The great West. [volume] (St. Paul, Minn.) 1889-18??, 1890-01-10
The BusheI Of Wheat.

The BusheI Of Wheat.
Our article on the intrinsic value
of bushel of wheat is exciting a |
great deal of comment-vastly more
than was expected. We are called
upon for a further analysis of the
reason why abushel of wheat should
cover the value of the
money standard-one dollar. The
article was written more to suggest
the possibility of such relation than
to define it or wholly endorse it. If
any such relation exist at all it is
based upon the FACT that circulat-
ing medium can have no actual arti-
fetal standard.
Gold is not a standard. 1t is. a
convenience. Gold is sometimes
worth certain amount in commerce
at other times is worth less or
more. During the period of Spanish
conquest the value of gold fell so
enormously that it was feared that it's
availability as a amedium of exchange
would be lost. When the South
American supplies fell off, it appreci-
ated to such an extent that the
world was thrown into a parOxysm
Of fear on the other ercontingency-and
bankruptcies were universal.
Today gold is deficient, and silver
in surplusage.
The FACT underlying money is the
government, or owner OF property,
having back of it's currency a certain
amount of property which can be
siezed in payment-either by process
or 'reprisal," which means force.
No man is justified in obscuring the
nature of money. 1t is a simple
means of exchange. 1t was never
"uttered," or issued for any other
purpose, and it never had value
measurable by any other standard
than what it would bring in ex-
change for property.
The money of the world is vs,lue
less if people will not take it in ex
change for property. The onl,
standard, therefore, is fAn inex act on,
which is represented by the propert,
to be exchanged. The h, ,anker's prop
erty is money itsO' and he wishes
money to be Considered property
for he makes profit not on exchang
ing properly for money or money fol
property exchanging exchange
(money), for MONEY. But the pro
| ducer is shortsighted who permits 6
banker, individually or collectively
to dictate the standard of exchange
| There is certain valuation of all
property in possession. If an arti.
f"iaI stan,,, ard is "created," and that
is withheld from ci, EQUATION it's value
increases and property decreases. u
it is overissued it's value depreciates
and property increases. Therefore
the utterance of money may be in
creased! Our government can double
it's gold issue in five years if it
chooses-or the government, or the
banks, may reduce it by half in the
same period. Is that a standard ?
But as to property? Can that be
doubled or halved at will ? No. All
this time the property is the same ex-
cept as increased by production
actual increase of existing comforts
and necessities.
Now somewhere there is a slightly
inexact medal line where exchange
(money) is equal to the prop
erty to be exchanged. On a
gold or silver basis? Why no-that
is variable If called upon to state
where that line is, it would be
necessary to consider all artificial
standards destroyed before the an
swer could be found.
Take an individual without money,
but with property.
Take a government without mon
ey, but with the commonwealth"
under it's control, and which it cares
for commercially.
uC Cdll SCU u
certain amount of credit on his prop
erty-BAsED ON WHAT 1T PRODUCES.
(By ''credit' we do not mean gold or
silver-but any material which has a
value-boots, shoes, bread, wheat,
trinkets.) This individual credit
may now be represented by some
transportable material-paper, gold,
silver, copper, iron, las in ancient
Rome), or cloth. Why take precious
metal? Simply because to counter
felt means the using OF a material
which will cost the counterfeiter as
much as it does the actual money
maker! Remove the danger of the
counterfeiter and the danger of over
issue by parties without property"