The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-11-02
NJ non. wheeler H.Ipeckhnm: A

time existed. Mr.. Bryan at the Chicago
convention In SOMEWHAT lurid language
advised us that the cause was the de-
monetization' Of silver, and the adoption
OF the gold standard In 1873. AS, q con-
sequence OF the manner in which he
presented his views he, was nominated
for President and his principles ex-
pressed in the platform.
AS he failed of election and as not
withstanding the continuance Of the
gold standard, the last four years have
been rather slngulurly prosperous and
US he is now again presidential candl-
date standing on the Identical platform
of 1896, 1t would seem not inappropriate
to inquire as to how far and in what
way any possible business or financial
difficulties can be rcmedled by change
in the metal which shall be used Us
money.
The Functions Of Money.
The first step in such an enquiry is 10
ascertain what is meant by money-and
what Is It's junction. 5i5'A--1 ~ '5a.s. = =
think that all must agree that the
word money involves two attributes.
First, It is a standard OF exchangeable
value. Second. It is medium Of ex-
change. BY standard of exchangeaSle
value is meant that in Interchange Of
commodities or services their compare
tive values are expressed In terms Of
the standard and not in terms of the
commodities or services themselves.
Merchants instead Of saying that they
will give SO many bales:of cotton for so
many tons Of iron say that they will
give SO much Of the standard for SO
much of the standard. This use of
standard Of value is the difference be-
tween the barter Of savage peoples and
the trade or commerce Of the civilized
world. Some object which men desire
and which can be obtained only by la
Dor has always been used as this stand
ard Of value and Its excellence as such
standard has always been proportional
to its comparative uniformity of value.
BY. medium Of exchange is meant the
use OF the standard in effecting the de-
sired barter and to pay differences in
exchange. To conveniently serve this
purpose the standard must be put in
such shape that the weight and flneness
can be readily known. AT first this OBJ
ject was attained by, the stamp Of we'll
known private persons; later by coin,
age. by government. Coined metal thus
becopes money and this quite irrespec-
tive 81 ithe question whetherjit is made
legal tender.
Now rs to the function Of money.
The exchaugeable value of gold and
silver, like the, exchangeable value Of
everything :else, depends upon the cost
of its production and the degree &c
which for-purposes of use It excItes the
desires or demand of mankind.
II not needed for money, coins can
be melted and used In the arts and thus
supply demand. Because OF that
value they can be used and passed
from person to person In effectIng ex-
changes. No one wants money for any
other purpose than to get something
else. AS a thing to keep. 1t is without
yAue-there is no demand for It; as q
thing to spend it's in the greatest de-
mand. Its sole real function Is to facil-
itate exchanges by saving the labor and
complications Of barter.
Where money exists II man has
more cotton and less Iron than he wants
he exchanges the cotton for money and
the money for iron. The process is an
immense saving; but the thing accom-
plished is the same us In barter, 1. e.,
cotton is exchanged for iron. No one
wants or. keeps money.
Thus the sole function of money is to
facilitate exchanges and but for the
fact that the use of money decreases
the cost Of exchanges Its existence
would be pure waste OF SO much mer-
chandise.
For What Ills is Free Silver Pre-
.H; :, scribedP -. T..
Now what are the Ills which II ia
supposed would be remedlcd by The
change Of the metal of money from
gold to silver?
The Ills are the existence Of what Is
called hard times or business depress.
ion. 1t is not pretended that any other
Ills OF humanity can be remcdled-at
least directly.
What. then. are hard times or busl-
ness depression?
venture to say, that hard times or
business depression Is always the result:
OF over-production or over accumula-
ton Of commodities to q point where
they cannot be sold at n price exceed
Ing or equal to their cost. In the word
commodities in this connection I In
cludc all things which are bought and
gold b. mankind.
II the oveE!productIon Is confined to
Single or but few commodities, wherein
but small proportion OF the popula.
tion Is engaged. the effect Will be COM
paratively small
ii the over!productlon be general or
II as In the western land speculation OF
1871 very lnrge proportion OF the
population Is engaged In It. the effect
VIII be comparatively great and even
may enlarge into panic 50 great ar
TO prostrate the country.
True. at such times there is great
demand for money; because OF many
people suddenly realizing that the bulb
BILE has burst and desiring to sell the