The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-05-22
TEE srEvu QUESTION

TEE sTLyxR QUESTION
0sr Ole 1sshsr Relates what HE VIVA
asa Woslly Friesa said Ahost q Measure
OF vs,ss asa Hsw 70 Drive wesrs,
NEW HAVEN. May 16.-My last letter con.
tained some account Of my search for satis.
factory definition Of value Of my failure to
find II. and Of my third interview with the sil.
yer man. It abruptly ended because I sos
tired Just after relating that tho silver man
said "an authority" on finance. or any other
subject was person who stated the dominant
public opinion. and therefore. in reality. was
sort OF Thermometer which registered what
the public already believed. no matter whether
that belief were true or false.
After the silver man had given his ideas OF
IAN authority" said nothing for some TINA
His cruel words had shaken my nerves. All
my long lifo had supposed that the authori.
ties" on overy subject. were always right.
But now this heartless man had stated. with
great clearness. that tho passage Of time was
steadily shedding new light on old subjects.
thereby revealing tho fact that the worlds
| authorities" constantly needed repairs and
alterations: that they were like four-bladed
jack knife which wanted now blade and
new handle 90 frequently that every vestirs
the original knife finally disappeared.
However. It occurred to me that IS no man
Is so busy % to lack ample time for msdtat-
| ing upon unpleasant things. I had best pas
| over the authority topic for tho present So
reminded the silver man that had called to
have him expound the subject Of value To
this he replied: Your desire for Information
is laudnble Induisitlveness 10 the spring Of
all knowledge. But It 10 often Of great advau.
tage to drive slowly and keep In the middle Of
tho road.
my fathers farm was fenced chiefly with
yails. and he taught me how to split them. His
hrst preoept was: Always put your wedge
where It will split the log. and never try 70
drive It In butt-end foremost This have
always remembered. because IL applies TO
great many other things besides splitting loeA
II talked with you now about the essence Of
value. should be trying to drive wedge butt
end nrst and would fail to BE- understood Az
you have stated that money was . measure
OF value. suppose We nrst discuss that. and
then. II the log begins to split w can pass on
to consideration Of what value itself L."
To this replied that inasmuch - knew
that dollar was measure Of value. Just %
yardstick Is . measure Of length. I did not see
any use In wasting time on that
Whereupon he laughed and said: "It 10 vsry
funny. but nevertheless fact that mankind
are generally averse to talking about the
things upon which they lack information the
most. Now. in this case. you think you know
all about dollar being measure OF value.
when. In fact. you have never really thought
about It A dollar 10 not measurs,of value.
In the sense you imagine It 10. Mon can make
tools which will accurately measure the
length. the size. and the weight OF different
things: but an instrument that will accurately
measure value no workshop has over bro.
duced. We can give . fifteen year-old boy
quart cup and send him out 70 get quart Of
milk. because the measure determines the
amount Of given thing. But no one In his
senses would give such boy fifteen twenty.
dollar gold coins and say: I want horse
worth three hundred dollarA Now. these
coins arc accurate measures u value. Take
them to the horse market and measure the
value Of horses When you and one which 10
worth just As much as the coins, buy It And
bring It home It requires knowledge and
judgment about horses to measure the value
Of horses"
yes" said. - II "a true that nftssn.ysar-
old boy could not be trusted with gold coins
to buv horsea. simply because he has MOI
learned how to use these measures Of value"
We'll" said the silver man. "you have
learned how to use these measures Of value
have you not7'
Certainly" replied An old banker ought
70 be familiar with their uss."
ocrd :ss, .a
s.s g
sc v wsnd 1t sS
;ss
stesmboat so,. csrtalnly yoS would not d9
s%po; iGs:o ss: 'S 81 . ESSa
sS;s e.. III
measured values accurately. as you say
% then ms0 70 9
ioot pole AID nessurs re- Oh : hundred 1 iees 3:
n rsSsrd Ssue:
f g hs h n
snother: Hence: q matter q dsil1 1e eesu a;s
t With money as we We eh Biz Of Goal on n :
mot ntesene +, ssrd ~
selves. We employ some one who has that sps-
s Value q shot sn Tas " e
We vfb + nth .pShsf
i i Which vii Be readily undsrstood 81 tSs
ThcP nesp =.
loss not the use Of gold tend te induce mon t.
TO this the silver man replied: Have not
men, taken advantage Of one another Just -
hey did when We used. green baoks .HroudS
md ND foe s VIII great IN iHe man
aer. those who sell things for more than they
ssISa Il money xSIeS !. snpiossd to ACCOM- soon:
"TMenty YEAR, ago Ess ssFeS:y beg.
master. who has great reputation g .
authority. lecture on Money. 30 seidi
because the sight Of 1t exerts 8 mystsrious In.
lnence upon the human mind. Whom man
who has anything to sell gets sight OF gold no
Immediately becomes SO anxious to get It that
le puts the price OF his goods down to their
gold fixed measure Of value
Z" | had then never carefully studied finance
at was fonsf thH, o. my ignorance Sti
economy did not understand his subject u