41 a THE IMPENDING REVOLUTION. 



kind. This was succeeded by fixing upon some particular 

 commodity as a medium of exchange. 



The character of this medium has assumed various 

 forms during the successive centuries which have elapsed 

 since the earliest history of the world. Cattle, slaves, 

 shells, beads, gold, silver, copper, iron, paper and leather 

 have each served the purpose as a medium of exchange. 

 It is not our purpose to enter into a full discussion of the 

 relative merits of the different materials which have been 

 used as money. It would require a much more lengthy 

 chapter than is necessary for the purposes of this book. 

 We shall be content to confine ourselves principally to that 

 feature of money which effects labor by fixing the price 

 of its products. 



THE VOLUME OF MONEY. 



That money is a medium of exchange of commodi- 

 ties is an axiom so well established no one will attempt to 

 deny. It is as necessary to the prosperity of the country, 

 to the development of its resources and the employment 

 of labor, as the blood is to the health and vitality of the 

 human body. Good money is as necessary as good blood; 

 and the same reasoning will also apply as to quantity; but 

 uniformity of volume is the great object to be attained. 

 Expansion or inflation of the currency makes prices of the 

 products of labor high, while contraction of its volume 

 makes prices correspondingly low. The rise and fall in 

 prices depends upon the rapidity with which the volume is 

 expanded or contracted. Now we have the fundamental 

 principles with regard to currency which directly affect the 

 prices of the products of labor. 



We are aware of the fact that there are those among 

 the cross-roads politicians, petty lawyers and u senile edit- 

 ors, ' ' who profess to be public educators, but who vigor- 

 ously and persistently deny that money has anything to do 



