- pose, either upon a corn or a labour standard; the depositors to
receive symbolic notes representing the value of their deposits, such notes to be made legal currency throughout the country, enabling their owners to draw from the public stores to an equivalent amount, thereby gradually displacing the present reckless system of competitive trading and shopkeeping,—a system which, however necessary, or unavoidable in the past, now produces a monstrous amount of evil, by maintaining a large class living on the profits made by the mere sale of goods, on the demoralising principle of buying cheap and selling dear, totally regardless of the ulterior effects of that policy upon society at large and the true interests of humanity."
Add to the gigantic fraud of the land-usurpers the hardly less monstrous fraud of the money-changers in daring to make two particular metals (falsely called precious) the sole basis of that currency which is the life's blood of society, without which exchanges cannot be safely effected, and you see capped before you the climax of iniquity. These precious metals being articles of commerce—mere merchandise, like iron or cotton, at the same time that they are made the sole basis of our instruments of exchange, it follows, as a necessary consequence, that whoever can, by commerce, monopolise these precious metals can, by so doing, monopolise at the same time the basis of our currency, and so leave us without any instruments of exchange at all, but what may be convertible, upon their own fraudulent terms, into those two favoured metals, which their commercial wealth has enabled them to monopolise.
The false principle at the root of our present system is, that money or the medium of exchange should be itself a thing of intrinsic value. By this false principle there must be an expenditure of labour equal to what is required to produce the equivalents it exchanges for; and besides the absurdity of such misplaced, because wholly useless, labour, it is manifestly ridiculous to suppose that any one commodity (more especially an exceedingly scarce one, like gold) can ever be obtained in sufficient abundance to represent adequately all other commodities which may be produced ad libitum, to any extent demanded by consumption, and which, without the intervention of gold at all, might be interchanged from hand to hand, in one single week, to an amount equal to fifty times the value of all the gold in the country. It is like supposing a part of a thing to be equal to the whole. Gold may be a good measure of value, and, as such, is perfectly unobjectionable; but as an exclusive representative of value, or as the sole basis of representation (which our present laws have virtually made it, by constituting it the sole basis of our circulating medium), it is to our productive and trading population what a single blanket or a single suit of clothes would be, applied to the use of a whole family consisting of divers persons of all ages and sizes. The strongest and most important members of the political family get the best share of the blanket; the others get the least, and some get none at all. As well might the garments of a dwarf be expected to fit a giant, as well might our legislators attempt to restore a full-grown bird to the egg whence it was
