Watson's Jeffersonian Magazine, (Vol. III, No. 1), January, 1909Various
History
Watson's Jeffersonian Magazine, (Vol. III, No. 1), January, 1909
Various
United States -- Politics and government -- Periodicals
It enables Commerce to get along without the bartering of one commodity
for another. In old times, a man who did not have a horse but wanted
one, would get one in exchange for cows, of which he had more than he
needed. There was inconvenience about this, because the man who had a
horse that he was willing to swap for cows might not be easy to find.
To get away from the cumbersome, unsatisfactory system of Barter,
men agreed on something that should represent value in exchange. The
substance agreed on, no matter what it was, became money.
Therefore, money was made by man for the special purpose of carrying on
Commerce, just as wheels are made to carry on carts, wagons, carriages
and railroad cars.
There is no more sense in claiming that the dollar—which is the wheel
of Commerce—should be made out of a material of any particular value
than there would be in claiming that a car wheel shall bear a certain
proportion of value to the freight which is transported in the car.
The dollar is a tool, in the same sense that a hoe is a tool. With
one hoe, you may cultivate cotton worth fifty dollars; but that is no
reason why the hoe should cost you fifty dollars.
[Illustration: TWO HANDS
One Controls the Wealth; The Other Produces It]
Money Is King
BY WALTER EDEN
The mighty King is an exacting Tyrant. All things are dominated by
money. It shapes the destinies of Nations. It rules trade and gives
life or death to all enterprise, as it sees fit. In the hands of
unscrupulous men it is the greatest known power for evil. Properly
curbed and free from the manipulation of designing hands it may be made
the greatest known power for good.
The American people seek by law to control the trusts. They legislate
to regulate Inter-state commerce and to punish rebating and unlawful
restraint of trade. They give us tariff laws and levy Internal revenue
taxes, to raise money with which to pay the expenses of government. Our
country is quadrennially thrown into a spasm of political excitement to
settle these and other great political questions.
Standards of value are discussed, and any standard thus far proclaimed
is shown to be unstable, fluctuating, wrongful and hurtful. Much has
been made and lost in the past by reason of the fluctuation in the
value of the standard of money, be it a single gold standard or a
double standard. Government ownership is advocated by some as a panacea
for all of our political ills. Currency, it is said, should be more
elastic.
Notwithstanding all the discussion and legislation of and concerning
all these, and kindred questions, for more than a century, our body
politic seems still to be sick, and like leprosy and the great white
plague, no known remedy has been discovered for or applied to the
patient.
Public-domain text, read in full here on John Shaqi.
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