The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-05-29
THE MEASURE OF VALUE FRAUD

All bullion writer's assume or expressly
state, that gold Is the universally accepted
measure VI value the world over. This
implies that gold has the same value at all
times m all PLACES Either this is true. or
it is base deception. Nalue is purchas-
ing power. ltfulloWs. then, that an ounce
Of fine gold Will always purchase the same
amount Of wheat. rs, rye, potatoes, or
anything else at All tines IN all places, or
there is nr foundation whatever in the
bullion theory ot universal measure of val
ne, If We turn to the price currents Of Cal
Iturnia ur England. We find that the same
amount Of gold viii frequently buy from
oue-teuth to one half more II wheat. corn.
ry,, ~ other property at one time than at
another. When We bring these facts to the
attention Of bullion writer's, they reply.
il j. the wheat, and not the gold v hich has
tiuctuate3 IN value, and again assert. with
renewed yehemence, that the value Of gold
remains the same but offer no reason why
u Il thr wheat that changes price and the
geld which remains stationary. other than
the vague statement that the production
Of gold i 80 slow that II cannot percept-
ably affect prices
Here We come to new assumption. -
namely, that it is the total amount Of gold
in existence that determines the prices OF
gold. IL is no such thing. 1t is the local
supply and demand Of gold that determines
the temporary price u gold Just as it is
the local supply and demand Of wheat
which determines the local price Of wheat
temporarily. If the local supply Of either
wheat Dr. gold remains the same, and an in
creased demand for either is created. the
price Of either viii advance and if these
conditions be reversed, the puce Of either
will fall. There can be no reason given
Why gold should form an exception to the
general Laws If supply and demand in de-
termining its price. 1t obeys the same
law that wheat. or corn, or rye, OF any
other article Of merchandise Its pur-
chasing power tlucluates daily, according
e the local supply and demand, precisely
the same as all other prices huctuate.
But there is another view Of this pro
position. A measure Of value implies
that that value is 4 positive quantity. :
yard Is three feet, a pound is sixteen
ounces In weights and measures We
have arbitrary, fixed and absolute stand
ards hence, all ideas Of measurement
imply an arbitrary, fixed standard But
value is not an arbitrary quantity ii is
not a positive quantity; hence, 1t can
not, III the very nature Of things, be
at all Values are all relative.
The relative value Of days work is the
price Of living, with as much more as
the workman can obtain for his services
The cost Of living is prime necessity
this the workman must have-and his
employer comedies this demand at once.
But as one man can live cheaper than
another, even upon this basis, dicker
must be made. As matter of fact.
workmen and employers do not attempt
to analyse the wage fund, as English
economists teach us in theory The en-
ployer offers a certain sum for a days
work. The workman can take it or not, !
Just as he pleases. Hence it follows |
that the price of days work is always
a compromise, and so is the price Of ev-
erythlng else. Price, which is only an
other name of value. is always a COM
promise, hence price cannot be meas
ured by ang arbitrary standard there
fore the entire theory of a standard
measure Of value, is founded upon a
false assumption, and is consequently
false. -
The only reason which has been brought