National Republican. (Washington City (D.C.)) 1872-1888, 1874-04-10
A STANDARD AND THE STANDARD OF
YALNE

In q short and pithy colloquy between Sen
ators Bsyard and Buckingham referring to the
standard of value, the latter Senator observed
~ have sometimes known a dollar to buy q
| bushel of wheat, and at other times have
known two dollars to be required to buy a
bushel of wheat. 4 want to know
which is the standard-whether It is the wheat
or the coin. 1 want to know which is Daniel
and which is the lion, which carries the UNI
brella-the coin or the wheat. = y 1t is
very difficult for me to see which is held as the
| standard, the wheat or the coin."
We propose TO answer the Senator'S question,
promising that by the term "value,b political
economists mean simply ''thc exchange power
which one commodity or service has in relation
to another" Unquestionably, in a single
| transaction in which coin should be exchanged
| for wheat, each would be a standard of the
value of exchange power of the other The
wheat would be standard of the value of the
coin, and the coin equally standard of the
value of the wheat. Exchanging for each other
they would be commercial equivalents, each
measuring and expressing that value of the
other.
If, however, one of these articles, either the
coin or the wheat, should by the general usage
of men be selected as the u'lipsrSdl denominator
or measure of value and actually so used in all
the busineis exchanges of society, then 1t
| would be the standard of measure of value and
by its own value determine that of all other
commodities. The selection and the usage
no matter now for what reason-lift 1t to this
position and assign to 1t this function. In other
words, 1t becomes nlonev-that thing In which
| all other values are computed and compared
with each other. 1t is the one thing which
men want, as the means af getting other things
which they want. 1t is virtually ticket or
order upon society for whaterer it has to sell.
Its general use makes It not simply standard
| in single transaction of exchanging one thing
for another, but the standard In all transac-
tons. Its exchange power measures the ex-
| change power Of everything else, and by COM
i parison with 1t all other commodities have
their value marked. Two articles that will
sell for the same amount of money are, hence,
equal in value.
1t so happens that the commercial world
has assigned this function not to wheat, but to
gold and silver; and, hence, these two COM
modities, when used as money, are the stand.
| ard of value, having a universal exchange
power in proportion to their quantity and
purity. The practical sense of the trading ma
lions Is that they are better adapted to this use
than any other commodities that can be found.
As the late Chef Justice well said, they shave
moro value in proportion to weight and size
ana are less SUBJECT 10 loss pY wear OF aorasiCu
than any other material capable Of easy subdi
vision and impression" and "their value
changes less and by slower degrees, through
considerable periods of time, than that of any
other substance which could be used for that
purpose" They, hence, approximate nearest
to the idea of an absolute uniformity of value
They have the same qualities everywhere, and
everywhere require about the same amount o.
labor to procure them. Nature has fitted them
| tn he money or the standard of yalue az IL has
not fitted anything else.-Ne0 York Lsde'
/ sS,aIInfaf