The farmers' union. (Memphis, Mo.) 1891-1895, 1892-02-25
A FalIacy.


cussing fiat money and standard of
value. In reply TO the latter subject
Mr.. n. 4. Dunning presents the follow
ing able argument:
Just SO long as we undertake to put
into practice that worst of all ideas,
just so long will the higher valued prod
ucts measure the lower. The larger
pOcketbook governs the smaller. and the
rich will rule the poor.
At the present time there is much said
and written about the shrinkage Of val
ues. There has been really no shrink
age of values but there has been an
increase in the measure by which
values We're estimated. Some we'll
disposed but extremely ignorant
people have introduced a bill in
Congress to establish a uniform
standard of value. hoping thereby to
avoid these fluctuations The POpe's
bull against the comet was sound logic
compared to this. In doing so, legisla-
ton seeks to establish an utter impossi-
bility. As have repeatedly said before,
there can be no such thing as standard
of value. That, with the markets of the
world, the money of the world. and the
philosophers stone, all belong in the
same category Of ancient fables. Coins
are not standards of value, but stand
ards of payment. The only measure of
value is the money Of account, that ah-
stract thing, the dollar, of which we talk
So much. Value is an abstract, intangi-
bic something that cannot be measured
by Il concrete tangible something any
more than an idea can be measured by a
quart cup. or n sentiment by IL foot rule.
The difference between standard of
value and a standard of payment is this:
A standard of payment is certain
legally authorized amount of specified
commodities which are the basis of all
debts or agreements, and are received
in liquidation of the same. The stanl-
ard Of payment in this nation is Il ,speci-
fled number of grains of gold or silver.
A standard of value is commodity
of value ascertained by the relation
which the standard Of payments bears
to it and all other things. 1t is an as
sumption having no existence either in
logic or fact. The only manner in which
value is ascertained is by comparison
| with the standard of payment. The
word standard means stable. solid, un-
changing. There never was a commod-
| ity of value in the world that was no,
constantly changing as it's conditions t.
other commodities changed. The stand
| ard Of payment cannot be a standard o.
value, because the value of that stand
ard has always been, is, and always viii
be, fuctuating. This value depends
upon it's amount and the demand.
Value is an abstract idea, like good
ness, idleness, labor and the dollar
Who ever saw days work or handled
value? Who ever bought a pound o
! goodness or foot of idlcness? To fine
a standard of value it would be neces
sary TO find some product that ncve
| varies in value. Where can it be found
We have standard of length in th'
| twelve inches to the foot; of weight, il
the sixteen ounces to the pound: o
time, in the sixty seconds in minute
Who ever purchased either of these
And yet they are real products, as com
pared to the idea of standard of value
We have standard for length in tn
foot; it will measure distance. it will
measure timber, cloth, etc. The poun,
weight will measure gold as we'll a
wheat. The gallon will measure waite
as well as wine.
But in the standard OF the measure o
value there must be something foun
that can be applied, at any and al
times, to any and all substances, to de
termine their value with unvaryin
minuteness. Will certain number q
grains Of gold or silver determine tn
value Of the cargo of lumber, the carg
of wheat, or the cargo of molasscs:
How can 53 22-100 grains of gold do al
this? How is it applied? If this amour,
of gold should become more valuabl
from scarcity, as it is now, the measur
would be too large. If it should shrin
in value. the measure would be to
small. In fact, as before stated, thcr
is no standard of value. Money
simply standard OF payment. Nalu
Itself can not be measured; it can onl
be determined approximately by con
parison. Quality can not be measure
by quantity. The abstract can not +
obtained by applying the concrete
There may be different degrees of qual
ity, but not an increase or decrease i
, the amount.