The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1898-01-25
THE PEOPLES PLATFORM.
Federal Money---Its Functions are Two
fold--Money Redemption.
CHAPTER 4.

~S~ A~~ @~
coin, it named for its unit of measure
ment the German ''Thaler," and after
ward fixed this Dollar to weigh 4123
grains of coin silver, Troy weight, as
our legal tender silver dollar. The
weight and fneness of our nations
gold was determined from its relative
value to silver in the "Easterlings
Money" and both coins were made a
legal lender for all debts.
There vas a long contention about
the kind of money that should be used
and much correspondence was had, es-
pecially with Germany and Spain and
the origin of English money thoroughly
investigated, but Mr.. Jeferson's idea
mainly prevailed, and it was rather in
dependent Of all others, as is seen in the
Federal money table adopted. / am
not here in contention for 'free silver"
neither mono nor bi- metalism, but I am
investigating that which is of far more
Importance, VIZ: What money really
is and its usefulness to man in this age
of the world, Independently of what
the ancients thought it was or how
they used it.
/ claim that the intelligence Of the
sovereign people of America is capa-
BILE of adjusting the monetary system
to their necessities without being sub.
jected to either the edict or long es,
tablished custom of any nation. It is
no more necessary that we pattern
after them in finances than in form of
government.
During the earlier part Of our none
tary history the nation did not feel a
great necessity for the use of legal ten
der paper money, nor much for any
more money than the two metals
would afford, but the demand for more
increased.
About thirty five years ago, our gov,
eminent was confronted with the ur-
gent necessity of Issuing paper Federal
money as full legal tender, equal with
gold and silver and did so with emf
nent success.
The use or money as q measure OF
value arises from and is c~oextensive
with the necessity for exchange of pro
ducts and prosperity among the PEG
pie and the legality and power of mon.
ey as a medium Of exchange originates
in law, exists in law and in law only.
So, also, does it's legal tender money
power exist only in law, remembering,
as we do, that the will of the people is
(constitutionally) the supreme law.
Therefore, what ever Of good comes
through the element of money we owe
to the benefcialness of the law; what
ever of evil, Is chargable to the bane
fulness of the law.
Having found that the functions of
money exist in the law that creates it,
let US analy 70 its functions and we
shall quickly see the part of law that
is beneficial and the part that is bane~
full.
Money has two legitimate uses.
1t is used to measure value. This
may be most easily understood by illus
tration in a purchase and sale. Oae
person says to another: "What Will
you take for your COVE" The other re
plies: ''She is good COW, easy to keep,
quiet, gives plenty of rich milk, but
you car have her for $780," It will be
observed that he measures the cows
usefulness with the standard unit CD
OF Federal Money, so named accord
ing to law. The other says: "Well,
friend, COWS are cheap now and yours
is too high. I will give you S25." The
owner finally sells at that piece. the
value having been measured by legal
Federal money dollars and agreed 10
by both men.
Scholars and all others can under
stand that the COW is a physical thing,
while the value attached to her, arising
from her usefulness, is entirely meta
physical and such a quality must be
measured by a metaphysical ger
This is the legal way of measuring
the value Of everything that is bought
and sold in the United States.
It is the first use of money.
Leaking for the next or further use
of money, we find that it is used as a
memorial or medium by which to pre-
serve a second OF measured value.
To illustrate this we may follow I'D
the COW sale in which the buyer Avs
Il have s. in gold, $40 in silver and
$40 in paper money, which I will give
you for the COW" The buyer takes
the COW and the seller next day goes
to town, pays his taxes S., buys cloth