The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-10-09
SENATOR RAWLINs' SPEECH.
Able and Interesting Address On the
Money Question.

Ab1S dAO 4AlSISSI1uS AuOI0SS On Lu0
Money Question.
My Fellow Citizens-I shall invite
your attention tonight alone to the
money question.
To man, out of society-in a state Of
permanent isolation-money would be
as useless as it would be Indispensable
to the social organization of which he
might become part. The Digger In
dian is not an object lesson of the effect
of the gold standard in the United
States. Neither is the semi -barbar-
ian, dwelling half-clad in his hovel,
who does not borrow or lend, buy or
sell, except in a limited degree, an OBJ
Ject lesson of the effect of the silver
standard in Mexico. You might pour
into the lap OF one. of these the wealth
of a CroesuS-for few days he would
live the life of a gluttOn, and then per-
ish from the earth. If one of these be-
ingS should happen to cross the imaS-
mary line which divides the sOver-
eighty of these nations; if ne should
happen TO change the metal in his
pocket, if he had a pocket, it would
not transfuse the blood which flows in
his veins.
The small community might get
along, making some division of their
labor by a system of barter. But every
transaction of barter must depend upon
and await the coming together of per-
sons having reciprocal needs and the
power or means OF mutual accOmmOda-
ton.
The man with two hats and no boots
would profit if only he could find man
with extra boots and no hat. 1t might
be that the one would become toOtSOre
before he would be able to find the
other. Thus, while one member of the
community might produce more of
given article than he could consume,
he, in many instances, would find it
difficult TO procure some one to take Is
of his hands in exchange for some
thing which the latter had to spare and
the former needed.
The search for trades would often be
fruitless. The time and money and
energy which would be Iost-wasted-
Under such a system, would, at least.
retard all progress and keep the COM
munity in a state of stagnation and
poverty.
The necessity for something to serve
as a measure of value and a general
medium o. exchange would become
manifest.
Money is the outgrowth of the neces-
sites of man in state of society. For.
this reason every community in every
stage almost of human development
and al every period in the worlds his
tory has selected and used something
which may be called money.
1t is not very important to inquire
as TO the various articles, things or ma
terials which at different times and
states of society have been selected for
this purpose. The nature of the thing
mas always depended upon the par
ticuIar needs and situation of the peo-
pie adopting it.
Whether skins, sheep, cattle, corn,
shells, the different metals from iron
I H.,
function performed has ever been
largely the same.
OF course some things are more con-
venient. better fit for use as money
than other things.
The adaDtability of gold and silver
for this use has been universally recog-
nized. A knowledge of the specific
qualities of the material used is not es-
sential to knowledge OF monetary
science.
Whenever a community has, by Gus
tom or law, adopted anything for this
use, il has been to the end that TO
those who acquired or possessed it, it
would represent and command all de-
sirable objects for sale and all needed
services Ior hire, and indicate pre-
cisely the quantity of such things to
be obtained by means of it.
Whoever produced in excess of his
own needs would part with his surplus
for money. because by means or the
money so obtained he would acquire
the ability and right to purchase any of
th= whole variety of surplus products
of all the other members Of the COM
munity then in existence, or which
might come into existence during his
lifetime.
To its possessor it would be meas
ure of value, ever indicating that guam
tity of useful things, the amount of
70 he oh or
will in exchange for it. Instead Of
parting with his own labor or the pro-
ducts OF his labor for the labor or
products of others, he sold his own for
money, and then used the money to
obtain theirs.
MEDIUM OF EXCHANGE.
The exchange of labor or commodity
has as certainly taken place in the
one case as in the other But in the
one case money has been the means of
effecting it. Money has been for him