New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1850-09-21
Equitable Commerce N

To The Edttcrs Of The Tribune:
In my last number introduced, near the enc,
two important features of Che system of equitable
commerce. neither of which had time fully to elu
cdate, namely: /. The INIT of labor, or stand.
ard with which to compare the relative rspugnance
or painfunese or toilaomenesg of different kinds
OF labor and, Q The kajor note as the germ of
true system OF currency-a neighborhood ciicua-
ting medium.
stated that the merit or standard of comparison
selected az that with which all other labor 10 com.
pared, and by which it is measured, is an hour Of
Agricultural labor, bestowed, to render it more
definite, upon the cultivation of Indian Corn or
else The product of THAI hours labor say 20 pounds
ofCorn. | observed that it had been ascertained
by extensive inquiry that that ia the average pro-
duct OF an hours labor Of that kind. Such is the
fact. This average extends over large portion
of country, in the Western American 5tatea, but az
l reflected aiterward, the remark unexplained,
WAS calculated to lead to q msapprehe nsion, az
though it we're TO be assumed that the product OF
an houre labor in this spsces Of industry, ia in all
localities the same, and as though the practical
workings of the whole system of principles called
eQuita5le commerce rested upon ouch an assump-
ton. Such ia not the fact, and hasten to correct
the impression if | have, through ihadyertence,
given rise to it. The point is to obtain standard
for single locality, after which 1t will be seen &c
we progress that is quite easy to adjust the stand
ard of other localities to IT, Agricultural labor is
first sescted because it is the great staple branch
of human industry. The most ataple article of
agricultural product is then taken, which for this
country, and especially for the great valley Of the
Mississippi, is Indian corn In another country it
may be Whest or something else, although Indian
corn, wherever it s produced will be found to have
moro OF the appropriate qualities Ter q standard
than any other article Whatsoever, being more in
variable in quality, more uniform in the amount
produced by the same amount OF labor In g given
locality, and more uniform in she extent of the de-
mand than any other article. At given locality,
or as have stated, al great variety OF localities
in the Western States, the standard product of In
dian corn lie twenty pounds TO the hour labor
the measurement by pounds being also more infex
ible or less variant than that by bulk If, them in
some other locality, as for example, New England
the product of an hours labor devoted TO raising
corn is only ten pounda of coin the equivalent Of
the standard hours labor there will be ten pounds
Of corn, while in the West it will be twenty
pounds. 1t is the hours labor in that species Of
agriculture which liz therefore the actual unit Of
comparison, Of which the product, whatever it may
| be, is the local representative. And in the Same
| manner In another country wheat may be the
standard, aa Tor example, in England, and may be-
reckoned at ten poundE 20 the hour or whatsver is
found by trlalto be the fact. The reduction of the
then be no more difficult than the reduction Of diff
fsrent currenciea to one value an now practised
II VIII be perceived that there 10 an absolute
neceERiGy for Rome standard Of cost and thus Il ia
not question OF principle but OF expediepov what
article 10 adopted. l! is the same necessity which
is recognized at present for standard OF pnlue
which Ia sought for and by some persons foolishly
enough supposed TO be found in mosev. Among
the ques;ions with which I closed nv Iaat arsicls
was one to this effect Why not employ money
as the standard with which TO CONF are other
things snd ss q circulating medium as is done
! now Perhaps shall NOT have more appropri.
ate occasion to answer that question than lust
here.
Money has professedy two ussa !. AS stand
ard OF value, and @ AS circulating medium
First, then, as as standard Of value or a meas
ure with which to compare other values Observe
in the frat place, as have said, that il does no;
even profess to be standard OF cost 1t mss no re-
ason whstever to the coAt or in other words to the
labor which there is in the different commodities
for which it ID given as psioe because there is no
question about cost IN skating Commerce the palue
alone being taken into, account Very wsll. then
let az look at money for what it professes 10 be
standard of ralHe, and see he " far Conmercisl
Exchanges as now regulated are entitled to be re-
| sarded aB having basis In common sense, or il
YOU choose in science which, take it, rightly un.
| derstood ia the came thing.
! In the first place, il is essentially and philo
! sophically impossible to measure value 81 all
| Cost is thing which looAs to the past and ia
| therefore certain. Falus is thing which looks to
i TIE future and is therefore contingent and uncsr
| tain A bushel OF potatoes lies before US. Il il
| possible to estimate with accuracy how much hu
| man labor it ordinarily takes 30 produces thai
smouns of that article and how diaagreeable the
| labor lie es compared with other kinds and sheI