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
It is seen that the real character and qualities of gold are the same as
are those of any other product of labor, which we can exchange direct,
for other products of labor which we want more than we do the gold. If
at any time the balance of trade is _against_ us, and we have _no_
cotton, corn, pork, gold or _anything else_ to make it good, we must
then make it good by our representatives of value—our bonds—to be
converted when we shall have these products. This process has been
actually going on ever since we began to export bonds, either national,
state, county, city, railroad or bonds of other incorporated companies.
Now, is it not _perfectly_ evident that we have not only produced by
labor what we have exported, which we have been pleased to denominate
merchandise, but also that we have produced all the gold that has been
exported; and in this connection is it not just as much an article of
merchandise as is either cotton or corn? Gold cannot at _one_ and the
_same_ time be both _money_ and _merchandise_. If _gold_ is money, so
also is _wheat_, _cotton_ and _corn_ money, since they perform the same
_services_ and possess the same _qualities_ as merchandise that gold
does.
To be perfectly clear in our conclusions, money must be resolved into
its _uses_ and entirely divested of all its _fictitious_ and
_irrelevant_ relations. The fact that money is that thing which is made
use of to exchange real values must be the initial starting-point, of
which sight must never be lost until it is _definitely_ settled what
will _best_ perform this service. Anything which can be made use of for
_any other purpose whatever_, is _not_ the _best_ thing to be made use
of as money; because the demand for such a thing for such other purposes
destroys its positive value as money by causing fluctuations in its
exchanging power.
Public-domain text, read in full here on John Shaqi.
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