The times. [volume] (Richmond, Va.) 1890-1903, 1897-09-18
NIX aANNA COMMISSION AGAIN

When We wrote our article OF yesterday
unop Mr.. II. II. Hannas Currency Com
mission. two places on It had not been
filled Since. It IS announced that these
two places have beer filled by Professor
+ I, Laughlin, OF Chicago. AND Professor
Z. A Garnet. OF San Francisco. We
,,,o,v nothing OF Professor Garnet, but
we know great deal Of Professor
Iaughnn. lie is the author Of a work en-
titled History OF Bimetallism in the
United States" which Is by far the best
work upon money that the free silver IS
sue has produced. Professor Laughlin
understands the theory and science OF
money perfectly. and he is consequently
= single standard gold man. lie under
stands that there can no more be two
standards OF value than there can be two
wards sticks Of different lengths or two
mound weights Of different weights.
An article which ne published in the
Forum Magazine some twelve or eigh-
teen months ago displays his knowledge
NJ this foundation tact more clearly even
than his book does. and we can candidiy
recommend it to al persons really de-
sirous OF understanding the subject as
one Of the clearest expositions Of It TO
be found anywhere.
II does not follow. however that be-
cause Professor Laughlin understands
scientifically the theory Of money that
he also understands the theory OF a paper
currency. Though the average man con-
Pounds currency and money as being one
and the same thing, they are no more
the same thing than the substance and
the shadow arc the same. Money is
niece of coin that IL In demand and re-
ouired a certain amount Of labor for its
production. Its use Is TO measure itself
up against a pile of wheat and. having
found opt that the pile OF wheat cost
as mitch labor as Itself. to declare that it
is aP even swap for ten yards OF cloth
that II 2ds also cost as much labor as
itself. UJ'f|1 is about the only use there
is foY !noN3y It's function is to furnish
a standaydc5y which commodities can ex-
chaneG the one for the other. After that
basis Is arrived at business consists Of
exchanges Of commodities which are ef-
fected by drafts drawn for the money
value Of each, and these drafts meet in
the bank and are there snapped for each
other All these drafts belong TO the
general head OF currency. Currency is
a paper promise to pay money, but the
promises are never or hardly ever per-
formed. They are satisfied by subsutut-
ing other forms of credits for the one
that is In question.
The great need Of the day is to have
all abridgments and brakes taken of OF
credit so that the people may have as
much currency. and Of any kind, as they
wish. The National Bank and greenback
system, instead Of removing all abridg-
ments from paper currency impose the
most destructive ones upon them.
If Professor Laughlin understands this
practical operation Of the present sys-
tenn and dedicatcs his efforts upon tho
commission to demonstrating it and
showing the people how it works TO
their destruction, he may do a great
work.
But II he is a victim OF the delusion
that bank note must be good at par all
over the Union, he had better. for his
regulations sake have never accepted
place upon the commission.