The Monte Vista journal., 1900-01-20

book entitled Monetary Systems
of the world, opens his first para
graph with the sentence:
Perhaps the most important at
tribute of and form of money Is its
legal-tender power; that is, the
power conferred by law to dis
charge debt payable in money.
And this is the assertion of all
men versed in monetary science.
But the banker whose bank paper
is not legal tender aud tn ,se to
whom he furnishes arguments
must be expected to conflict with
the disinterested monetary scien-
fists.
The value of money is the sala-
BILE or exchange value, and Is gov
erned by the law of supply and de-
mand.
And 80 says every author writ
ing on monetar science. The
value ct money, its salable or mon
ey value, is governed by the law of
supply and demand just the same
as wheat or any other commodity
Is governed by the law of supply
and demand, But few Intelligent
writer's on this question ever ref +
to such a thing AS intrinsic value,
because it is becoming an obsolete
term rs applied 10 the value of
money. You might MS well talk
about the intrinsic value of the air
or the sunshine ms to talk .bo, t
the intrinsic value of gold anl sill
yer. Its value is chifey as mon
ey metal, but it has salgble or
usable value for other purposes,
hut the great part of its value lis
Occasioned by the worlds demand
for monetary purposes.
The advocates of this measure
glowingly console themselves IN
their general qualification IN going
from the bimetalic to the gold
standard, because they say that
the recent prosperous times have
exploded all old theories.
The very reverse is true. by
reason of the unprecedented crops
in this country and a great short
age abroad, and by reason of the
uuexsmpled strides of the .imeri-
can people in the production and
export Of iron, steel. petroleum,
and machinery, our balance of
trade has been such, when taken
with our domestic outpu, of gold
and the large coinage of the silver
bullion in the Treasury, together
with tho wsrs, starting all the
machine shops and gun mud ship
factories Of the country, aud tax
ing up all of the idle men, either
for work or for soldiers, that things
have necessarily been reasonably
prosperous, and the supply of
money has been SO abundant that
it has raised the general prices,
confirming beyond question our
cardinal theory that every increase
IN the ratio of money to property
or OF working capital 10 labor in-
creases the prices of property or
labor, aud every decrease IN the
ratio OF money to property or labor
decreases the price of property or
labor under the unvarying law oi
supply aud demand.
There really never has been u
good faith battle OF the standards
The leading bankers and money
changers never have cared any
more for gold than for silver.
1t has always been question Of
bank paper and intercs,.bearins
bonds, with ns little Government
money - possible, on their side.
Gold has never been sacred to
the bimetallis,s, neither has silver,
except that they have always be.
lieved that from their durability,
their homogeneity, di,isibili;y,
portability. and comparative So.
bility In values. they ARE the b -,
materials from which To coin
money, aud ~ the two conformity
never have been produced in -uiii
cient volume 70 furnish the money
supply Of the world, but from time
immemorial supplementary paper
money In large volumes has b,""
necessary, therefore We insist 'h"l
tlis paper currency should b" I"
national currency its.cn1 Of lmnk