First in importance, because it leads to the recognition of the “ultimate condition,” is the question of intercourse between the peoples of the earth. Money, as the means of bringing about this intercourse, should receive primary consideration. Let the fact once be generally recognized that the world is at last tending to “a unity of the peoples,” and financial and commercial unity are the introductory unities upon which to hasten governmental unity. Were these fully established upon a basis of mutual interest instead of upon the policy of each obtaining all the personal and selfish advantages possible, there could no such strifes as the one convulsing Europe to-day ever occur. Thus it appears that the assimilation of the world under one common interest is in the first instance a question of a unity of material interests which must serve as the foundation for all others to build upon.
Finance and commerce, then, lie at the very threshold of all the progress that is to be made in the direction of governmental consolidation, and when so recognized they will be rescued from the position that they now occupy as the means only of pursuing selfish interests, and be raised into that of principles and rules of action by which all intercourse must be regulated. Commerce, in its most comprehensive sense, does not apply merely to the exchange of the material products of the world, but to the exchange of intellectual, moral, social and religious products also, and its application thereby becomes common to all the interests of humanity. And as finance grows out of the necessities of commerce, it also becomes equally with commerce a humanitarian question. It is in this broad and general sense that all questions regarding it should hereafter be considered and not upon the basis of how much advantage such a measure will give an individual or a nation over another individual or nation.
Like all other questions that are now coming prominently before the world for solution, this one of finance and commerce rises to the dignity of a question of humanity. They are all to be considered in regard to their application, not merely to nations, but to all nations—all peoples—as forming the basis of the future confederation of the world under one government to be known as the United States of the World, when all the people will be inspired with a common Religious sentiment in regard to their primary origin and their ultimate destiny; when all the peoples will be governed in their relation to each other by the common social sentiment arising from the recognition of the fact that they are necessarily a community of brothers from having a common origin and destiny; when all the peoples will give a common adhesion to and support the deductions of a Universal Science, let those deductions militate as they will and must against whatever of speculation and theory there may still hang like a pall of night over the intellect of man. To all of these ultimate conditions of mankind, finance and commerce must furnish the means of attainment; and being thus the first essentials to the beginning of the actual constructive process which, when completed, will be this grand consummation, they should be treated with that gravity and consideration which is due to so grand a position as they are assigned in the third order of general civilization. Policy should be entirely discarded from all place in the argument, and principles should alone be discussed. When the consideration is fairly begun upon this basis, scientific ideas regarding money will be rapidly diffused among the people, who now do not even dream that money can be reduced to the rules of scientific demonstration.
We urge again that this question should receive its proper share of attention at the hands of our next Congress as being the questions upon which the future good of mankind depends more immediately than any other that will be likely to command the undivided attention of it. This once settled upon the true principles, all other questions which all future Congresses will have to consider will be virtually determined by it.
New York, Nov. 4, 1870.
PAPERS ON FINANCE AND COMMERCE.
NO. XII.
In the treatment of these subjects in the general sense in which they become important to all the people the range is very much extended beyond that commonly compassed by those whose interest compels them to temporary considerations for the promoting of immediate interests under the systems in vogue. All such kind of treatment deals with effects, and would never remedy an existing want, nor correct illegitimate practices. If there are wants in existing systems, and if there are illegitimate practices which are possible under them, there is but one way to supply the one or to correct the other, and that is to go to the root of the matter where the causes exist which make these possible.
In this series of articles it has been the endeavor to point out some of the most prominent evidences that our financial system was unsound, and also to show, by as strict an analysis as was possible in the space allotted, what the true basis for a sound financial system was, and where it was to be found, and, having done this, such methods of administration were hinted at as would reduce the system, when put into operation, to a permanent and fixed measure of all values, which it was argued was equally as necessary when value is to be measured as the same fixedness is when any other quantity is to be measured.
It has been suggested by some that, in presenting our statements in the terse, undiluted manner we have, that those who have not been habitual thinkers upon this subject might fail to catch the full application of the propositions, and by so failing consider the system impracticable. To obviate such objections we shall, by further treatment of obscure points, attempt to make them plain to all who can understand the English language.