A Speech on the Principles of FinanceWoodhull, Victoria C. (Victoria Claflin)
General
A Speech on the Principles of Finance
Woodhull, Victoria C. (Victoria Claflin)
Money -- Miscellanea
But to return from this departure to the main subject. For the idea of
redeemability for money there should be substituted that of
convertibility. A real money should at _all times_ be capable of being
converted into _that_ of which it stands _representative_. And here we
arrive at the last analysis of a real money. It will be readily seen how
completely a national currency meets this requirement. It would be
representative of the productive capacity of the country, and could
always be converted into whatever portion or kind of its products might
be required; or into the products of other countries which may be
acquired by the direct exchange of our own products.
What more than this can be demanded of money; or what better thing
invented as money; or what more capable of inspiring and maintaining an
even and legitimate confidence?
National currency being the very best possible money, because it is not
only the most convenient but also the most secure, there remains
_nothing_ to be done but to _continue_ to so _acquaint the people_,
until they become _convinced_ of the rapaciousness of those systems by
which the _large_ majority are compelled to labor _all their lives_ for
the _very select few_. There is no difficulty in arriving at all the
initial points necessary to determine the amount required, how it should
be distributed and kept in circulation, or how its circulation should be
regulated. These are all practicalities of finance.
But there is _one thing_ which has never yet received consideration,
which is _absolutely necessary_ to make money meet _all_ the
requirements of money, and at the same time to maintain a _fixed_ and
_absolute_ value at all times and under all circumstances, which money
never has had. From its lacking, have come all the various financial
convulsions. And _this is_, an absolute measure of value.
Public-domain text, read in full here on John Shaqi.
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