Victoria C. Woodhull

“ At certain times there are greater and less demands for money, which, under our present practices, make a dollar, to-day, worth four per cent. per annum interest, and to-morrow increase it to ten per cent. It must be remembered that we are now speaking of an irredeemable currency, the representative of the wealth of the nation: that the government representing the nation has uttered it, in behalf of the people, upon the soundest and, in reality, the only sure basis of value any money can have—the productive power and capacity of the nation. ”

“ Undoubtedly the greenback was the nearest approach to a real money that any people of the earth ever made. We have only to observe how admirably it has answered nearly all the purposes for which people require money, to be convinced that it has the very best—the most secure—basis that it is possible for a money to have. It stands representative of the capacity and willingness of the government—the representative of all the people—to pay. ”

“ It is altogether probable that gold was the very best substitute for money during that part of the world’s evolution wherein people were guided and controlled by policy and before principles were recognized as that which should govern, let their action lead where it might. As the world is now beginning to act from principle, for the sake of the truth, so also must they now begin to formulate the principle of money for the sake of the principle.
Wealth is whatever is produced by labor which adds to the comforts, the happiness or the life of man ”

“ A large part of the speculative mania would be rendered futile, and those now devoting all their time to hatching schemes by which to defraud the producing classes of their wealth would be compelled to turn producers themselves. It is calculated that one-tenth of the male population of this country is engaged in speculative pursuits. In other words, they ‘live and grow fat’ from those who are engaged in production. And that is our boasted equity, our equality.
It should be the object of all reform to make a nearer approach to a system of complete justice and a perfect equity. ”

“ That which has these for its standards is a scientific money.
Aside from all that has been said, there is a general principle rising into the comprehension of humanity which must of necessity dethrone that which has so long been worshiped as the money god. The day for arbitrary rule and standards is drawing to a close, whether they be standards of materiality or spirituality; of morals or intellect; of despotism or democracy. Gold is an arbitrary money standard, and with all others of like character must fall. The tendency of the world is against it, and its doom is already sealed. ”

“ It occurs to me that an objection may be raised to my argument classing gold as wealth, and defining wealth to be that which can be made use of to minister to life, comfort and happiness; or perhaps to the distinction of permanent and transitory wealth. Gold, as permanent wealth, can only minister to man through its exchange for other valuables of which direct use can be made. It may be said that in that sense gold can legitimately be money. ”

“ Having for ten years been deeply engaged in studying the principles of government, I learned that no system of government could be perfect unless its financial department was perfected; therefore I have frequently endeavored to solve the financial problems which statistics propose, but invariably failed to learn anything that even promised to look well as a basis for a new and improved system, to say nothing of its promises in operation. ”

“ A national currency thus based would have not only all the gold of the country as a basis, but also all other kinds of wealth. Is it not perfectly plain that such a money would be just so much better than common bank notes, with a one-third gold basis, as the total amount of the wealth of the country is greater than such amount of gold? It would be in the most complete sense the people’s money. ”

“ This single consideration is of quite sufficient importance to alone warrant its immediate adoption and use upon the standard of wealth. The gold standard is the flimsiest deception of which it is possible to imagine. The people’s talk of approaching a gold standard as the ultimate of appreciation is the merest jeu d’esprit. ”

“ Do not all national banks, though nominally distinct, really have a common fountain head in government? Does not all their currency come from government? Suppose all these banks, instead of being independent institutions, were an organized system, having a common head, as the banks of New York City virtually have in the Clearing House, would not that be a condition so nearly related to the system which would be required as to show its entire practicability? ”

“ This simple analysis proves beyond all cavil the arbitrariness of the gold standard of value.
The credit of a country increases or diminishes without any regard whatever to its gold producing or paying capacity. It is governed by its capacity for the general production of all kinds of wealth over and above its average consumption. It is just the same with a country as it is with an individual; the individual, to become wealthy and to have a good credit, must not necessarily ever have any gold; but he must be able to produce or acquire more than he consumes by his general expenses. ”

“ Were gold a thousand times more valuable than it is held to be, it would not even then be able to represent all other values. Therefore, gold is a false standard of value, a false representative of wealth.
Many people think and speak as if gold would be of no use to this country if it were to come into disuse as money; that we should entirely lose it as wealth; the very reverse is really true, since we should have just the same quantity of gold that we now have, to be used for the same purposes for which it is now required, to wit: to export to other countries in exchange for imports. ”

“ It was sufficient that there was a government maintained, the governors caring for little but the power to compel the people to do their bidding. But it is beginning to dawn upon the minds of those who have something more than a selfish interest in humanity that there is a science of government; aye, even that there is a science of society: and such minds are endeavoring by the deepest researches to discover the principles of these sciences.
In our government, the principle of individual rights is theoretically held, though in its application government still interferes with those rights. ”

“ Suppose that we had no cotton, corn or pork to give in exchange for our imports, and that we produced a thousand millions dollars’ worth of gold per annum, should we not be equally well conditioned to trade with Europe? ”

“ But did not the people themselves do even more than furnish money, which was promised to be returned; did they not freely give their lives, which can never be returned, and which the government never thought of promising to either return or guarantee, and that, too, for the pitiful sum of thirteen dollars per month? What comparison is there between the sacrifices made by the two classes of people, the capitalists who have absorbed the wealth of the country and the laborers who still continue to give life, property and vitality to the country. There is absolutely no chance for a comparison ”

“ To be so entitled is for the individual to possess advantages over others to which no just communal government should for a moment consent—is to have the right to appropriate to self the results of labor which belong in common to all the people. Such results are against all principles of equity and justice, and is one of the greatest, if not the greatest error of the present, regarding the equities of property, and is the foundation and prophecy of all other kinds of monopoly. ”

“ Does it appear to be a strange proposition that money should be measured? Why should not a dollar be just as absolute as a dollar as a pound is as a pound; or as a foot is as a foot; or as a gallon is as a gallon? A cord of wood contains one hundred and twenty-eight solid feet, or eight cord feet. It must always be eight feet in length, four feet in height and four feet in width, or some other multiples of one hundred and twenty-eight. A cord can never be any more, never any less than just that measurement. ”

“ It seems that wealth had existence before money was thought of. Wealth is substance, of which money is the principle or representative, but which, in itself, has no intrinsic value.
Money is an invention made to represent wealth, or value, in order that its various kinds may be exchanged with facility, or that they may be exchanged without the absolute and direct and immediate receipt and delivery of one product of labor for another product of labor. ”

“ But it is one of the most difficult of things for the people to divorce their minds from the idea that gold is the only possible, real money. Yet the facts attaching to the greenback stand out in bold and indisputable relief, perfectly and entirely dispelling all basis for the idea. ”

“ All the statistics, failures and errors of the past, with which the history of money abounds, being of no value, must be utterly ignored in any inquiry which proposes to predicate a natural and scientific 6money, as distinguished from arbitrary inventions, devised to meet the various exigencies of nations in their growth, prime and decay. And any person who proposes to teach finance, or a new system, by arraying before you the evidences of the past, contained in figures amounting to billions of dollars, simply proposes to try another experiment, to culminate in another failure. ”

“ Now, every one must at once concede that that which best represents all of the products of labor will also best exchange them, and is therefore the best money. It is equally clear that gold in no way represents any labor but that which produces it. If gold were a true representative of the results of all other labor, except that which produces it, would it not also be apparent that such labor must be equal to all other labor. ”

“ The system which I have stated for measuring money itself is believed to be perfect. It is not the individual dollar, relatively to the half dollar or the hundred dollars, that has failed to be measured or fixed; but the rate of increase relatively to other values, of all the Government currency afloat. By the convertibility of any excess of issue sinking its value below a certain standard into interest-paying bonds, any over-issue is immediately absorbed, while a deficiency of issue will be revealed by the fact that absolutely no bonds will be sold. ”

“ It is seen that the real character and qualities of gold are the same as are those of any other product of labor, which we can exchange direct, for other products of labor which we want more than we do the gold. If at any time the balance of trade is against us, and we have no cotton, corn, pork, gold or anything else to make it good, we must then make it good by our representatives of value—our bonds—to be converted when we shall have these products. ”

“ Every attempt ever made to compel gold to answer the demands of money has been a disastrous failure. So long as a country enjoys continuous prosperity under a gold standard of value, it is all well enough. The people make use of an expanded volume of currency in the full faith that prosperity will continue and everything be smooth and right. ”

“ Incidentally in this connection, because it has an indirect bearing upon the question under consideration, I wish to call attention to a mistake that has been productive of more financial ills and consequent injustice to a large proportion of the people, who are the wealth producers, than any other single cause, and that is the fundamental error of making land, wealth, which it is no more entitled to be, scientifically, than gold is to be called money. Wealth is that which is produced. Land exists. All improvements made upon land are wealth ”

“ We are aware, however, that there is a great deal of prejudice in their minds in favor of “hard money,” and they must be awakened to the fact that hard money is a myth—a play upon words—a deception practiced upon them by those who have played the part of “the appropriators of wealth” lo! these many years, and who would continue to filch year after year all that the “toiling millions” can compel nature to yield up to them. In this process the laboring classes are the mere avenues through which the earth pours its wealth into the coffers of the capitalists. ”

“ National currency being the very best possible money, because it is not only the most convenient but also the most secure, there remains nothing to be done but to continue to so acquaint the people, until they become convinced of the rapaciousness of those systems by which the large majority are compelled to labor all their lives for the very select few. There is no difficulty in arriving at all the initial points necessary to determine the amount required, how it should be distributed and kept in circulation, or how its circulation should be regulated. These are all practicalities of finance. ”