The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-12-28
THE INTELLIGENCER.
WHEELING. pEeEMpEn rs, lsor.


sound currency, a New YORK pupllca-
ton, makes some very pertinent remarks
on the question that is dividing both of
the great parties of this country, In TAX
Ing up the topic Credit currency but an
instrument Of trade" the pamphlet says;
mo statement can be more apparently
trite and unnecessary than this; That
the distinguishing characteristic of a
paper currency, because It's only source
of value is that 1t is credit currency
that St IS not money In any accurate
sense, for 1t is not the substance of value,
that is, property itself; that It simply
represents either the metal money 1t
promises, or some other actual property
substance OF value expressed in terms
of that money, which money or value,
have not yet paesed TO the possession of
the credit holder but are promised him
thereby; that II is but title deed to
property purchased, but yet to be deliv-
cred; that it's value as currency depends
entirely on the existence of, and its con-
troll over the money or other property
the right to which It conveys. But this
simple, but oft forgotten, distinguishing
fact bears directly ON and determines
three points, VIZ: (a) who should utter
such credlt-that Is, who should be
borrower, emitting currency eviden-
cling his debt and promising It's payment
10 bearer at sight, expecting II to be
commonly and unhesitainsly received?
(b) where Is the property, whence de-
rived, and by whom held, which is to
lIquidate the promise? C) how IS that
property secured to the performance of
the promise?"
Another fundamental fact with like
definite and limiting bearing is this:
Money and those other formo of cur.
rency which arc not money themselves,
but which promise it, are hut the instru-
ments of trade, have no use or existence
apart from It, are developed out of, and
in their nature and Incidents are properly
determined by the cNgencles and con
venlence of trade, which Is the exchange
OF properties by their owners for mutual
advantage, one property for another
property, either Of which may be actual
money, or some other form of property
substance or Of service, measured In
quantity by It's value in such money.
Money Is useful and valuable only as 1t
As or can be employed In trade and com
merce. The credit currency Is truthful
and useful only as i! has behind 1t the
actual money or other property converu-
bic into money, which It processes to
promise or to represent, ready to be pro-
dueed as property demanded,
A third equally tr!te but fundamental
and determining fact is this. Govern
nent Is the organized instrument OF
people in their political capacity only,
and for the accomplishment of political
purposes Trade is not political act or
matter. The properties 1t exchanges are
not owned by political bodies, but BY
private persons; they are not exchanged
by governments, but by the citizens OF
governments; and the ownership and
exchange OF properties, whether material
substances or valuable services, by tie
citizens of a government are not by vir-
tue OF their political relationship, nor in
their capacity as citizens, whethIr under
one political form or another, but by viz
tue OF purely natural, economic, mutual
relations OF persons, each Of whom has
something the other need and needs
something the others have Every rela-
ton OF trade, OF need and supply Of pro-
ducAon and consumption. or possession
ana want as well as every incident Of the
complex machinery whereby cach most
erfoc;ively answers the caii or meets the
offer OF the other 80 purely personal
individual, and nonpolitlcal IN the pos
session ana exercise OF the talent and
faculty which can make response
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