The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-03-23

e
SIR; Edward Kellogg In his work on
Money, publIshed In 1sl6. gave the
true principles In regard 10 money. He
tnnk the ground that money has no vale
ae IN ltself-that It is simply = legal
representative hnviRg the power to
represent value: power to denOInin3tO
vainsy power TO accumulate value BY
interest: power to exchange value and
power 'by Legal tender to dlschHrse de-
ferred payment Thssq principles KEEL
iogf claimed are Co-essentiRl to q me-
dlum exchange. or money. II is impos-
slble for anyone OF them to exist In
such q medium In the absence OF the
other The material Of money Is n le-
galiSed agent employed TO express these
powers. and renders them available 10
The transaction % business.
The powers Of money, which alone
fender.it useful, are created by legisia-
don; therefore, money can possess none
IN use or the products OF labor and cap
ital, or Ot labor itself. The old bRrbaric
idea. which our money lords have per-
petuRted and Will continue to perpetu-
q ate 50 long.aS the masses are unenllght-
onId, q all misleading. Gold and silver,
SXcabt for convenience, are no moro
nddbted for the basis OF money than
wheat, corn, land or any other commo-
ditY OF species Of property having value
or use.
the banks OF New York before the
late civil war had already made hel-
LOCKS ideas on money n practical fact.
ME Isi1ie1 or these banks WeFe based
on the bonds Of the state OF New York,
similar TO our national bank currency
hased upon United States bonds, Mr..
Secretary Chase and Mr.. SpauldlnS
adonted. this system In formulating our
late war money, the greenbnCk and nR-
tional bank currency.
Our legal tender curTency-Green-
backs-when first issued, were repre-
sentative OF the actual value Of the
property owned by the people OF the
United States: and upon the faith OF
the people IN the perpetulty OF the
American Union. There never WAS q
better currency conceived by the mind
.of man, II carried this nation through
the terrible conflict OF 'ciYil war 10 Anal
victory. a complete test was made Us
10 this kind Of money; and but for Me-
CuIloch and Wal street, backed by the
money power OF England, that form Of
money would be the money OF the pco-
pie to-day.
Value 3 always determined by use /;
hence the expression. Intrinsic value, "
6sused By those who inherit the com;
non.place expOSItiops OF the gold-hul-
iIonniros, Is all fictitious and unwRr-
fanted The original greenback Of war
tImes performed all the uses and pow.
eFS OF money, because II was legally
commissioned to do soi and because
each legal tender note represented the
wealth OF the American people. So OF
the coined gold dollar. and 20 Of the
coined silver dollar. When they become
representatives. Of value by legal coin.
age they ceased to have commercial OF
commDdtty value. They perform uses
ON the lines previously Indicated. When
frnnsformed into their Commodity
( value they cease to have monetary or
legal representative use value.
The reason why our wildcat system
went TO nAught was because there was
no actual value behind these notes; 50
Of the Confederate money. and 80 Of the
French nSBIgnats at the time Of the
French revolution.
But, says the critic, do you favor the
unlimited issue Of Greenbacles2 Ger
tGinly not. That would violate every
principle OF sound money" It was the
\
coinage df silver at is to l." In the late
campaign. which dismissed silver In
this form from the further cOnsldera-
ton OF the American people. II VIII
never again be resurrected on such an
Iintanable proposition. The purchasing
power OF Money" cannot be preserved
md maintained by unlimited COINAGE
or issue. This view Is sustained by MI
the leading political economists and by
thesp practical experience OF mankind for
hundreds Of years.
three Modes.
Political economists have given three
modes Of ascertainlng the quantity OF
money necessary for the maintenance
Of moneys purchasing power and for
4 the discharge of deferred payments.
The first Is the collective unit OF the
amount Of money in circulation among
the people OF a nation; diVlsiblc with Us
by the dollar unit.
The second Is the general level Of
prices OF leading commodities. running
through an expressed number Of years,
The third Is by a liked rate Of interest
for the use Of money lent. Kellogg. In
5 his work on money. gives the latter al
the true scientific test. His proposition
however, is based upon a new system
OF money! WHICH ElhuuEhlGA Will
great cIearness Under our present
mixed up system his suggestion would
prove Impracticablc. Delmar. in Ills
''Sciencei OF, Money" is.the originator OF
the first. II is also impracticRble, be.
cause the commerce Of the world makes
Il impossible to properly adjust any ma
tlon's COLLECTIVE unit OF money; and
besides. the bank check" which per.
forms all the uses. of money. Is the So
called credit money" OF nearly all COM
TperciaI transactions. Metallic money
IS becoming less and less n factor In
buRlneEB transactions.
The bank check, or paper money. Il
the most convenient and Will ultimate,
Is become the only medium Of eX,
change, except In our commercial trans.
actions with other nations Here gold
az d Commodity" Is used to adjust
'..balances." Where tho business IL
large, as for example between England
and America. gold is rarely used ever
for this purOpBe. Cumming accounts
are kent between customers with only
q periodical adjustment, and even theT
the adjustment ls often made by some
other "commodity"-say cotton, wheat
corn, etc.
There can be no standard Of value.
because value Ia intanElblc--id ideal
Vdlue Ia use. You can have 'mensure.
a True Maxim,