Rensselaer Union, Volume 9, Number 1, Rensselaer, Jasper County, 21 September 1876 — "Value Currency.” [ARTICLE]

"Value Currency.”

It is quite true that coined money hat the ground of its value in the material of which it is composed; and that, too, independently of its use as money. It is what Mr. Amasa Walker calls a “ value currency.” The value is in the metal itself, end the coinage of it is simply a Governmental certificate as to quantity and fineness. The metal composing the money may be used for other purposes, as in the manufacture of gold or silver plate or of ornaments; and when it is so used it falls into the category of any ordinary commodity, and, hence, ceases to he tile commodity that is employed as the “ instrument by which exchanges are computed and effected.” The only kind of money that ia essentially good in itself is that which has the ground of its commercial value ia the material composing it And this is the grand point of distinction between the precious metals when used as money and what Prof. Jcvons calls “representative money” and Mr. Walker calls “ a credit currency.” The latter has comparatively no value in the material composing it; and, hence, derives its value from wliat it represents, It is tymboUc money and is vain, able by its relation to “ a value currency.” If it has no such relation, then it is nothing but paper, no matter what may be stamped or written upon it. The words on a greenback dollar are a promise to pay a coined dollar ; and if the promise is never to be fulfilled, then the value of the greenback is just equal to that of the paper composing it. The supposition destroys its representative character and relation.—N- T. Independent.