The independent. [volume] (Lincoln, Neb.) 1902-1907, 1903-09-10
BOOK 2.-Chapter XVII.

That may not appear without JUS.
t:fication for the apparently harsh
judgment passed upon the authorities
r. economies" under whose tutelage
the monstrous futility involved in that
act OF congress was brought forth, |
here present sample of their work:
1t is definition of money" by
Gen. Francis A. Walker, which the
British Encyclopedia says has been
generally accepted by writer's upon
the subject"
Here it Is:
Money is that which passes freely
from hand to hand, throughout the
community. In final discharge of debts,
and full payment for commodities; be-
ing accepted equally without regard to
the character OF the person who offers
1t, and without the intention of the
person who receives it to consume 1t,
or enjoy it. or apply it to any other
use than in turn to tender 1t to 9TH
ers, in discharge Of debts or payment
for commodities. /"
Before dissecting this accepted def
nition." I wish to bear testimony to
one service which General Walker per-
formed, for which we should feel
thankful. He prnctured the silly no
ton that money can measure value
He saw with a dim light that money
expresses quantity Of value. But he
went to his grave supposing it to be
"coin" which expresses quantity OF
value, unaware of the existence of the
device which is money" and which
is the means by which we express hui
nan valuation" or appraisal Of the
quantity Of the force of demand acting
Upon commodities; which is the thing
intended when he wrote that ignis
fatuus Of language-"va value"
BY money" General Walker meant
simply "coin" and it's substitutes.
In order to be fair to him, then, we
must read "coin" where he wrote
money" It will not be disputed by
anyone who he's studied his writings
that his sole conception of money"
was Ncoin" and its substitutes.
If, therefore, money" be anything
except sscoin,' it is not included in the
definition.
In the first place we might inquire
why he employed the word "commun-
lty" instead of nation as the range
OF that peculiar movement from
hand to hand" which seemed to him
the characteristic feature of "coin'
and it's substitutes? Did he select this
unusual and inappropriate word by
chance, or was it chosen to prevent
the mind of his readers from being
struck by the fact that the territorial
boundaries of the government issuing
coin form the limits Of its move
nents?
His definition is an attempt to de-
scribe curious phenomenon. The
only matter connected with coin,
which seems to have struck his mind
with any force, and which he seems
tt have considered it's essential fea-
tpre, was the mo vem emit, by
which, as he says, it passes freely
from hand to hand" throughout the
jurisdiction of the power which issued
it.
And yet while thus impressed by
this spectacular movement, he seems
to have gazed upon it with no more
rhilosophic insight into it's meaning
than Sioux warrior might exercise
in watching the sweep of a meteor
across the shining vault of Nebraska
sky. No hint of cause for this
strange phenomenon is anywhere
vcuchsafed in this accepted defini-
ton"
Here is thing defined" that no
mortal intends to consume or enjoy
or apply to any other use,' except to
try the experiment of Offering it to
somebody else. who apparently has no
use for it, just to see whether or not
he will accept it, in discharge of
debts. and full payment for commodi-
ties"
There is total absence of the COM
seriousness of any need for cause for
this most miraculous movement! The
necessity for the existence of such a
cause does not appear to have dis
turbed the serenity of his mind in the
least!
Unfortunately for this accepted
definition" some minds Are so consti-
-tuted as to feel the need of an efficient
cause for such a phenomenon.
Sir Isaac Newton. sitting under the
tree. saw an apple fall to the earth.
This was not new spectacle in the
world, but such was the structure of
Newton's mind that he was impelled
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