The Atlantic Monthly, Volume 01, No. 01, November, 1857: A Magazine of Literature, Art, and PoliticsVarious
General
The Atlantic Monthly, Volume 01, No. 01, November, 1857: A Magazine of Literature, Art, and Politics
Various
American periodicals
Now, for our part, we think all the Diogenidæ right, but not precisely in
the way in which they state the matter; and we think the seedy Diogenes
the rightest of all,--because he has struck nearest to the centre, to the
organic fact which controls the other facts,--yet, without sharing his
prejudice against credit, one of the blessedest of inventions. As a very
long and a very dull treatise, however, would scarcely suffice to explain
all the reasons for our thinking so, we must devote the one or two pages
that are given us to a few simple, elementary, frontal principles,
familiar, no doubt, to every one, and therefore the more important to be
recalled, when every one seems to have forgotten them. Nothing is better
known than the laws of gravitation; nothing staler in the repetition; but
if the folk around us are building their houses so that they all fall down
upon our heads, it behooves us to remind them of those laws.
1. Human wisdom has discovered nothing clearer than this,--that in all the
operations of trade above a primitive barter, you must have a standard or
measure of values; and human ingenuity has never been able to devise any
standard more perfect, in essential respects, than the precious metals. It
may be doubted, indeed, whether the choice of these metals for currency
is a result of human ingenuity. Paley and his school of theologians
demonstrate the existence, intelligence, and goodness of God from the
evidences of design in creation,--from that nice adaptation of means to
ends which shows an infinite knowledge and infinite benevolence at work;
but no one of the instances in which they found their argument, from
the watch, which affords the primal illustration, to the human body,
which furnishes the most complex confirmations, is a more astonishing or
exquisite proof of pre-arrangement than is the adaptedness of gold and
silver to the purposes of currency. Your standard or measure, for instance,
must, in the first place, possess a certain uniformity; if it be a measure
of capacity, it must not be of the size of a thimble in the morning, and as
big as a haystack at night, like the mystic bottle of the fairy tale; if
a measure of length, it must not be made of caoutchouc, as long as your
finger to-day, and as long as the Atlantic Cable to-morrow; and so, if a
measure of value, it must not equal one thousand at ten o'clock, and equal
zero at three. But the precious metals do possess this uniformity; they
are not scarce, as diamonds are, so that a pinch of them might measure
the value of a city; nor are they as plenty as blackberries, so that a
wagon-load could scarcely buy a fat goose for dinner. They cannot be washed
away like a piece of soap, nor wear out like a bit of wampum, nor crumble
like agate or carnelian in dividing. In short, they combine all the
advantages that are needed, with few or none of the disadvantages that
would be troublesome, in a substance which is used for money. They possess
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