The advocate., 1892-06-01
THE sTANDARDs or YALUE.


eft OF all parties we reproduce the following
from his pen, and would Ike 10 know how much
Of II the Republican party Of Kansas is willing to
father tO-day.-EDITOR.l
Few men, even among careful think
ers, correctly estimate the power granted
to congress, under the clauses OF the
constitution TO "coin money" regulate
the value thereof" and to fix a standard
for foreign coin. Many business men OF
modern times seem inclined to reject the
doctrine that to congress is reserved any
such power, or that authority to interfere
with 1t is taken from states and indvid-
uals, and cannot in any essential partlcu-
lar be assumed, even by syndicate rep
resenting all the bankers, and compre-
hending all the capitalists of the United
States. Legitimate capital, whatever
forms what Ia called capital, may assume,
or pretend to take, is the accumulated
savings Of the past. Against these, and
as competing interest, stand the labor
productions of to-day. Between these
two the main contentious Of modern civ
ilizatlon have arisen. We must further
remember that nearly all that Is essential
to human life is very perishable. Food
and clothing once produced, under Or
binary conditions last but few years,
when all that has not been consumed will
be destroyed by natural causes. Capital
and accumulated savings have become
partners with the producing interest by
building mills to grind grain, to manu-
facture wooden, cotton or other goods;
In building roads, bridges, ships, railways
and in operating mines. Again, human
labor fells trees, removes rocks and sub
dues the stubborn, wild earth until 1t Is q
productive farm. 1t builds houses, vii
lagos or cities, and as these improvements
are more enduring than the food and
clothing that mildew and rust destroy,
they become capital. A capitalist may
have bag of gold or silver coin, certif-
Gates of stock, deeds, mortgages, bonds,
notes, or any one Of the numerous repre-
sentative elements Of wealth. There are
standards, however, which measure all.
The bushel, the yardstlck, the dollar.
These are the creatures Of law guarded
by the constitution.
A man may sell months labor, twen-
ty bushels of wheat, horse, house, q
farm or a mine for 80 many dollars.
What is dollar? An "honest dollar" II
you will? 1t Is a standard Of value fixed
by law. That is the essential Of money.
A very common fallRcy is to confound
the term money" with commodity value.
All civilized nations, and few semi
barbarous ones, have standards Of value.
These regulate business, are the guide to
exchanges, and fix the terms on which
debts shall be contracted and paid. The
dollar Is the unit Of the American none
tary system. The standard dollar, coined
by law, consists of 41219 grains Of silver
nIne.tenths fine. We have a double
standard In the United States, gold and
silver. The gold eagle, while not the
unit of value, is a measure of values and
legal tender, at certain rate placed on
the coin by law. By present standards,
sixteen parts of silver are equal to one OF
gold. That has been the ratio Of the
American monetary system. The metal
in both coins is nlne-tenths fine. 1t is
almost needless TO state that gold and
silyar. aa metals, are, and have been, con.