Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1880-11-18
MEASURE OF VALUE.
The Rise of the Measurement Of Value
---ts Effects on the Commercial and
Industrial Pursuits

hg lilC llNotllI NOllI'llNhlNh NldSN VI
industrial, commercial, and political de
velopment we must 90 back to primi-
tive conditions, from which to deduCe
a sound and true theory of the meas
urement of value, in the exchange of
property and services among men. The
grandeSt, as well as most useful prinCi-
pies in natural law have ever manifest
ed themselves to the discOycrer in the
very simplest conditions of the ele-
ments that gave them birth; and 81
familiar and unprctending is the garb
of truth that we invariably wonder
why it was not sooner discovered.
Perhaps none of the economic wri-
ters have more keenly appreciated the
importance of the subject than Mr.. 5,
d. Horton, of the International None,
tary Conference. In his valuable work,
entitled the "Monetary Situation" he
remarks: "There is, strange to say, a
spark of the divine fire in the outcome
of dry monetary investigation that is
worthy to kindle the hearts Of men"
The masses seem 50 slow to think
and to act for themselves independent
ly of the interested Shylocks and idiot,
ic demagogues, that it is only for the
candid and industrious analyst of the
great fiscal problem of the day to fair
ly contemplate the immense stimulus
TO industry, commerce, and all branches
of business, to be derived from an ade.
quate volume of circulating money
consisting of Il certain number of in.
telligible units or dollars" fixed and
defined by law To mean and express Il
given measure of that which money
measures, namely: the value of prop.
erty and services.
Now it is obvious to all that there is
certain relation between money and
that which it is given for, or which il
is the medium of exchanging; and
what is that relation? Things that
afford suStcnancr, comfort, and luxury
include all that money can possibly he
given for, and these are first acquired
in no other possible way than by hu,
man eXertOn. Then money can posi-
bly, pay for nothing hut this "humMr
exertion" which has been vested in
that which il is rendered for. 1t must
be based upon some other human cXcr
ton when issued, in order to make it Il
Just and valid tender from the money
holder to the property-holdcr; and that
first human eXertiOn must have beer
rendered by the mOncy-hOldcr and fOl
the benefit of the pr0pCrty-hOlder,w whOSt
claim likewise consists of his own eX
ertiOn rendered in acquiring the prop
erty. Hence human eXcrtlon is givcl
for human eXcrton by the Use of that
medium of exchanging them, which We
term money. Then how much hmm
eXertion does this unit in the volume oi
mOncy-thiS standard measure of value
express? There should certainly b,
definite, ineligible, uniform, unvay
ing standard measure, or amount q
that "cXertion.' or industrial value o
property fixed and declared hy law t,
be the true definition Of zone dollar
and with this common standard al
other values should he compared, an,
their relative value rcckOncd thereby
II is obvious that bran-labOr or pro
definite measurement, or divisiblG into
given uniform units or measures; ant
therefore we must get down TO the very
lowest order Of mskillcd hut rationa
human labor, measured by the two fac
tors of time and force, and let the tern
zone dollar" he made to express Il givel
duration and force of mSkillcd manua
labor. Professional service does not O
course, consist of such units, but ma,
always he compared with this unit il
reckoning or estimating their value
and all other services. aS well as til,
value of all property, may he comparet
with and the relative value reckoned b,
this common standard or measure o
industrial value. Undoubtedly this il
the first step to he taken in the prcmi
ses. We cannot conceive of any methOC
of measuring any quantity of property
as of corn in Il crib, hut by comparn!
it relatively with some stated or stand
ard quantity. as zone buShel." Th
crib then contains certain number o
such units or bushels in bulk. Likcwis
the volume IF money should contain
certain number of units or dollars: bI
it must be definitely and clearly under
stood by all who handle it, from tn
highest to the very lowest orders o
human intellect, just what that dolla
is and what it means.
1t is especially the muscular labor o
those possessing the lowest older o
human intellect, unskilled manual la
Dor, that the dollar would he a state,
measure of; and ii seems that only thi
lowest order of human service, whicl
cannot compete with higher intelligenc
or professional service, needs the pre-
lection and regulation Of law in iiyin
the value thereof, as composing tn
common standard by which all value
are measured hy comparison. In thi
way msuspecting and mskilled lab0
would be protected by law against CON
petition with professional labor, whiC
would always be estimated by compar
son with unskilled labor, while tn
value of or charges for all professions
services would be moderated and at
iusted in their own sphere. This inte
ligent or professional service can safel
stand the wholesome influence of con
petition within its own domain, bl
rude, mskilled labor of the lowest ol
der justly deserves this protection b
the arm of law. 1t is one of the prim
functions of law to protect the innt
cent and weak against the unjust el
croachments of the strong, and to fave
rude, producing labor as against comp,
tition with professional service outsid
of and below its own sphere. From thi
situation of facts, it is but fair to ~
sumo that competition should be til
sole regulator of the value of all pr,
fessiOnal or skilled labor, whose con
parative or relative value should COZ
sist of given number of units {
labor of the lower order, and that
given measure of the latter should 1
made the common standard by law.
In order to get back directly to til
social, primitive conditions in whic
the measurement of value takes ris
we may suppose small colony of
dozen persons settled upon an islant
cut off from all intercourse with til
tpiI l,,,