Robinson Crusoe's Money;: or, The Remarkable Financial Fortunes and Misfortunes of a Remote Island CommunityWells, David Ames
General
Robinson Crusoe's Money;: or, The Remarkable Financial Fortunes and Misfortunes of a Remote Island Community
Wells, David Ames
Currency question -- United States; Money
in every body's reach, and less for the petted few." [26] In short,
the patient having become very sick and attenuated by reason of the
low (fiscal) diet upon which he had been fed, the doctors now proposed
to resuscitate him by administering a still thinner gruel.
All also agreed that the word "money" was a bad name, and that the
public would obtain a much clearer idea of the great problems at issue
if more intelligible and scientific terms embodying definitions were
used. One philosopher accordingly proposed that, as they intended to
sprout it everywhere, they should go back to the Biblical designation,
and call it the "root," at the same time remarking that "the Lord
showed what he thought of money by the kind of people he gave it
to." Another proposed to call it "the instrument of association"
(Carey); a third, the "sign of transmission, of which the material
shall be of native growth" (John Law, 1705); a fourth, "a sense
of value as compared with commodities" ("British Tracts on Money,"
1795-1810); a fifth, "a standard neither gold nor silver, but something
set up in the imagination to be regulated by public opinion" (ibid.).
As to what money, under the reform system, was, or should be, was
also a question in respect to which there was not at first an entire
agreement. One idea which found some favor, was, that money ought to be
only a token, representative of services rendered at some indefinite
time or place (possibly forgotten or disputed by its recipient), and
"for which the holder has not received the equivalent to which he is
inherently entitled under the system of division of labor." [27] The
best money, therefore, according to the philosophers of this idea,
was an evidence that some one person owed some other person; and,
consequently, the more debt, the more money; and the more money,
the more wealth, unless it is to be supposed (as is not reasonable)
that this sort of money was not to have the first attribute of all
other money--namely, purchasing power.
Moreover, although the philosophers did not exactly say so, the
inference was also legitimate, that in a community using merely "token"
or "remembrance" money, the surest way to get rich would be to get
in debt, and the best way of carrying on an enlightened system of
trade and commerce, to exchange commodities, the results of time and
labor, for evidences of debt without interest. It is needless to say
that these teachings and inferences tended to greatly strengthen the
people on the island in the opinion they before entertained, that the
currency they already had--namely, evidences of destruction--was the
"best currency the world ever saw."
The three leaders among the philosophers were not, however, men who
were going to be contented with any half-way measures. Had they not
put their hands to the plow of reform? and were they, after so doing,
to allow the plow to stick fast in the furrow? They accordingly
appealed first to authority, and then to untutored reason.
Public-domain text, read in full here on John Shaqi.
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