San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1897-04-09
TIE Daify tiqGt
FRIDAY, APRIL 8, 1897.
WHAT is MONEY!
Clearly Explained by College Pres
ident at a Farmers Convention.

Clearly Explained by n College Pres
ident ut a Farmers Convention.
The following is part of the synopsis
printed by the Milton (Wis.) Journal of
an excellent address by President Whit
ford. of Milton college, before the farm
ers' convention at a recent meeting at
Milton. 1t contains some very lucid
statements of money and of the power
of governments to fix-Value:
First.-Two separate and distinct val
ues are assigned to money, one being
The intrinsic or market value of the ar
ticle used; the other the legal or face
value, indicated by the stamp or device
pressed upon the article. In some well
known instances what is popularity
called money has only one of these
values.
Second.-The common practice of
tribes and nations in selecting such ar
ticles or commodities for money is to
adopt two kinds or grades of them, one
having greater market value according
to its weight, for use in the larger ex
changes in trade; the other having less
er value, for the smaller exchanges.
This practice furnishes the first essen
tial condition for a system of bimetal-
lism.
Third.-Only that money is basic and
widely and permanently used which is
made of precious metals. very generally
gold and silver. Other and perishable
commodities are finally abandoned or
held redeemable IN these metals.
Fourth.-The market value of these
metals, not their face value constitutes
the original and continuous quality by
reason of which they are almost univer-
sally accepted as basic or primary mon
ey. Government or custom can add
quality, not inherent. but temporary,
to such metals and other articles used
as a medium of exchange. But the real
measure thus declared to be effective
and lasting must be the one established
by the laws of trade. not by the edicts
of government.
Fifth.-GOvernment itself cannot fix
or control the market value or price of
any metal or other commodity, whether
used as money or in the practical arts.
So it cannot make fat money and COM
pei the people 70 circulate it a great
length of time as money of any sort.
SiXth.-Any coins or other money
whose market value is less than their
face value always soon eXpel from cir
culatioB all coins or other money
whose market value is greater accord
ing to their weight, unless the former
are redeemable in the latter. Whenever
a coin shows even a slight inferiority of
its market value to its face value, it
tends at once to crowd out of use even
a coin whose two values are equivalent.
Seventh.-Gold has been adopted by
the principal civilized nations as pri-
mary money or the standard of values
because of its greater market value. its
less weight for given sum. of money
and its least fluctuation in market value
of any of the precious metals.
Eight.-Coins like silver, whose
market value is less than their face val
ne, can be kept circulating at the same
time with gold coins even in somewhat
large amounts only by being redeem:
able in the same denominations with
the gold. 4'he same is true of paper
money, which has no appreciable mar,
ket value.