The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-02-06
A l ew Monetary System,
SscrIoN III.
BY EDWARD KELLOGG
CHAPTER II.
TEE POWER or MONEY TO MEASURE VALUE.

SECTI0N Ill.
The po,cer % measure UalUs is another
properly Of money. Measures are definite
quantities of length, weight, bulk, and val
~, by which the amount Of length, weight,
bulk, and value in any substance il defined
and aseertsined.
Length, weight, bulk, ard value, must
necessarily be lehnite, unless some hm.'
be Fixed uron : r standard TO which all
other lengths, weights, quantities, and
values NAV - referred, and by which they
may be computed. Length may be the cir
cumfcrence Of the earth, OF the unknown
distance % star, or il may he the one
thousandth part If an inch; therefore, to
convey any definite idea Of length, reference
must be made 90 a fixed standard. Weight,
quantity, and value, are equally indefinite
hence the necessity for some limit or stand
ard, TO which they may be referred, and BY
which their amount NAV be ascertsined.
The length, weight, quantity, AMI value
or All articles, ia business transactions, ar
settled D, certain measures fixed upon by
tbe government. The length Of TIE yard
sites measures and determines a before M
defined length Of cloth the size Of the
bu-hel measures and defines the before IN
3 nn-d quantity OF grain and so Of the
pound weight, it defines the quantity Of
cotton or other substances. The cloth does
MT define the length Of the yard stick
neitbp- Goes the grain determine tie -ize OF
the bushel, nor the cotton the pound weight
The value OF the dollar measures aud de
termInes before underlined value Of land
labor, or products; the value OF land, labor
and products, does not measure and deter
mine The already defined value of the dol
lar. When the yaTd-stics measures cloth
it does not determine its own length anC
when money exchanges property, it does
not determine its own value. Both The
length Of the yard-stick and the value d
the money, xere previously determined by
the laws which instituted them, and gave
them rover to measure length ami value
which are their sole objects ami uses a:
measures.
The pound weight, OF the standard o.
weights, determines the amour OF thC
weight Of all commodisies; and the dollar
or money, the standard Of value, by its owl
fxed legal value, determines the amount n
tie value Of All other things. The weigh
of he pound, the length Of the yard, anC
the value Of the dollar, are presumed to b
invariably fixed by national laws, and
therefore, every variation from their lega
standard is fraud upon the public. II tn
ward BE variable, the measure OF length vii
commit fraud when il is used and if ii
value be 6uctuaung, the measure of yGlu'
vii. commit frauds whenever it is used q
measure The value Of labor or property. i
measures be strictly just and uniform, thel
will eouitably determine quantities ans
values, whether Of land, labor, or eommodi
ties.
Ii appears that the government consider
the dollar Of more importance than any
oib.l measure, for IL reserves the right &
coin h, and makes il IA criminal offence fOl
individuals to cola or issue mCley, even i
it be equal TO the government standard IL
purity and weight. individuals are also
prohibited from making and issuing paper
money az a substitute for gold and silver
money, unless especially authorized by Law
and when this privilege is granted, the
amount that may circulate and the security
that shall be given to secure the public
against loss, are also prescribed by law
But any Individual may make and use any
other measures, OF may make and sell then
in market, the government having merely q
supervision over them as 10 weight, size and
length.
Money measures its own amount or value
OF actual property as often as il passes from
one individual % another, as the ynrd-stick
measures its own length as often as it passes
over the cloth consequently given sum Of
money measures in a given time more OF
less property, according to the frequency Of
its transfer. 10 one mOrI ing, dollar, pass
ing through several hands, may be laid out
for food, buy various articles Of clothing, be
loaned out With other dollars on bond and
mortgage, and then purchase a dozen arti-
cles more. Every time It passes, II deter
mines the market value Of the thing that il
buys.
If there were no distinction between
measures Of value AMI articles Of value. the
same principle would apply to both one
yard Of cloth, rapidly measured, would
answer The purpose of Two, slowly measured;
a pound of food, rapidly weighe ed, would
answer the purpose Of two, slowly weighed.
The valss Of money cannot consist in the
amount OF kind Of re IN tai in which It's
proueities are embodied for, IN its rapid
circulation, il can be used neither as a uten
MI nOr as Al ornament, aud is only useful
To erehdn0s property. Eagles and dollars
are seldom used tor ornamental purposes /:
and when they are so employed they cease
to exchange products.
The yalle Of money balances the value Of
the commodity sold, AS the weight Of the
pound balances the weight Of the hing
weighed or the yard, the length OF the
cloth measured Measures OF quantity re-
main stationary, their only function being
70 determine the exact quantities of the
commodities transferred from the seller TO
the Dur chaser. But the measure of Value
passes into the possession Of the seller, who
holds Il as a representative Of value 10 lieu
OF his commodity. Aud At is on this account
that the measure Of value is frequently con-
founced with articles Of value.
Money, like all other measures. is diUisi-
bic. The yard is divided into feet and in
ehss. thar il may determine any required
length. The pound weight is divided into
half pounds and ounces the busbel into the
neck, quart, etc., that they may accurately
determine the various weights and quaint
ties of various substances. Money is divi-
ded into pounds, shillings, and pence, dol
Iars. half dollars, dimes, etc., that IL may
determine the precise amount OF the value
of all commodities.
The government reserves the right 70 hx
the length or the yard, the weight OK the
mound. The size OF the bushel, and the value
Of the dollar, that they may be lifted Tor
public use. Money is the public measure
Of value; and the governments - Doun1 "