Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-08-30
"IntrIuSIC,"

| To the Editor Oi tho Free Press and lines.
In the now frequent discussions on the
currency question, if VIC can simplify words
and come TO better understanding of their
true import it is very desirable.
Tho word intrinsic" is very much used
a. quality of "vslue." will show that
it is entirely irrelevant and useless when so
applied. | don't claim to be the originator
of that idea very eminent writer on po-
litical economy takes the same view. Perry
says, "Value resides in services compared
and not in matter at ALL" "Value is not
an inherent and inyariable attribute, but is
the relative power which one thing has Of
purchasing other things" ''Value is q
relative word but general price is rela-
tive word, but specific"
We talk Of there being intrinsic value in
gold and none in paper. Let us see if We
will not gain something in simplicity and
lose nothing in precision by leaving ont the
term "intrinsic." There is as much value
in a piece of paper the size Of ten dollar
bill. made by the Treasury Department and
stamped full legal tender $40. as there is
in piece of gold OF 25S grains, standard
either is perfectly equal with the other, un-
Nv SItCulhtlUu, mcu WIN Chu COTUtE
either, bid one or the other higher, which
will not be likely to take place after the law
makes them lawfully equal, though there
will be no law against it. Any person hold
ing himself ready to give so much for
an article, establishes the value of
that article at his presence, il
it is as much or more than
anyone else will give. II he offers $40
apiece for copper cents of certain date,
every one brought to him is properly valued
at $40. When he IS out OF the way, they
may fall back to one cent each, so value is a
relative term and "intrinsic" adds to it no
force or quality.
Price, value and use, are so nearly
synonymous they are often used inter
changably, but they are really distinct and
different in their true meanings. Price
is the sum asked by the vendcr; raiue is the
sum the purchaser is willing to give; use is
a quality indepeEdant of price or value.
In some cases paper is more useful than
gold in other cases gold is more useful than
paper; there is perfect equality between
them in that respect.
Paper is more indefinite term than
gold. 1t means all kinds, qualities and
sizes. Gold means pure and inadulterated
gold. 1t is precise and scientific name
of substance that can possibly be produced.
but seldom or never is. When we speak Of
paper for money, We don't mean every scrap
and quality. The paper for money must be
made by or for the treasury department, and
be Of particular size. Nobody else has
right to make such piece or any looking
like it. When piece Of paper of requisite
quality and size is stamped by authority one
dollar it has equal intrinsic real value with
25S grains Of standard gold, or 4l24 grains
OF standard silver, bearing the same stamp.
Neither can properly DO said to have price,
both have utility and are equal in that re-
spcct, and both have equal rdluc.
Application. has already con-
stitutional obligation and authority to issue
metallic and paper money. 1t cannot issue
an unlimited amount its order must be re-
duced to definite terms, both as to quantity
and kind. 1t has no right or authority to
destroy any Of the amount it has issued. The
power to create does not imply the right to
destroy. 1t has no right to delegate its duty
to create money to any other persons or cor
porations. and it should not leave it optional
with the owners Of gold to have
an unlimited quantity Of gold money
coined tree. The neglect to increase
the amount Of money in proportion to the
increase of population, the destruction OF
greenbacks and other evidences of Govern
ment's Indebtedness which circulated as
money are largely the cause of the financial
depression we are suffering, and the other
wrongs. allowing banks to be banks of
issuance and contraction, the free coinage OF
gold and demonstration of silver, have each
contributed to the same unhappy end.
j. X. FOREST.