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 toward practical
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. Gold _has_ been 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.