The weekly intelligencer., 1896-04-04
Financial Philosophy: or. the Primer
pies of the Science of Money.
By George Wilson.

Financial Philosophy: or. the Primer
pies of the Science of Money.
by George Wilson.
From the American
Mr.. Wilson approaches his subject
in way wid,lJ al varinnce with the
commonly accepted method. The
necessity of money growing out of the
difficulties, incon. eniences and often
the impnssibilIly of effectjnG exchanges
by barter, just rs soon rs man emerged
from the savage and entered the tribal
state, bringing with it Il di"erSiiication
of industries and the need of those
engaged in different pursuits of eN-
changing their products, the use of
money Lecame imperative, and with
every step of progress and towards
greater divcrsilication of employments
the use OF money has OF necessity
become more extended.
Indeed, the very possibility of pro-
gress and diversilicatiOn of industries
which alone makes mars la3ors most
remunerative, provides him with the
most comforts, gives him a greater
command over the resouI ces of natu e
and marks an advance in civilization,
is dependent on co-ncidcnt increase
of and extended use of money, for
without such extended use it would be
impossible Ia effect the increased
number of exchanges resulting from
greater diversiiication of industries
save at lower prices, goods would pile
up unstable on the producers hands
and the new industries close because
OF the inability of the producer TO
dispose of his products al Il profit. So
we find that an increased and extended
use of money has invariably preceded
and been co-incident with periods of
marked industrial development and
general progress. Step by step the
use of money has increased with the
advance of civilization. Not all at
once, but gradually, money replaced
barter in effecting exchanges. First
undoubtedly used only as ''boot" as
an aid in barter, the use of money has
grown gradually more extended and
the exchange of products by barter
more rare. Naturally some product
for which there was general demand
and of recognized value was chosen by
common consent as a common medium
of exchange when the need of money
lecame felt.
So far, Mr. Wilson, is, we think, in
accord with the generally accepted
theory of the evolution of money. But
the idea that rude materials first
constituted money, that the use of
pelts, beads, shells, iron, copper. ETC.,
preceded the use of silver and gold as
money, a belief that has been regarded
in some quarters rs susceptible of
historical demonstration, he strenu-
ously denies, insisting that of all
substances gold was first used as
money, and that its use preceded the
use of silver. Mr.. Wilson holds it
absurd to suppose that IRON or copper
or even silver, the extraction and
preparation of which necessitated some
degree of knowledge and application
of science should take precedence of
gold that is found pure in state of
nature, and which used among all
semi-barbarous tribes as jewelry, as
ornaments, as a talisman of super
stition would naturally come to be
regarded as a medium of exchange. In
support of this contention Mr.. Wilson
marshals the evidence of philology, a
study to which he is evidently much
attracted, and devotes much space to
showing the origin and meaning of the
word money, which, however inter-
esting to the philologist, will, we fear,
prove somewhat tiresome TO the general
reader.
Holding that the use of gold and
silver as money are natural rights
inherent in all men, gold and silver
having, indeed, been used rs money
before recognized as such by law, he
concludes that the delegation to the
government of the right to coin gold
and silver and the supervision over the
coin carried with it an obligation on
the part of the government 10 coin all
the gold and silver offered, and that
any restriction of this right of mintage
is an abridgement of the natural right
of man to the use OF gold and silver as
money and a usurpation of authority.
Finding men using gold and silver as
money Mr.. Wilson insists that no
government has a right to restrict or
forbid the use of one of them any more
than a government to which has been