Natchitoches populist., 1899-03-03
THE OFFICE OF MONEY
AS SUCH INTRINSIC VALUE
DOES NOT EXIST.
Judge Henry @. Miller offers Some
Plain Facts That Cannot BE Success
fully Refuted by Advocates OF the
British Gold Standard.

tlon that the great body OF our peo-
pie do not understand and never will
understand the principles Of money
and circulation and the effects OF
financial legislation. AS this is al
ready the richest country in the world,
occupied by most active and enter
prising people, engaged in prosecuting
industries of every cline and diligent
in supplying their own and the mar
kets of the world with the products OF
these industries, these tinanciers re-
gard it as most inviting field for the
display of their skill in deyising tinan-
cial measures from the operation or
which vast fortunes can be realized.
Our government was founded upon the
theory that the people would take an
interest and become sufficiently ac-
quainted with public affairs to choose
those policies best calculated to pro-
mote their welfare. The only agency
they can exercise in the affairs of gov
ernment is in selecting from their
number, from time to time, the men
who make and administer our laws.
The details of legislation they are not
required to master; they must leave
this labor to their representatives,
plainly indicate the policies they favor,
and it is the bounden duty Of their
representatives to see that the will Of
the people, as legally expressed at the
polls, so far as 1t is embodied in the
laws of the land. 1t is this that makes
this government of ours popular gov
ernment. No more important question
can be submitted to the people of this
country than the one that Is now dis
tinctly before them, which is: What
shall their money be? Shall it con-
sist of gold alone or of gold and sill
yer? For upon the correct decision OF
this question depends their industrial
and commercial prosperity. We can
confidently say this, that when our
people once grasp subject that so
greatly concerns them, they will never
drop it; it never will be settled until 1t
is rightly settled. The question Is en-
veloped in no mystery. 1t only re-
quires the mental effort Of an ordinary
intellect to throw sufficient light up
on mans pathway to the polls to en-
able him to exercise an intelligent
choice. The considerations that should
prevail with him can be very plainly
stated: /. That The only value Of
money Is found in its relation to COM
modities and other forms Of property:
that the value of any given sum Of
money is the amount of property 1t will
exchange form other words, Its pur-
| chasing power; that In a commercial
sense neither gold nor silver nor any
other thing has any intrinsic value;
that its value is wholly extrinsic and
is expressed in the terms of the thing
it will exchange for. e. That the value
or purchasing power of money de-
pends entirely upon the mass or guam
| tity In circulation, and not be any ex-
tent upon the character OF the sub
stance in which it is embodied or by
which it is represented. Consequently
as the volume of money is increased
its value or purchasing power falls
and this is manifested by a rise In the
prices of other forms of property, in
cluding wages, and that while money
4 is falling in value it will engage ir
productive industries and give larger
employment to labor; that as the vol
ume OF money in circulation diminish
i es its value or purchasing power In
creases, and this Is manifested by .
fall In the prices Of other forms o
property; that while this process il
going on, money in idleness increases
In value, retires from productive in
dustries and seeks gilt-edged securi
ties, and Is quite satisfied with a loy
rate OF interest; that falling price
means diminished profits, and tha
diminishing profits generate a wa
between labor and capital, growing OH
\ of the necessity for new adjustmen
of their wage relations to each other
and that this terminates their friendl
cooperation and arrests production
which is the greatest evil that can be
fall people 8. That the great strug
gle of mankind is not for the mlateria
of which money is made, but tor tn
Office it performs. They want none
: not to hoard 1t, but for the service
will render them. The truth OF thes
very simple propositions is vindicate
by our daily experience and the ex
perience OF all former ages. II this
;, SO, but one answer can be giverI to tn
: question, whether the metallic basis &
our currency shall be confined to gol
alone, or whether it shall consist G
&, both metals, as II did practically th
world over prior to that unfortunat
year of 1873 1t is said: If none
derives its value ftorl the Office it pei
! forms, and its vallle is dependent upo
the quantity of II In circulation, an
NOT to any extent nr'on the material {
which it is made, or by which 1t
represented. why not use paper none
4 ol5ne for monetary purposes. and nj