PAPERS ON FINANCE AND COMMERCE.
In the following papers it will be our design to treat the questions of Finance and Commerce in a somewhat different manner from the ordinary and current way. The mere records of the transactions had in the world of money and of merchandise belong to the ordinary method of dealing with all matters that interest the people. The facts—the results—only enter into the consideration, and if serious conflict or serious faults are recorded, no attention is paid to the sources from which they spring, and from which they will continue to spring so long as the sources furnish the causes. All subjects, and all parts of the common interests of humanity, will receive from us not only the attention which the present demands, but if the present brings unhappiness to humanity, or does not bring happiness, the fountains will be examined to discover where the stream takes on its bitterness and its sediment—and, for instance, produces financial disease—with the view of exposing to the people what causes their unhappiness or lack of happiness.
As society is constituted at present, nothing within its interests has so much power for good or ill as money. He that has it is independent—is a free man; while he that has it not is dependent—a slave in some one or other of the forms of slavery. Men recognize that this is an imperfect condition of society, made up, as it is of people born free and equal in the eyes of the law, and by it entitled to their chosen path of happiness. These being the birthright of every one, the construction of society should be such as to guarantee it to every one. As society improves its condition, the advance made will be ever towardpractical equality in all temporal things. It is the duty of those who labor in the interests of society to lay hold of the future, and bring its conditions into the broadest present application.
Money being the corner-stone upon which society is now built, is thereby that stone of all others which should be perfect, not only in form, but perfect in duration: that is, it should be of such composite elements that time nor change should be able to produce any effect, either upon its external appearance or upon the arrangement of its parts. It becomes apparent, then, at first observation from this standpoint, that our present corner-stone is not one that can endure; it becomes plain that it not only will change, but that it should change, because of its capability to meet the requirement of a perfect corner-stone, upon which society can rest with perfect and continuous security.
Gold has long been the accepted money standard of value. Intrinsically, it has no value other than for the other uses to which it is adapted, but custom and long usage have raised it into the position of a god, before whom the world falls down and worships with as much devotion as Pagans do before their various gods. And, considered as a god, none other has in this day and age one-half the power, nor is any other worshiped with one-half the devotion it is. This may be considered an unjust reflection upon the so-called Christians; but let them, as a class, examine themselves individually, and if the analysis does not sustain the proposition, we shall be very willing to confess our error, and appeal for forgiveness. Goldhasbeen the accepted money standard, but the practice, since the depreciation of our country’s credit, has, to all intents and purposes, reduced it to a mere commodity. Our money is not measured by Gold—Gold is measured by it. It may be said that this is merely for temporary convenience, but nevertheless it is so measured, and the practice has demonstrated that so far as facilitating exchange of products in our own country is concerned, its use might be dispensed with. If it can be dispensed with and trade continue, its importance as money entirely disappears. Would dispensing with its use offer any impediments to commerce with other countries? But this article is simply introductory, intended rather to indicate what our treatment of finance will be, than for the discussion of any of the questions that arise under it. These will remain for future consideration; here we will simply state that we do not believe gold to be a true standard of value; that we do not believe its use as money is at all necessary; that we do not believe that its use as money contributes to general prosperity;and that we do believe that its use will be supplanted by a new medium—the true representative of that portion of the real wealth of the country which is at the given time in the process of exchange.
New York, August 25, 1870.
New York, August 25, 1870.
New York, August 25, 1870.
New York, August 25, 1870.