The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1892-12-02
AINrs ON FaEE COINAGE.
Philosophy on the Unit OF Value Of
Money,


Money.
Perplexing. undoubtedly it may be
to many whether there should be
but one unit Of value OF money OF q
certain substance, as gold. or units oil
value OF different substances as gold
silver nickel. etc. This to have
two or more comparative units OF
value, Is practical and just provided
the unit values are the same and can
be made to continue so But il these
substances OF unit values should fiuc-
tuate In value enough so as to be
noteworthy then these would be no
specific meaning TO unit and would
cause confusion. For instance say
the units OF value OF different sub
stancea gold. silver and nickel,
were each made the same in value.
Now were they not kept So having
the dollar as the unit then a dollar
would have no specific value nor the
term dollar no specific meaning.
Under these conditions, say gold and
silver should auctuate In such man
ner that the specified unit OF silver
was equal in value to twice the speci-
fed unit OF gold. then dollar of
silver would be worth twice as much
as dollar OF gold; and thus cause
confusion In business and subject TO
contention.
To explain still more, We can com
pare this one unit Of value OF differ.
ent substances to unit in dry meas
ure; as the unit in dry measure.
where bushel Is the unit. Here Is
to be seen that 1t matters not how
many different kinds OF substances
the bushel measure is made, whether
OF pine poplar oak or hickory Just
so they are OF the same size or hold
the same amount So it matters
neither how many different kinds of
substances the unit Of value is made,
provided these different units OF value
would remain the same.
While ! think that gold and silver
would not fuctuate sufficiently to
make difference worthy of note and
practically would answer writes
Prof. A. Z. A. Straio. still 1t would
not be as logical and staple u basis in
the end as il but one unit OF value as
OF gold would exist But after the
unit OF value is once established il
should remain so; for there Is much
partially and injustice to change the
unit OF value in money after transac.
tions have been made as there is in
changing the size OF the bushel unit
of measure after transactions have
been made
However when money OF intrinsic
value is not uniform in value, whether
gold or other hard money of CONNER.
clal value owing to natural or other
causes it produces no change in the
price OF commodities nor no one is
there encroached; the fat keeps 1t
regulated. That Ia it is not the ma
terial out of which the money is made
nor the commercial value OF the Gar.
ticle used that regulates prices OF com
modit!es; but 1t Is the volume OF mon
ey that regulates 1t. The object oil
having this unit OF value specified il
to give certainty and stability in bust
ness aud insure justice in redeeming
fiat currency. Or again. the object
Of having unit Of value OF money
specified Is to ascertain its meaning
and give basis TO make calculations
in business; while the object OF uni.
form volume OF money is TO keep the
prices regular afterwards
may add, that by fiat / mean that
which makes money Of no intrinsic
value(as treasury notes). valid and
acceptable, the same as money OF in
trinsic value--a security by the ma.
ton where the resources. the faith
and the property OF the people are
pledged. National Economist