The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1876-03-25
Gold. from the Garden Of Eden to the
Discovery Of America.
(Conunusd rom our lAst.l
v o. y svGTos. NEW YonG

few people have endeavored to acquaint
themselves with n true history Of this met
al. Because It has been the custom with
many nations TO use gold a. q measure of
values, many people take it for granted
that nothing else can be used for that pur-
pose. This inherited idea and custom has
been instilled into the minds of the people;
not that gold has any qualities that are
suitable for m equitable measure Of values.
but simply because money spectators find
1t the most potent tool to secure the profits
Of labor. Ii is the best material for a
changeable measure Of values that has vet
been found therefore, the people have
been compelled by class legislation to use
1t, and custom has cultivated the idea that
nothing else will answer the purpose. IL
has never been used exclusively as a cur
rency by any nation but, at different
periods, where it was plentiful, it has been
used quite extensively. When it was
scarce, people were compelled to barter
their wares OF exchange them for all man
ner Of materials that have from time to
time been used M q substitute for gold, or
as money. Cold possesses inherent quail
ties which make it intrinsically more valu-
able than any other metal, and those quail
tiles render it the most suitable material
for q standard measure Of values IL Con-
gress should repeal the legal tender act,
and make gold the standard measure Of
values again, that would largely increase the
demand for it and the increased demand
would increase its value, for it's value is
regulated by supply and demand, like all
other commodities. Congress cannot reg
ulale the value Of any natural commodity
that possesses intrinsic value that is self.
evident. How then can it regulate the
value Of one Of the most intrinsicallv valu-
able commodities that the earth producesl
Congress can enact that % 4-5 grains Of
gold, cast into q coin, shall be denominA-
ted dollar but it has no power whatever
to regulate the value OF gold, in coin or IA
bullion. Amy body Of men that assums to
regulate, by legal enactments, the Value Of
gold, assume a prerogative that belongs
only to the Great Power that regulates all
natural laws. Then in order to obtain an
Interchangeable measure Of values, some ma
terial must be employed that is devoid of
intrinsic value then Congress can give to
1t an arbitrary legal value Of the standard
required. An article possessing Only a
legal vdlUe, cannot be affected in in its
value by natural laws consequently it
would remain Interchangeable in value, ex-
cept by the will of the creating power.
The most convenient material for q cur
rency, and the least ia intrinsic value is
paper. Treasury notes with legal stand
ard of value stamped upon them, making
them a lieu upon the material wealth Of
the whole nation, are lmPltmt Hts as neces-
sary to the welfare of the country as plows
and reapers.
q. l.. Comstock, author of q history Of
gold and silver, says The estimated
amount of those materials in circulation at
the date of the discovery Of America was
Sl70. 0O0. 900 What had become of that
vast amount u gold that the ancients had
been fighting Tor, from fifteen sundred
years before the christian era up to the fail
Of the Roman Empire War and abrasion
had done its work upon that idol, and it
had become nearly extinct but the dis
covery of gold IN AmeIic lea and Australia
gave it new lease of power, which in time
will fade away and be known no more"
In Rome i'll the fourth century, gold was
so plentiful that beef cost one dollar and
fifty cents a pound, and wine was sold for
five dollars per quart ; whereas in England
i'll the tenth century, an OK could be pur
chased for one dollar and forty cents
wheat sold for eight cents per bushel
bread four pounds for a cent, and laborer's
wages were only seven cents per day.
In the fourteenth century. Edward III
fixed, by law, the salary OF parish priest
at fifty dollars year, or twenty dollars
and board. Thirty dollars gear for
board : That would not pay a weeks
board in one of our fashionable hotels.
When we consider that produce and labor
have held Yearly the same relative value
from the first to the present century Of
era, and the relative value Of gold and
produce has 1uctuated, in seven centuries,
more than one thousand per cent, we can
realize how worthless gold is as a measure
of values. One thousand per cent. was an
enormous advance in value even for 80
long period as seven centuries but Wall
street has changed the value Of gold
twenty per cent. In one day.
1t is plainly evident from the foregoing
facts that the value Of gold is regulated by
supply and demand, the same as all other
commodities and as the supply of gold
cannot be regulated by human power, it
should never be used as a measure "
values.
measure Of valuess hould be susceptible
Of regulation, otherwise it will be as
chaDgeable IN its measure as its own value.
Engineers regulate the regulators Of steam
engines, and watchmakers regulate the
regulators Of watches the sun regulates
the planetary system, and agreater regulator
regulates the sun. We should act in ac
cordance with the laws Of nature, and es-
tablIsh a measure Of values that can be
regulated by a regulator that IN susceptible
of regulation otherwise great Irregulatri-
ties must continue IN cur finances.
In 1850 nearly one hundred million dol
lars IN gold and silver had been brought
into Europe from America.
From I54j To I6IO the PotOsi mine in
South America yield~d one hundred and
twenty million dollars. mostly silver.
This great increase IN gold and silver
caused a corresponding increase IN the
price II produce and labor. In 1900 wheat
had advanced "a eighty cents per bushel,
and all other products had advanced IN an
equal proportion.
There Is not much probability that with
ia the next two centuries gold will become
as scarce throughout the world ~ 1t was IN
Europe from the tenth to the fifteenth
century but in this speculative age. and
with the enormous and steady increase in
trade and commerce, fifty million in gold
could be carried at as high a standard of
value as one million in the fifteenth cen
tury especially il gold continued to be the
measure of values for all other products.
The legitimate trade of the country
should be relieved from the incubus Of q
gold measure Of values, and Congress
should legislate to prevent a gradual coIl-
bination Of circumstances whereby gold
hoarders can say b. farmers, your =heat is
worth only fifty cents per bushel by our
gold measure of values and to Iaborers,
ten hours Of toll is worth only fifty cents oi
this precious metal.
Il il clearly the duty Of Congress u
provide some means for exchanging tn,
.,-,d,ct. ~ tha .,un.rv ,vharahv uro