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 54 the exchange value of wheat, or the things for which wheat are exchanged; yet they facilitate its exchange.

"This commodity money is the measure of values. Its quantity becomes the measure, and each dollar is a part of that measure. Credit money adds nothing to its value, it only facilitates the transaction of business based on that measure of values.

"Our commodity or redemption money, up to 1873, was both silver and gold; and our credit money was paper and copper.

"Since 1873 our redemption money has been gold—and our credit money has been paper, silver, nickel and copper. Silver and nickel have been added to copper as token money."

Here Mr. Walsh arose again, and paused to hear the question he evidently intended to ask.

"Has not," asked Mr. Walsh, "the necessity for money diminished since checks, drafts and bills of exchange have come into such prominent use? The first use of money is to effect exchanges, and as a vast bulk of exchanges, are affected without money, should not this be deducted from the bulk of exchange before a normal amount of money can be considered?"

"That is a statement of common error," said "and others urge it with as much confidence as Mr. Walsh. That situation does lessen the amount of credit money employed; but it does not diminish the amount of redemption money necessary. Credit money is not used for its value, but for its convenience. Any other convenience which you can substitute for it may be made to answer the same purpose.

"As redemption money is our measure of values, nothing can take its place and assist it in its work that is not of equal commercial value.