An Honest Dollar

Author : David Jayne Hill
Publisher :
ISBN 13 : 9781331700319
Total Pages : 38 pages
Book Rating : 4.7/5 (3 download)

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Download or read book An Honest Dollar written by David Jayne Hill and published by . This book was released on 2015-07-18 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from An Honest Dollar: The Basis of Prosperity 1. Present Importance of the Subject. - The diametrical opposition of the platforms adopted by the two great political parties of the United States at their recent conventions, upon the question of the national currency, places the monetary issue in the front line of battle for the presidential election of 1896. The American people are once more called before the judgment-seat of history, as they were in 1861. Those who understand the character of American citizens believe that nothing is necessary beyond a clear and truthful presentation of the facts and principles involved in this controversy, in order to secure a just and honorable settlement of the question, But it is evident that adequate comprehension of the momentous issues involved in the inflation of the national currency, and especially in a sudden change of the standard of value, is not to be acquired without serious and patient investigation on the part of every citizen. It is, therefore, of the highest importance that the essential elements of this great problem be so presented to the public mind that every man of intelligence and ordinary knowledge of arithmetic may form his own conclusions regarding the justice and expediency of the propositions put forward by the party platforms. The present sketch is intended to supply a brief and intelligible statement of the whole question at issue between the parties, without partisan bias, and with absolute fidelity to the facts. 2. The Nature and Uses of Money. - The exchange of commodities is essential to the existence of civilized life. Division of labor gives to all the great advantage of profiting by the special skill and facilities of each. In a civilized state of society, almost all the products of every creator of value are offered for exchange. When they are exchanged directly against each other, as wheat for cloth, the exchange is called barter. When the exchange is effected by the medium of some common measure of value, as gold or silver, it is called a sale and the amount of the medium agreed upon is called the price. Such a common measure of value is called money. It is evident that a medium of exchange would not be accepted unless it had some definite relation to a standard of value. Price is, therefore, partly a question of arithmetic, which determines how many times a unit of value is to be taken in order to be an equivalent medium of exchange; but it is primarily a question of value, that is, it has relation to some object of desire. Whatever this object of desire may be, in order to be a good medium of exchange it must be (1) Measurable, so as to be capable of arithmetical treatment;(2) Divisible, so as to be separable into arithmetical parts and again united in multiples of those parts;(3) Homogenises, so as to be always the same thing, without variation in quality from time to time; (4)Portable, so that it can be removed from place to place, and thus really serve as a medium of exchange;(5) Durable, so that it will not easily perish during possession; (6)Stable in value, so that it will have the same purchasing power when it is paid as when it is promised; and(7) Recognizable so that it can always be known and its value readily ascertained by sight. In practice we have two kinds of mediums of exchange, both of which are called money, but which need to be clearly distinguished. Real Money is always a commodity of some kind. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com