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quantity of money? a question that has not hitherto been Intelligently answered, and which cannot be so answered until the truth of money has been admittted. To its influence, also, may be attributed that clause of the Constitution which, like a bow drawn at a venture, requires the value of money to be regulated and fixed, though there is no money in existence to which the rule is applicable; though there is none to which regularity of rate or constancy of value is possible.
Money represents value; but value is not a thing, nor does it reside in things. Value is demand, desire, esteem, want, wish—it is a power existing in persons—the motive-power of the population — a power that may be represented immediately, if necessary. Then, the representative of the unit of population, and thus of value will be the true money unit. But it may also be represented through the medium of the dollar, at a fixed rate per capita. When this is done, by proper authority, true money will exist. Then, the dollar will represent constant value, and will thus become the true medium of exchange—domestic exchange. The difference between exchange and redemption is, in exchange gold is supplied at the market price, and in redemption it is supplied at a given price. When, however, the given price equals the market price, there is little redemption, because there is little demand; and when it does not, there is little redemption, because there is little ability. Indeed, redemption is not generally desired. Money is chiefly appropriate to the retail trade—the great trade of every country—all being parties to it. The wholesale trade, which, though it has an imposing appearance, is much inferior to the retail in regard to the number of the parties to it, makes little use of money. Yet it is only the wholesale trade, and that only in its foreign department, that asks for redemption—that asks to be allowed to undermine the credit of the country, by withdrawing the base on which the credit of the currency immediately rests, that it may export it. Truly gold is a product of the country, and imports should be paid with surplus produce; but while the credit of the currency, and thus credit generally, is based on gold, that metal cannot be a surplus product, be the aggregate supply what it may. What the people desire of money is not redemption, but constancy of
