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Wisconsin State Agricultural Society. 
and to pay all dues, private and public, and it is to be observed 
that this is a legal power or value, and not intrinsic in the mate¬ 
rial on which this power is conferred, and any limitation of this 
universal power, is so much depreciation in advance. 
Sixth 'principle. —Any other money than that which is universal 
and unlimited in its uses and powers, and in all its attributes 
adapted to these purposes, will cause derangement in business and 
keep financial transactions uncertain and abnormal. 
Essential limits to circulation. —The emission of money being 
an act of soverignty, its use will be limited to the autonony of 
the issuing power, and no further, unless by express treat}' stip¬ 
ulations. We see a move already on foot to make the unit of cur¬ 
rency the same in the United States and Great Britain, and it is as 
certain as any future event can be, that the time is not far distant 
when all the nations of the earth holding commercial relations will 
have a monetary unit, and also a unit of all measure. 
%j i 
Money a creature of laic. —Now, if this indicates anything, it puts 
beyond questioning the proposition we have previously laid down, 
namely, that the money power of a circulating medium is a crea¬ 
ture of law, a power created by statute; co-incident with and co-exten- 
sive with the authority of the issuing power and no further. 
The proper material fora circulating medium. —Hence, the legal 
power to discharge all indebtedness and exchange for all commodi¬ 
ties should be conferred in such a commodity as is universally access¬ 
ible to all, and to the procurement of which there can be no possible 
limit. What has been the history of a coin basis currency but a succes¬ 
sion of panics, failures, and suspensions; periodical inflation and 
contraction, over-issue and repudiation, wild speculation and as 
wide spread bankruptcy, and the worst feature of the case is, that 
these pernicious results are unavoidable with a mixed coin-basis 
currency. 
A pure coin currency preferred to a mixed one —With a pure coin 
currency many of these disastrous consequences would be avoided; 
the cause of them would not inhere in the nature of the circulating 
medium, provided its production, coinage and distribution were 
left entirely under the control of the laws of trade, or supply and 
demand. 
General statement of objections to a coin currency. —But there are 
certain conditions precedent to a sound and perfect currency or cir- 
