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Editorial
May 7, 1897
The Clarksburg Telegram
Clarksburg, Harrison County, West Virginia
What is this article about?
Editorial argues that while governments can define legal tender, they cannot fix money's purchasing value, which is determined by global markets and trade laws, emphasizing the best money is universally exchangeable at par.
Clipping
OCR Quality
98%
Excellent
Full Text
Good Money Good Anywhere.
While a government can within its territory define that which shall constitute a legal tender in satisfaction of contracts past and future it cannot by legislation fix the purchasing value of its money, for money is a commodity, and its value is determined in the markets of the world under the laws of trade, and the laws of trade, like the laws of nature, are stronger and more far reaching than any constitutions or statutes. The best money is the money of greatest purchasing power, and that money has the maximum of purchasing power which is exchangeable at par, not only in the country from whose mint it is issued, but also in the markets of the world.
While a government can within its territory define that which shall constitute a legal tender in satisfaction of contracts past and future it cannot by legislation fix the purchasing value of its money, for money is a commodity, and its value is determined in the markets of the world under the laws of trade, and the laws of trade, like the laws of nature, are stronger and more far reaching than any constitutions or statutes. The best money is the money of greatest purchasing power, and that money has the maximum of purchasing power which is exchangeable at par, not only in the country from whose mint it is issued, but also in the markets of the world.
What sub-type of article is it?
Economic Policy
Trade Or Commerce
What keywords are associated?
Legal Tender
Purchasing Power
World Markets
Laws Of Trade
Money Commodity
Editorial Details
Primary Topic
Market Determination Of Money's Value
Stance / Tone
Advocacy For Global Market Influence Over Currency Value
Key Arguments
Governments Can Define Legal Tender But Cannot Fix Money's Purchasing Value
Money Is A Commodity Valued By World Markets Under Trade Laws
Trade Laws Surpass Constitutions And Statutes
Best Money Has Greatest Purchasing Power And Is Exchangeable At Par Worldwide