THE PRINCIPLES OF MONETARY SCIENCE. 



The present essay is intended to show that there is a true and 

 correct monetary system ; that there is a Monetary Science ; that 

 monetary science defines the office or object and use, as well as the 

 nature of money ; and that our present, as well as all past monetary 

 systems are as unscientific, and the popular views of money as in- 

 correct as the notions entertained in regard to astronomy before the 

 days of Copernicus. 



As much of this comes of a misunderstanding of the definition 

 of terms, in order to arrive at comprehensive views on this subject, we 

 shall commence by giving the definitions of such terms as we shall 

 make use of, and in regard to the meaning of which, there exists a 

 confusion of ideas. 



The terms whose definitions we give, as we understand them, are 

 as follows : — 



Wealth ; Value ; Measure of Value ; Unit of Value ; Money, 

 Circulating Medium ; Usury ; Cost ; Barter : 



WEALTH. 



1. Wealth There are two kinds of wealth, natural and arti- 

 ficial. Natural wealth is that which is the spontaneous product of 

 nature, or in the production of which man has taken no part. Artificial 

 wealth is the product of man's labor, or in the production of which 

 man has taken part. Wherever the term wealth simply is used in 

 this essay, it is intended in every case to mean artificial wealth. 



VALUE. 



2. Value. — There are two kinds of value. There is what is 

 commonly called "market value." The market value of an article is 

 ordinarily determined by the exposure of that article for sale. Owing, 

 however, to our deplorable financial condition, the market value of 

 products often depends very largely upon the "money market," 

 whereas, when we come to correct monetary principles, the "money 



