The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-07-24
ACTON, July 18th. 1875.

If yalue. Now, there are few individuals
in the world who have learned that the
standard itself is not absolutely liked and
unvary ing, so they 60 to work to tell us
that the whole world is wrong in about |
everything, and we must give up what
there is at present existing, and remodel
the universe according to their little plan.
Let me explain. Gold is not an absolute
standard of value, for when ! was young |
man it cost not more than two gold dollars
to nav for a weeks board, while now it
costs at least four gold dollars TO pay for
weeks board of the same grade. If
weeks board Of the same grade as TO
quality does not constitute an absolute
standard Of value, there is nothing which
can. 1t would be talking nonsense to say
that sit is worth twice as much to live 20"
as it was thirty years ago. so thai we
are forced to acknowledge that our stand
ard" of value has deteriOrated one-half.
The more gold there is in the world the
less il is worth rs money. That is to say,
the purchasing power Of a given amount
ia less as the whole amount Is increased.
This fact admitted does not initiate the
fact that gold as q comparative standard Of
value still serves as good purpose as
ever, or as anything else When say
that an arbitrary limitation of money is
unnecessary and wrong, the simple minded
nerson is apt to ask: eff money is a.
plenty as the autumn leaves, will anybody
work sor itP' | must reply that money
cannot become as plenty as the autumn
leaves. For aught | know gold may be
found in such abundance that 1t Will be
come worthless as representative Of labor
and wealth; but gold is not money and
never can be, in the very nature Of things,
for gold can only represent what there is
of value and labor in itself. Now a real
and scientific medium Of exchange must
be instrumental in its character and offlce.
For want Of correct idea Of money gold
has been employed as a medium OF ex-
change. and in the progress of thought and
the various advances as regards the prac
tice Of making exchanges, gold has served
a GOOD purpose and doubtless will con
tinue Il be used as a comparative stand
ard of value for long time III the future
if not while the world stands. To me !
seems idle to expend our breath in any eX
tended discussion as to whether gotd, corl
or time should be employed as the world
standard to measure the comparative
amount of value in the various products o
labor Gold is the worlds standard. VIII
not accept iii Does anybody kno" OF
better | don't And, then, 1t does no
matter what we take to compare value
with, provided it can be 50 used and a
parties are satisfied
But to my mind what We want Is som
tokens or signs, some instruments NhIc
shall stand As legal representatives Of vaiu
on par with gold. Let it be distinct
understood that the value Of money her
refers to its purchasing power. II hol
! a legal instrument, which is a lien upo
some specified and well-dehned real estate
thar instrument is valuable because by 1t
can obtain real wealth, and not becAus
, the material Of the instrument IL scarc'
: costly and hard to get. In other words
the instrument is valuable because Of II
instrumental power-as a title deed or
mortgage is valuable.
The common prejudice is that If ! car
not exchange my paper dollar for gol
dollar it will be impossible tor me to OF
tain a gold dollars worth Of wheat, I
cloth or any other thing Of equal value
Now, am Just 50 simple and fo"lhardy 2
to say that's lie Anybody can see tina
a title deed is good, even though 1t Is bu
paper" now carry the same idea ste
further and your money-paper money
is Just as good as gold, so soon as 20
make it as good as title deeds and mortg
age deeds.
The notes in the banks which are oacke
up BY mortgages Of real estate should cor
stitute the peoples currency. Let theI
be Endorsed by some United States office
in such manner that there could be n
fraud, and they would be good all over tn
country; they would be on apar with gold
and every requisite of a medium Of eN
change would be met and answered.
An invested dollar is better securit
than a specie dollar. Ii can be made to re
deem the promise to pay; and banker
everywhere operate on this idea IN
land, with improvements, will pay. Wha
a few Of us are advocating Is nothing new
for We only demand that all parties AM
persons shall enjoy the advantages 0
that system which gives security to an'
provides redemption for promises on pa
per.
The ''greenback" is fraud. because
it purpOrts to represent gold dollar
worth Of labor in the form Of goods, wher
in fact it does nothing Of the kind. The
issuer will not, in all cases, take 4
in lieu Of a dollar; and as there is nj
wealth pledged to pay the dollar, Why, II
is 50 much failed paper. 1t lives and ines
perpetuAlly. Now, if every greenbaek
dollar was legal clam for one dollar N
gold at the United States treasury, OF a
claim on two dollars worth OF some
specified piece of improved land, ask
would there be any difficulty in the holder
of that paper to realize the full face oil
the note guess not Only q nominal