiry that would be best adapted
to a people whose entire resources had
been fully developed and utilized, would
fall far short of meeting the wants OF a
people in a new country, with none OF
its resources developed. 1t IL mo safe,
therefore. in discussing the question OF
france TO place too much confidence in
this or that particular policy, simply be-
cause some other government has been
successful under it. Precept and exam
pie are usually excellent guides. but
they are not always reliable. They are
only good when appropriate.
In discussing the differences in the r.
nancial policy Of the Republican and
Democratic parties, as now presented,
I shall discuss them solely with refer
encc to the wants and conditions Of the
people of the United States.
The Republican party stands for a
single gold standard. BY that l under
stand they propose that all real money,
primary money as some call it,
shall be coined upon gold metal alone,
and that all gold bullion that may be
brought to the mint shall be coined free
Of charge. The Democratic party stands
for a double standard by which / un.
derstand they propose that money shall
be coined out of gold and silver metal
at a ratio of IS to 1 that is, that the
| silver coins shall contain sixteen times
as much metal, by weight, as the gold
| coin; and that each shall be coined at
the miuts free of charge, and both to-
gether constitute the money Of the gov
eminent. An intelligent discussion OF
the question requires an intelligent idea
Of what money really is, and the func-
ton it performs. There arc almost as
many definitions of money as there are
opinions upon the subject Of finance,
each one defining it to correspond with
his particular theory Of the subject
Perhaps as reliable and correct a deini
ton as can be found is the one recog
nized by Blackstone and Story, greatest
jurists of the Anglo Saxon race. They
define it as IAN universal medium, o.
common standard, by comparison with
which the value of all merchandise ma,
be a~scertained; a sign which represent
the respective values Of all commodi
ties Money is purely an invention
of commercial nations. 1t is not uset
by, nor necessary for, any other elias
of people. 1t is absolutely necessary il
carrying on trade and commerce, but !
is of no use whatever for any other pur
pose. A few simple illustrations vii
make this plain to any n Suppose
people living under such conditions tina
4 every want was supplied without the ne
8 cessity of exchanging anything or Civ
ing anything in return. Could any on
. conceive of the necessity Of having mon
e ey in such a community Imagine
n communistic community, where every
+. thing is carried on in common, ever
product of farm or manufacture carrie
10 a common depot, and every one is full
) nished with whatever he needs from til
9 common supply. The necessity for {
n use of money could not arise in such
c community as that, as every n can se'
y Look at a country, on the other hant
! like the United States, where individ'
. al rights of property are recognized al
protected: one man produces nothii
but cattle, another horses, another far
=. products, another manufactured pro-
a ucts and 80 on. To meet and supply &
- varied wants Of each individual an i
terchange Of products becomes necess
- ~. But an interchange by barter Won
be go impracticable that it would be d
:, structive of the various industries.
:. the man who raised cattle had to st
=: and drive his cattle around over I
- country until he could find parties W
the various particular things he wantt
who were willing to exchange them
2pi his cattle, and each Of the others had
zee do the same thing with their seve
vas special products, the labor and the Il
10. consumed would so etract from his b
ped mess that it would be destroyed "
Ia. such clogs and difficulties and CONNIE
ger could not exist. To meet this condit
lies Of things money becomes necessary.
red enable each to arrive vt the relative '
oh. ne Of their several products as compa
'wn with each other and all other nr es.;
4e'''a unit Of value is established by Q
= Of government for its people, just as MI
ures and weights are provided to emf
them to arrive at their quantities. 7
IL. unit of value in the United Statei
ma. called a dollar. The British call t
., In unit q pound sterling. The French
ron. Siiae;irs The Franc. Each nation hal
n Of own unit. In addition to fixing the
i. is Of value each nation provides by !
ctor tive law upon what material its va
as it unit shall be stamped, or made.
Tito. material out Of which to make this
ss of Of value nearly all civilized nations
used gold and silver metal. Som
,ddi- gold alone. Some use silver alol
dngs Some use both gold and silver.
yes Of this unit Of value when made upol
% a material provided by lsw. and ii
nts q manner provided BY law, that is
money in the full sense Of the I
1t constitutes the sign which =
sents the respective values Of oil
10 10 modities" spoken Of by Blackston
VII, Story. It is by the use Of this ~
.t.eIs sentative Of value that extensive
..s.s. mmce Is made possible. The ma
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