Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1891-03-04

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The reader will, at glance, with
wonder and amaze, notice the glarinp
and painful discrepancy in the increase
in quantity, such as bushels, bales,
numbers of head, and the increase in
price. But what wanted more partic-
ularly to call attention to, was this:
While our population has increased from
1866 to 1890 but so per cent, the articles
and items enumerated above have in
creased from 100 per cent. to as much
as 400 per cent, SO that even if we had
kept our currency at the same per cap
ita volume in circulation as in 1866, we
must even then have experienced a
slight falling in prices, because the vol
ume of domestic exchanges increased in
SO much greater ratio than did the pop
ulation.
From the above and foregoing data.
it would seem that we are justified in
assuming that if times were good and
every one was prospering in the North
ern States, in 1866, with S72 per capita
in circulation, then S5, 900, 900, 600, or S7S
per capita, is none too much money to
have in circulation at the present time
Now, as to the value and redeemabil-
ity of ''land currency Money value
is an ideal thing. 1t is also a relative
quantity relating not so much to money
as to the value of one commodity as
compared to other commodities. At
least, this would be the case were money
stamped upon valueless material, and
simply clothed with its legal attributes,
under a system of finance in which a
sufficient volume of circulating media
was automatically provided. But when
money is stamped upon commodity
more or less valuable in itself, the
volume of money is restricted to the
supply of this certain commodity and
becomes the article which is valued or
appraised in the stead of the exchange
able commodities. Money value is al
most entirely creation of law, in proof
of which 1 cite the fact that in 1873,
when silver was accorded free and
equal rights in coinage with gold, the
quantity of gold called one dollar would
buy but 36977 grains of silver; but in
1888, when silver was partially demone-
tized by limited coinage bill, the same
amount of gold would buy So So grains
OF silver. And now, when the coinage
of silver has been doubled by legal en-
actment, the gold dollar will buy but
457 grains. Yet all the while, during
this period of years, silver has lust
about held its same proportionate value
to all other commodities, gold form
ing the exception, on accounts of its
being favored by an edict of the
law, which called a certain num-
Der of grains of gold one dollar.
AS the number of such units, or dol
lars (no new gold fields having been
discovered) increased in very much
smaller ratio than did the amount of
exchangeable products to be exchanged
through their medium, the value of
each unit increased in proportion in the
discrepancy existing between the ratio
in 1866 and that obtaining at the present
time. And right here, the intrinsic
value" lunatics might stick pin, tax
ing notice that four-f ffths of their So
called intrinsic value,' Is in fact, legal
value, bestowed by the fat of law.
Gold, demonetized, would simply be
valuable for use in the arts and for pur-
poses of ornamentation. Commodity
value and money value can not exist in
the same articles or material at one and
the same time; nor is it necessary. or
even proper, that the material upon
which money is stamped should possess
any value whatever. MANY of the
brightest intellects of the present gener-
alton have arrived at the conclusion that
the so-called basis of standard value is
In fact merely quantitive, and simply
requires that money shall at all times
be kept In the same proportionate ratio
to population and volume of domestic
exchanges. Those who are sticklers
for what is known as .sintrinsic valne ;,
that is, that money, if demonctized
should still possess the some value as
commodity that it did as money. can
only predicate their demands upon two
contingencies: First, That the Govern.
ment will come to an end, cease to ex.
ist, be blotted out; in which case its
money stamp would be valueless
Second, That the Government which
fosters and protects them, will ~ in
volved in grave trouble; such as war.
etc., IN which case they wish 20 hide
the money and hoard it, complacentIv
feeling that no matter what happens
their money is valuable as a acommoditv.
II worthless as money. What patriots
are they, my countrymen!
Fifty years ago, before the times
were ripe for his genius, Edward Kel.
logg pointed out in his great work.
Labor and Other Capital" that the
value OF money was wholly and entire
~ legal He says, ..Money has four
properties or powers, viz, power to
represent value, power 10 measure
value, power to accumulate value by
interest and power to exchange value.
The powers of money, which alone
render 1t useful, are created by leQis-
lation; therefore, money can possess
none but legal value!- Land currencE,
printed or stamped upon paper and
made full legal tender. would possess
all the powers Kellogg mentions, fully
and completely, and by loaning it to
the individual upon real estate at per
cent. or less, .'the power of money TO
oppress. by exacting usurious interest
would be aRnihilated and abolished.
The interconvertible bond, at or per
cent, would afford for and to the indi-
vidual safe deposit for his savings. or
fund for old age, sickness, etc, or the
nucleus of a fund with which to provide