The farmers' union. (Memphis, Mo.) 1891-1895, 1891-02-26
THINK FOR YOURSELF
THE YARDSTICk ARGUMENT IN
MONETOLOGY.
Americans May :e Smart People, But
1t Has Cost Them an Immense Sum
of Money to Let Corporations Run the
Country's Finances.

1t Has Cost Them an Immense Sum
of Money to Let Corporations Run the
Country's Finances.
BY the word monctology is meant the
science of money. If Il new word has
been coined. it is because there is llst
for it. The word finance includes toe
much else to stand for the science OF
money We might, of course, use the
three words whenever we had occasion
to refer To the subject. but it does moi
consist with our ideas of economy to use
three words where one will do uSt ~
well, il not better.
The subject of money has lately come
to the front as an object of study, and il
is of Suiiicient Importance to have Il name
all to itSelf-a home of its own in tho
language, from the precincts of which il
may warn off all intrudcrs.
In one Of the brief obituary notices O1
the late Gen. Spinner. which finds a plac,
in the columns of almost every paper il
the land, is found the statement that he
was always favorable to the single stand
ard of money. not being able to see why
we should have two different meta
standards any more than two yardstickS
of different lengths This is what is
termed the yardstick argument for i
gold standard.
1t matters not whether these words
We're taken from, or put into the mouth
of the dead general; the fact that they &c
forth with the authority OF his name is
sufficient to warrant almost any man tt
conclude it 10 be decisive of the QuctiOn
ut issue. If the great war treasurer OF
the United states deemed that argument
sound and sufficient, who may care Oh
dare to question the fact?
There is only one kind Of hard, diSa
grcrable work that one can have done
for nothing, and that is ones thinking
If you get your boots blarkcd, or ronl
clothes washed, or your hair cut, or any.
thing else liz the nature of service done
you must pay for it, but there are peo
pie always ready to take all the facts
that you have gathered, who will ar
range, classify aud weave them into 9
garment. warrant it TO fit you and eli
gage that the cloth shall not shrink noI
the color fade, and all without any
charge for these fine made-to-order opiil-
ions which you are allowed to call youi
very own. 1t is we'll to be sus
piciouS of those who propose to work foi
| less than living wages. 1t may appear
upon investigation that those who take
| IN thinking to do for others, take in
| those others as well. .AS man think.
rth SO is he" The man who has let Out
his thinking has let himself; and so long
As the lease holds he will have a master
The people of the United States have
been accustomed pretty generally to lei
out their thinking upon the subject OF
monetology; and it is safe to estimate
| that those who have 50 chcerful!y done
| this severe labor have paid themselves
| for their efforts with sum equal to the
| amount OF the national debt when it wa,
largest 1t becomes Il practical and III
| tercsting question whether or not w.
IAN afford to pay at this rate for having
| cur thinking done. Had We not better
go into this business ourselves and earl
| the liberal pay which it affords.
4 good place to begin is right here
| upon the yardstlck argument Rcmem
Der that thinking is not play, and thai
| in case you take the trouble to follow
| the argument it becomes your boundcI
| duty to know for Yourself if it be sount
or not, and to point out any defects
which may be discovered. The builder
| of an argument should never be allowed
| to use defective material without rebuke
| ANY true measure when properly uSct
| will determine the length or weight ol
| quantity of the thing measured; for cX
ample. all yards of cloth will be of the
| same length, and all tons of coal the
| same weight, all bushels Of corn Tho
| same size. and the measures. uiilcs:
| changed by law. will be always ans
everywhere the same. a true unit OF
value, by means of which other value:
| could be easured, would consist of a Ger
| tain amount of a number of things tha
are suprcmciy valuable because indispen
| Sible to mans existence, these things
would also be the products of human
| labor.
Man has never applied himself to tn,
| task of diviSing a true means of value
| We have inherited from the remotcs
| antiquity. from barbarous and savag,
progenitors, the habit of doing our trad
| ing by means of the precious metals
| silver and gold, and since 1873 we hav,
used gold alone as real money, making
silver n sort of assistant money, goot
enough for ordinary use, but powerles
| to do the work Of money upon Suprcm,
| occasions.
The universal use of gold as money
the only exchange for all things, doe
give a Scmblance of vallling power t,
| gold, we learn the relative value of diff
fcrent things by this means and the val
ne of individual things as expressed il
gold. that is the barter ratio of the thint
to gold, but not its real value. If tn
real value Of Il thing be determined b,
it's Just measure, its expression will no
change so long as the thing value,
remains unchanged, but if the STANDARD
be variable, lis nominal value vii
change just as often as the standar,
varies from its normal condition.
Probably no one thing is of more con
| slant value to man than wheat: its use
almost universal, there is nothing whicl
can be substituted for it, and its prOduc
ton requires the expenditure of def
mite and almost invarable amount o
human effort. Had we a true measur
Of value we should know exactly what i
the value of wheat. Our only measure
is gold, which does but tell us its bartc
ratio to gold. 1t is a well-kdown fac
that, with real value the same, this bar
ter ratio to gold has varied as much a
50 per cent. What kind of a measure
it that varies its capacity as much a
onc-h half? How long would yardsticl
be used that was at one time thirty iiv,
| ana anOtncf tiInc tnifIy-SGEcn lnchf
long. to say nothing of changes equal t,
| half its length:
But gold not only does not measure
well. but it does not measure at all In tn
sense that yardstick measures. If
when we bought cloth, we exchanged
yardstick for each yard of cloth, and if
when yardsticks were scarce, each sticl
would exchange for longer piece O
10th than usual, then would the meas
uring performance of yardSticks an
gold be alike.
This making Of gold, by law, the uni
versal and only exchanger, makes it
use Indispensable to every exchange: tina
is, that at every trade there must b
present gold or some representative o
gold-some paper freely exchangeabI
for gold, and therefore, as good as gold
for the act Of exchanging prc-suppose
the existence of things to be exchanged
The quantity of gold then becomes Q
prime Importance. If we must have
when it is scarce, then we must pay dea
for it. This is just the trouble now