The independent., 1903-06-25
MONEY.


The Director acknowledges receipt
of copy OF Money" by Daniel Dc
Leon, editor of the New York People
IS. L. P.), being Vol. l., No. Of the
Buzz Saw Series" published by ths
New York Labor News Co., 2-6 New
Reade ST., N. Y. pamphlet, 80 pp.,
cents.)
This is reprint OF an editorial in
The People by Mr.. De Leon, February
z, 1903, and to which he referred in
The People of May 16 in letter-box
. note to H. S. A., Lincoln, Neb., say
ing:
by the way, why do you not fur
nish the editor of The Independent OF
your own town with a copy of tie
Weekly containing the article on Mon
ey. bad proof correcting makes the
next sentence unintelligible, although
one can make out that "The man is
houndering in dismal swamp on the
subject"). He seems not yet to have
grasped the two distinct functions OF
money-a payer of debt and medium
OF exchange, and, hence, he cannot
distinguish between the supply and
made of, and it's social function. Get
him that copy. II he then should
still disagree he will be more con-
crete. To now grapple with him Is
like trying to cut through tangle OF
underbrush."
The inspiration for Mr.. De Icons
monograph seems to have been an
editorial in the Midland Journal, Ris-
ing Sun, Nd, from which he quotes
for the purpose of showing horrible
example. A good deal of the Jour-
nails editorial, as The Independent
views it, is just as faulty as part OF
Mr.. De Icons assertions. But to clear
away the ''underbrush."
The power of tender exists no
where in the United States outside of
''the public offices and the courts.
1t has nothing whatever to do vita
exchanges. The seller has the righ.
TO determine what particular thing
he will accept for his product or SER
vices, and if the buyer cannot or will
not furnish it, the 'stuff's off, and
there can be no exchange. Tender"
has nothing whatever to do with ex-
changes. 1t has to do with paying
taxes and cancelling judgments rend-
cred in the courts. Legal tender coined
money is a commodity, manufactured
properly by the state or government
(and improperly, by private persons
under unlawfully delegated author
ity) to perform just two official acts
and no more: To protect the ind'-
vidual's property against the levy Of
a distress warrant for taxes, or the
levy of an execution issued On judg-
ment rendered in court. All other
uses of legal tender coined money ara
merely voluntary adaptations Coined
money is no more a medium of ex-
change than is wheat or corn;. but
being commodity capable OF per-
forming two highly important offices,
which no other commodity can per-
form under our present laws, it is
much sought after.
The Director denies IN toto Mr.. D,
Icons "undeniable principle that la
Dor is the sole producer of all wealth
values" Labor. which The Indepen
dent would define as mans expendi-
ture of force in overcoming natures
adverse conditions, whether of form
or location, produces utilities-or more
accurately, things possessing utility.
The captious objection to this that 4
man might dig post holes and fill them
up again is really powerful argu-
ment against the socialist conception
of value. The man had some sort of
reason for digging the post holes. and
filling them up again-and the utility
of the holes consisted in the satisfa :
tion he received In performing the
seemingly senseless labor. But the