Year: 1870

the true and only sources Of wealth. There
are but two purposes 10 which these pro
dncts or wealth can be applied one is the
payment Of the rent or interest on the
capital employed. and the other is the pay
ment Of labor. Money is the medium or
Standard ct distribution to capital and labor,
fhe rate Of interest determining what proper
ton Of the products Of labor shall be award
ded to capital for its use, and what to the
iAborers for their production. As money
exssClses such coatsoling influence in the
atialFs OF haman .socisty, clear knowledge
q lts nature and functions is an indispen-
sable prerequisite in order to its rightfhl in
stitution. Money is, then, the medium for
the exchange Of properly and products, and
the legal tender in the payment Of all debts,
public and private. To be fitted for the
performance Of these functions, it must be
endowed BY national law with power to re-
present, to measure, 10 exchange, aad to 20
cumuiate value by interest. Money hs no
matsriat value; enly animmaterial or legal
YalYe. The only thing that gives one snb-
stance the preference over another for the
material Of money is its superior convenience
The common opinion that the material Of q
currency should be something scarce and
difficult to procuDe, IN order that the limited
amount may render it permanently valuable,
arises from misconception Of the nature and
properties Of money, and is at the bottom Of
flhe many false theories respecting its rightful
Institution When this error is eradicated
rom the public mind, and the mysti6cations
BY which political economics have concealed
the true. nature Ct money are dispeIled, it
will be found that its character and powers
are very simple, and need. only 70 be clearly
and fairly stated to meet the approval Of tie
common nmind. The pdbkc VII then know
that It's present centralizing power is % gross
an imposition upon the common sense Of
man az it ID On the common rights Of labor
and propeEt5l III NJ M .-i Hlq'I ui h-.t
THE CONSTITUTIONS VESTS IN CONGRESS Fhs


PowRR 10 MAKE MONEY AND REGULATE


tTs VALUE.


The power to make money and regulate
its value is by the constitution delegated to
COngress, and prohibited 10 te Sates.
This power carries with It the power to co,l-
troll the value Of al the property in the
country, and to regulate its distribution be-
tween capital and labor, and is thereFore an
attribute Of sovereignty. Congress las the
undoubted right to exercise this and sll
other powers granted to il by the constitution;
but there u not q shadow Of authority given
to that body to delegate these powers, or in
any way to divest itself Of the right to sxer-
else them for one moment There 10 certainly
not one particle more authority given to
Congress to delegate the sovereign power to
make money and regulate its value, than
there is to delegate the power to declare war,
grant Letters. Of maraue and reprisal, or to
6x the standard Of weights and measures.
Congress has definitely fixed the length Of
the yard and size Of the busbel, but il has
not Rxed or even attempted to regulate the
value Of money. The rate of interest deter
mines the value Of money. Its value is no
more fixed By the quantity or quality Of ito
material, than the length Of the yard or the
size Of the busbel Is fixed by the quantity
or quality Of their wood al rrl


While it may be admitted that no injus-
tice or inconvenience would result iron the
institution Of money on the principle Of IT'S
Icing the legal representative Of value 20
far as our home business is concerned, It
may be objected that it would operate in
juriously on our foreign trade as other ma
tions have legalized the so-called precious
metals as money, and assumed that its value
is innate, and established their monetary
laws on THE false assumption and that we
cannot maintain commercial relations with
them unless we also legalixe these metals as
money. A sufficient answer to this objection
is, that our coin is not current or legal
money at. the standard fixed by our laws IN
any foreign nation. They only receive il at
the value fixed by their own laws, and great
ly prefer our bullion to our coin. Besides,
Legitimate commerce is the exchange Of the
products of the territory and labor of one
country for those Of another, and is never
carried on on legal values, but always on 9
tual values. When money passes beyond
the jurisdiction of the government whose
impress it bears, it parts with its legal, and
assumes its commercial UGlHe.


THE RATES OF INTEREST THE GOVERNING


POWER OF Distribution TO CAPITAL AND


LABOR.


This is the most important power or func-
ton Of money, and one which is probably
less clearly understood by the mass Of man
kind than any Of its powers, which doubtless
" arises from the fact that it is an invisible
power, operating silently and unseen. 1t is
not only the most governing and influential
power, but it is also the most unjnst and deceit
full Of al earthly powers. 1t entails on mil
lions excessive toll, poverty, and want, while
it keeps them ignorant Of the cause of their
Sfferings For, with their tacit consent,
it silently transfers large share Of their
earnings to tie hands Of others, who have
never lifted finger to perform any produc-
tive labor. Labor prodHces-interest steals.


All interest paid for the use Of money
national, state. county, or town bonds,
railroad. manufacturing, and all other cor
poration bonds, bank dividends, or for any
purpose whatever-must in the end be
borpe by labor, and is as much charge On
labor as the taxes paid for the support Of the
government. When the rate exceeds the
aggregate rate Of increase in the national
wealth, the inevitable result is to centralize
the wealth or property in the hands Of the
few non producers, and to impoverish and