THE ALLIANCE-INDEPENDENT.
FEBRUARY 10. 1893-
MONETARY
SCIENCE
Ideas ef Great Thicken Conoeratog the
Hature and TJm of Money.
AH "IMAQHART UHIF OF VALUE
Mr. George C Ward Write Another Let
ter in Which He Enlarge on
The Definition of Money.
Monetary Science.
I am in receipt of the issue of your
able and valuable paper containing my
communication under the caption
"Monetary sclenoe," and note the fact
that you do me the honor to criticise
my Tlewi. This is an eminently prop
er course to pursue, as it Is only by
free, fair and thorough agitation and
discussion that we can hope to arrive
at n answer to Pilate's queston,"What
is Truth?" Remembering that it Is
the truth that makes men free.
You say:
1. Mr. Ward and others who un
dertake to write scientifically on mon
ey, ought to formulate one clear and
comprehensive definition of money and
stand by it. Instead of doing this Mr.
Ward defines money, first, as "a me
dium of exchange," then as a tool for
the liquidation of debts;" next as "a
certificate that the holder has perform
ed certain labor" and lastly as "an
agreement upon the part of the people,
severally and collect! ely, to receive
such money in the payment of all
debts." Now all these propositions
may be oompaltble with one another.
But they constitute a mixture of defini
tion aid Ulusratlon, which tends to
confuse the mind rather than elucidate
the. subject."
In answer, I say that money is a com
plex utility, possessing many attributes
and performing a variety of services,
It would be almost Impossible to "for
mulate one clear and comprehensive
definition of money," which did not in
dude and embrace all (and more than)
the definitions I have attempted to
formulate. '
From a pamphlet I have on hand I
will olip authoritative definitions tend
ing to support each one of my proposi
tions. First. "A medium of exchange."
MeLeod, Elements of Banking, chap
ter I, says:
When persons take a piece of money
in exohange ror services, or products,
thev can neither eat it, nor drink it,
nor clothe themselves with it. The
onlv reason why thev take it is, be
cause they believe they can exchange It
" away whenever they please for other
things wmon tney require.
V UUU JUUUAO, 1U VWJOigDIBUlUUOi
eta, regarding money, published in
imi, says:
Mankind, having covenanted to put
an Imaginary value upon gold ana sii
. ver. bynwason of their, durableness,
scarcity, and not being very liable to
be counterfeited, nave made tnem, Dy
general consent, the common pledges,
whereby men are assured, in exchange
for them, to receive equally valuable
things to those they parted with, for
any quantity 01 tnose metais; Dy wnicn
, means it comes to pass that the intrin
sic value regarded in those metals,
made the common barter, is nothing
but the quantity which men give or re
ceive for them; they having, as money
no other value but as pledge to pro
cure what one wants or desires. .
Note the words "imaginary value."
Appleton's Cyclopedia, defining mon
ey, says:
Anything which freely circulates
from hand to hand, as a common ac
ceptable medium of exchange in any
country, is in such country money, even
though it ceases to ba such, or to pos
sess anv value la nassin? into another
country. In a word, an article Is de
termined to be money by reason of tne
performance by it of certain functions,
without regard to its form or sub
stanoe. ,,
Seoend. "A tool for the liquidation
of debts." v ..
Frof. Francis A. Walker, says:
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 acce nted equally without reference
to the character or credit of the per
son who offers it, and without the in
tention of the person who receives it,
to enjoy it, or apply It to any other use
than, in turn, to tender it to others in
discharge ol debts or payment for com
modities. .
Covering both propositions; Senator
John P. Jones of Nevada, says:
" The money of a country is that thing,
whatever it may be, which is common
ly accepted in exchange for labor or
property and in payment of debts,
whether so accepted by force of law, or
by universal consent. Its value does not
arise from the intrinsic qualities which
the material of which it is made may
possess, but depends entirely upon the
extrinsic qualities which law, or gene
ral consent, may confer.
Third. "A certificate that the hold
er has performod certain labors."
John Stuart Mills, says:
The pounds or shillings which a per
son receives are a sort of ticket or or
der which he can present for payment
at anv shop he pleases, and which en
title him to receive a certain value of
any commodity that be makes choice.
Henry Thornton, in his work on Pa
per Credit, says: . . '
Money of every kind is an order for
goods. It is so considered by the la
borer, when he receives it, and it is
almost instantly turned into money's
worth. It is merely the Instrument by
which the purchasable stock of the
country is distributed with convent
ence and advantage among the several
members of the communitv.
Bistiat, in his "Harmonies Economl
ques," describing money, uses the
following Illustration:
l ou have a crown piece. What does
it mean in your hands? If you can read
with the eye of the mind tne inscrip
tion it bears, you can distinctly Bee
these words: Pay to the bearer a ser-
" jifLAiuI vr!t to tbut whlfih ha has
T1 I
'A
J f
rendered to society, value received
and stated, proved and measured by
that which is on me.
FourVb; "An agreement on the
part of a people, severally and coIInj
lively, to receive such moiey in the
payment of all debt,"
In reference to this, I will say that
the essence of "legal tender," is such
an agreement, expressed in the form
of statutory enactment.
I will endeavor to more clearly ex
press my ideas concerning the "imagi
nary unit," which you consider may
operate as a bugaboo to confuse and
frighten away.
Let me first quote some authorities
who, I apprehend, possessed some "ad
vanced ideas"
The great philosopher, BiBhop Berke
ley, one of the most acute reasjners,
that modern times have produced, in
the "Querist," published in 1810, pro
pounds the following pertinent and sug
gestlve questions:
Whether the terms "crown' ' llvre,"
"pound sterling," etc., are now to be
considered as exponents, or denomina
tions? And whether gold, silver, and
paper are not tickets or counters for
reckoning, recording, or transferring
such denominations? Whether, the
denomination being retained, although
the bullion were gone, things might
not nevertheless be rated, bought and
sold, industry promoted and a circula
tion of commerce obtained?
This is nothing more or less, than
a scholarly pie for the absolute or flat
unit of account, be it called a "crown"
"llvr," "pound sterling," or a dollar.
It means a paper counter, devoid of
commercial value and agreeing with
Aristotle degnltlonof money:
Money by itself has value only
by law, and not by nature; so that a
change of convention between those
who use it it sufficient to deprive it of
all its value and power to satisfy all our
wants.
Commenting upon the foregoing para
graphs, I would simply ask: What Is
the difference between gold, sliver, and
paper, were gold and silver utterly de
void of all commercial value?
Money is not a "measure of values" in
the commonly accepted meaning of that
term, but if it wat it would ba a legal,
not a natural measure; hence any value
It might possess as such measure would
be legal and not "real." Money may
be said to differentiate values, as num
bers differentiate quantities, amounts
and sums. The terms indicator or nu
merator more clearly convey an idea of
the province of money as relates to
values. Articles possessing value, such
as goods, merchandise and commodi
ties, are differentiated in value not by
comparing them with each other, and
money does but indicate the differences
In value that exist between such arti
cles. .
The dollar and Its value are ideali
ties and would exist as affirmatively
without a material embidimeit as
with It We may say by our las that
so many grains of goid or silver shall
constitute one dollar; but we are power
less to arbitrarily determine the value
of the dollar, such value being depen
dent upon the number of units in circu
lation and the volume of valuable com
modities offered for exchange, and, to
tome extent, the whims and caprices of
individuals. For, after a J, value is but
the measure of the desire of individuals
to possess certain objects or articles,
while the ideal unit of value will just
as surely measure such desires as do the
ideal Reman naumerals measure and
differentiate numbers. And who would
favor the material embodiment of the
Roman numerals, (our figures) In some
certain, but varying qualities of mate
rial commodities?
Even now, so far as is concerned the
fulfillment of its promise of material
value, our monetary unit is a "barren
ideality."
We have, perhaps, as much as $800,
000,000 of gold and silver In the United
States, used as money because no one
wl-hes to use it for any thing else. This
in the face of domestic exchanges ag
gregating annually $160,000,000,000,
ninety-five per cent of them made
through the medium of private checks
and bank drafts. If the holders of one
half of one per cast of these commodi
ties should demand gold and silver to
hoard, or to use in the arts, we should
no lenger have a "metallic base" for
the checks and drafts with which the
bulk of ,our exchanges are niw effected,
but would have to fall back upon the
' ideal" unit of account.
And why should not all ourexchange
values he differentiated with an Ideal
unit? Not one in a hundred knows or
cares how much bullion there is con
tained in a gold or silver dollar.
Jevon's "Moasy and Exchanges,'
chapter 8. says:
Those who use coins In ordinary busi
ness need never inquire how much
metal they contain. Probably not one
person In two thousand in this kingdom
knows, or need know, that a sovereign
contains 123,27447 grains of standard
gold.
Money Is made to go. People want
coin, not to keep in thoir own pockets,
but f) pass 'nto their neighbors' pocket
Practically our people, except the
money mongers, regard and ue the
monetary unit as the supreme courthaa
designated it: "An ideal thing." The
"specie basis and Intrlnslo value" fads
simply rob the people for the enrich
ment of money monopolists.
Geo. C. Ward.
The Niobrafa roller mill ' nn.
the busiest institutions in the county,
They are now producing a grade of
flour equalled by few mills outside of
Minneapolis. The demand for ground
feed and shorts is far greater than
they are able to supply.
Oregon, Washington and the North
Western Coast.o
The constant demand at the traveling
public to the far west for a comfortable
and at the same time an economical
mode of traveling, has led te the estab
lishment of what Is known as Pullman
Colonist Sleepers.
These cars are built on the same gen
eral plan as the regular first-class Pull
man Sleepers, the only difference being
that they are not upholstered.
They are furnished complete with
good comfortable hair mattresses, warm
blankets, snow white linen curtains,
plenty ef towels, combs, brushes, etc.,
which secure to the occupant of a berth
as much privacy as is to be had in first
class sleepers. There are also separate
toilet rooms for ladles and gentlemen,
and smoking is absolutely prohibited.
For full information send for Pullman
Colonist Sleeper Leaflet.
J. T. Mastin, C. T. A. 1044 O. St.,
E. B. Slossos, Gen. Agt
: ' - . Lincoln, Neb,
LIBER AMORI9.
TJpon the Delphic leave
Of this prophutie book
Whoerer will my look:
No eye but mine pereei res
Wbat gladdeus there, or irrlerea,
Nor why tbe peace of years
Is wrecked with hopes and fears,
Many will read the words,
But Done will iinden-tand
The meaning, though the birds
Fly op ayd down the land.
And wooing, learn and teach
That universal speech.
Yon know It not, and 1
Only so much thereof
As stenllies I love
Bat not the reason why.
-a H. Stoddard.
IN THE FURCOW.
When the new minister arose in his
pulpit and announced his text, the
congregation settled themselves in
the pews with an air of satisfaction.
They were confident that thev were
about to listen to a fine sermon, and
they were not to be disappointed.
They admired and esteemed the Bev.
Thomas Moulton, who had come to
them from a country parish which
bis liberal views and talents had out
grown. , Modest and sincere, the
young man appealed to his hearers
not by means of the sensational and
brilliant, if not vulgar, eloquence
which is nowadays affected by a certain
class of much-talked of clergymen,
but by his good sense and by the sim
ple beauty of his thoughts. In thun
dering oratorical power he was de
ficient, but his voice was clear and
pleasant, his manner was earnest and
pleasing. When he addressed an
audience he won their confidence, and
they believed him to bo what he was,
a thorough gentleman, a man cherish
ing , high ideals and sympathizing
warmly with the trials of bis fellow
men. The Bev. Mr. Moulton was unusu
ally happy in the sermon to which
particular reference has been made.
He spoke feelingly in behalf of the
thousands who are the victims of an
unhappy environment, who are pre
vented by thwarting circumstances
from attaining those places in society
in which their naturally high quali
ties of mind could best flourish.
There was a strange inequality in
life. Choice gifts and excellent op
portunities often fell to the lot of dull
and Ignorant persons who failed to
use them properly; on the contrary,
these good things were as frequently
unaccountably withheld from those
to whom they were admirably adapt
ed. .
Nevertheless, a gradual improvement
in the environment of the masses
was accompanied by a like improve
ment in the , people themselves.
Therefore the fact that they were so
largely wonted to their . present con
dition did not excuse the more fortu
nate from ceasing their endeavors to
elevate them. The millions deserved
attention, but inasmuch as they did
not suffer accutely, and in manys in
stances were happier than were peo
ple above them, it was not necessary
to lie awake nights for the purpose
of devising plans in their behalf.
But in the same environments witn
the millions were thousands of su
perior people who were the great
sufferers, and who deserved speedy
and generous aid and sympathy.
They were daily and vainly making
desperate efforts to overcome the cir
cumstances that thwarted them.
They were fitted for something
better and they longed to at
tain it, but there was
some lack, either of health, of money,
of energy or of something else which
prevented them from escaping from
their unfavorable surroundings.
Only the strongest and best equipped,
unaided, surmounted greatest obsta
cles. Yet there were hundreds of
others not less worthy, although less
able, who, if they Bhould receive
timely assistance, could climb the
heights that now discourage them.
Strange to say, the last mentioned
class, although they deserved the
most attention, received the least.
The unpromising poor were pitied
and given alms and the successful
great were lauded. But those who
were gravely but ineffectually strug
gling against adverse circumstances
were coolly Ignored. It was the much
and undeservedly neglected class, the
noble unfortunate, whose claims for
sympathetic aid from the Christian
world were greater than those of any
other portion of humanity, not ex
cepting the heathen.
To elucidate his subject in a man
ner as effective as possible, the
preacher employed several illustra
tions. One of them, briefly outlined,
was as follows:
One day a farmer, while walking
over a freshly plowed field, espied
something which glittered. He bent
down and picked up a diamond ring.
There were spots of dry mud on the
rim, arr3 the once clean ornament
looked neglected and weatherbeaten.
A few years before the farmer found
it, it had been lost by a rich city
woman during a rural ramble. . The
farmer took the ring home, washed
it, burnished it, and then it looked as
beautiful as when it was new. He
restored it to . the owner and she
wore it again.
Thus was it returned to Its proper
place, where it could fulfill the pur
pose for which it was made, viz., to
be an ornament, to be a thing of
beauty for the admiration of all ob
servers. But had the farmer not
chanced to go by, or had he mistaken
the diamond in the ring for a shining
bit-of quartz, and been too indifferent
to make an examination, the ring
would have remained in the furrow,
it would have been left to its obscure
fate. Soon it would have been cov
ered with earth and rubbish, and
would have continued in the wrong
place forever.
The Bpeaker next proceeded to an
analogy. He contrasted the Btory o'i
the ring with the story of a poor
girl. Her parents were refined and
intelligent, she herself was refined
and sensitive, her earliest years were
passed in coTrfort, and in surround
ings suited to her tattes. But when
she was 14 years old, her parents
died, she was left destitute, there
were no near relatives to take care of
her, and she was obliged to go to
work In a factory in order to support
herself. The other girls in the
factory were commonplace, not a few
of them were vulgar, and some were
vicious. The bet-t ones were good
hearted, but they did not understand
their proud and sensitive companion,
who did not readily mingle in their
conversation and amusements. The
gi.-l was unhappy; she could not be
otherwise in such circumstances, and
yet she was too weak and too friend
less to better her condition. She
tried to read and improve her mind
during the winter evenings, but the
severe work in the factory during
ten and sometimes 12 hours daily
fatigued ter so much that she
found it almost impossible to gratify
her ambition. Moreover, the woman
with whom she boarded was ignorant,
and the house was unclean and un
comfortable, so that the home life of
the girl was unfavorable for the de
velopment of her higher tastes. Not
singular, thsn, was it that she finally
became desperate and began to yield
to the weight of the circumstances
that oppressed her. . The vulgar talk
of her companions no longer shocked
her, and she gradually adopted words
and expressions which formerly noth
ing would have induced her to use.
She was deteriorating. Like the ring
In the furrow, the best in her was be
coming dim. She- was out of her
proper sphere and she knew it She
longed to escape from her present
condition, to save herself from mental
and perhaps moral ruin, to mingle
with better people and to enjoy con
genial surroundings; but of what
avail was it for her to battle longer?
Fortunately at this critical period
in the girl's career a rich and philan
thropic man who lived near the fac
tory became interested in her. He
ascertained that her parents had been
refined people, and that the heredi
tary traits in her family were good.
He comprehended the circumstances
surrounding her, and saw the tempta
tions to which she was exposed. He
recognized in her a gem in obscurity,
which only needed some person able
and appreciative enough to place it
where it ought to be. Accordingly
he adopted her as his daughter, gave
he.- a good education and other ad
vantages. She became a noble and
accomplished woman, and her bene
factor felt well repaid for his kind
ness. But what could be said in re
gard to many cases like that of this
girl, where no helping hand was ex
tended? It was sad to think of these
cases. The fate of the individuals in
volved was similar to what the des
tiny of the ring would have been, had
It not been found by the farmer.
The audience, most of them well-to-do
persons, were much impressed
by the sermon. One wealthy member
of the church was especially im
pressed. It happened that he had
become interested in a girl whose cir
cumstamces in life were almost iden
tical with those of the one whose
story the pastor had related. The
man had thought of adopting her as
his daughter, but he had been re
strained by selfish considerations. It
only needed the sermon to over
come his reluctance, and he im
mediately decided to carry out his
philanthropic plan the next day.
Now it chanced that the poor girl
whom the rich man had in mind also
heard the sermon, she occupying one
of the free seats near the
vestibule during the services. She,
of course, was astonished and
wondered whether the preacher had
heard of her, and had founded his
story on her experience. She dared
not hope, however, that she would be
fortunate like the poor girl in the
story, and have a helping hand ex
tended to her. Great then was her
amazement and joy when the benevo
lent man came to her and made his
proposition. She accepted it with pro
found gratitude. Her new guardian
was especially anxious that she should
be well educated, and it was not long
before he sent her to a noted board
ing school in another city. At the
end of five years, Mary, that was her
n3me, returned to her benefactor, a
beautiful and accomplished young
woman.
Every Sunday Mary accompanied
her adorned father to church and
listened to the preaching of the Bev.
Thomas Moulton. The minister no
ticed with delight that the fair young
woman appeared to appreciate his
sermons very much. Soon he began
to cultivate her acquaintance, and
made such rapid progress that friend
ship ripened into love with surpris
ing celerity. Ho was more humble
minded than are most preachers.how
ever, and he was disheartened by a
fear which many manly men have
felt. He feared that he was not good
enough to become the husband of a
superior woman.
In the course of a stumbling speech
in which he acquainted Mary with his
desires, he said: '
"I love you, but I feel that you
are too good for me."
Mary looked at bim in an encour
aging and affectionate way.
'If you knew how great my obliga
tion to you is, you would have more
courage," she replied.
"What do you mean?" he eagerly
asked.
"I was in the furrow, and had it
not been for you I would have re
mained in it to this day."
The worthy clergyman was mys
tified. An explanation was In order.
Mary recalled the sermon and told
what it had done for her.
Mr' Moulton was greatly pleased,
and inasmuch as he was to obtain a
good wife by means of ..this sermon,
he declared that it was the best one
he had ever preached. American
Cultivator,
JAMES
Yutan,
Price lower than the lowest when
to make a choice from. Ome and be convinced that 1 mean business. Long time,
small profits and good horses may be expected.
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Gen. J. B. WBAVEHf A Call to Action. A valuable book that
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Hamlin GArland. Mr. Garland is one of the brilliant writers of
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"Jaeon Edwards," Treating of Farui and Factory, $'.50 $1.25
"Main Travelled Road,' Six short stories, .50 1.25
"A Member of the Third House." The lobby in politics, 60 1.25
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"Tho Farmers' Side," Senator Peffer of Kansas 1.00
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"A Financial Catechism," Brice 50 1.00
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"Money Monopoly," Baker 25
"Labor and Capital," Kellogg. 20
"'In Office," Bogy 25
"Ten Men of Money Island", Norton .10.
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