The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1876-04-08
THE MEASURE OF VALUE


kept before the public in the discussion Of
the money question, as the measure of
value argument. Hardly any two writers
will a.ree upon technical definition of
the word value, simply because it in
wolves one Of the most difficult ideas to
express accurately, for the very good rea-
son that value is only relative thing.
We say that board has length, and
there IS no ambiguity about the expression,
for everybody who has seen board knows
that the statement is true. We say that
another object has weight. This, too, ex
presses definite idea which everybody
can easily comprehend ; so there is a def
mite idea expressed when We say that
thing has value. If We say the length Of
the board is ten feet, We can easily deter
mine the Correctness Of our estimate by
applying a measure, and the same is true
Of weight. The scale determines how
near or how far We have erred III our
Judgment. But the measure itself is
defined idea expressed in the arbitrary
laws regulating weights and measures out
side Of the i metric system. Every
schoolboy learns to say = three barley
corns make All inch, but he might hunt
until he YVES gray before finding three
grains Of barley that would measure an
inch. England must have produced ex-
traordinary barley if the statement was
ever true. Hence We see that this stan
dard measure Of length really exists IN the
Imagination. We learn To say that three
barley corns make an inch, but We never
use the barley corns to measure an inch
with, but We do use rule. So it is with
all our weights and measures In this re-
spect We have degencrated from tn an
clients, because their standard measure of
length Of a mans arm from the tips Of his
fingers to his elbow. Even To this day,
every woman supposes her first finger
from its tip to the knuckles to be exactly
an eighth Of a yard The French have
established the ten mlllioneth part Of the
esrth's surface to be their standard meas
ure Of length, and have called their in
vention the metric system" 1t is a
theoretically perfect system But rae
tically there is little difference between a
system based upon the highest attachments
Of scientific accuracy, like the French,
and system utterly devoid Of common
sense, like our own. measure or weight
being the creation Of an arbitrary law be
comes fixed and established AS an ideal
thing in the minds Of the people, and
serves its purpose quite as well IN one in
stance as i'll the other. Our inches meas
ure quite as accurately whether We call
them three barley corns or something
else.
Many writers upon politicul economy
have talked about a measure Of value, 81
exactly as they would talk about measure
of length. Such language is deceptive in
the extreme, because in reality values
cannot be measured in advance of an &C
tual sale There is really no difference
between real values" and mark a
values, although some hair splitting rea-
soners have attempted to draw line Of
distinction. Every intelligent man under
stands that the real value Of anything is
8 what it will bring" No more, no less.
Then, as every transfer Of value involves
a compromise, for every person who has
thing to sell tries to get all he can, where
as every person who wishes to buy always
wants to buy as cheap as possible If u
trade is effected these conflicting interests
must be harmonized, and III order to har-
NOME them there must Of necessity be a
compromise, hence this compromise value
cad never be measured in advance, and
therefore the whole idea Of measuring
values is deceptive. When the bullion
lists assert that gold is the worlds meas
ure Of value" they think they have
brought forward an unanswerable argu-
ment, whereas they have simply stated a
manifest absurdity. We deny that there
is any such thing possible as a measure Of
value, in the sense in which the bulion;sts
use this term. To limited extent there
IS such thing known as a measure Of
value. For instance We determine the
value Of house or store by the rent it
will bring, and by comparing this rent with
the current rate Of interest. In the same
way We determine the value Of a bond by
the rate and certainty Of payment of the
interest which it bears. So too, Of land
its value Is measured by the amount of
IN products or rent which it will yield.
TO this extent, and to no other extent. a
measure Of value exists in reality. But
IN another sense measure Of value can
be said to exist in the imagination. When
we purchase anything. we say We will give
one. two or ten dollars perhaps. The
bullionists tell us that a dollar is 20. 8
grains Of gold, 900 fine, but this is not
true. As before explained in these col
umns we have no less than seven different
standard dollars, while all gold dollars are
Of the same value. The newspapers are
filled with discussions Of the problem to
substitute silver dollars for gold dollars aa
a standard measure of value" Yet
greenback dollars are more than two per
cent. premium over silver dollars and over
twelve per cent discount as compared
with gold dollars. The dollar itself was
compromise Of the different shillings Of
account that existed in the different states
at the time our first mint laws were passed
Then it vas determined that a dollar