The advocate and Topeka tribune., 1892-08-24

Inc u6pEeClbVlOu OF the Oufu6n OF UeDb IN
loss to class generally benefited by the In
creased values OF fixed property, and better able
TO bear the diminutiOn OF their capital; but an
Increase Of the burden Of the debt to the debtor
class often produces absolute ruin.
Price. the oppression of relation be-
tl0een money and other things.
Price is the expression in money terms
of the relation which the unit Of money
bears to specified quantity, or the unit Of
each and every other thing In exchange. 1t
Is also the expression in units of property
and services Of the value of the unit Of
money, and without having any influence
on the relations is the sure indicator of
the exchange relations which the units
of all other things bear to each other.
Market price is the expression In the
units Of money Of an equilibrium be-
tween the correlative demands of buyer
and seller. 1t is, in fact, generally es-
tabllShed through competition between
sellers rather than buyers, the market
price Of any article being the smallest
quantity Of money for which the unit Of
such article Is offered for sale In open
market. By the word unit, when sp-
piled to money, is intended that denomi-
nation in which accounts are kept, and
in which judgments are rendered for
money, as the dollar In this country and
and the pound sterling In England. By
the same word, as applied to commodi-
ties, Is intended that specific portion or
quantity by multIples or fractions Of
which all quantities are accustomed to
be described, as q ton for coal, or a yard
for cloth. The relations in exchange Of
all other things than money are not at
all affected by the volume of money or
by It's increase or decrease. Nor do
changes in the volume Of money practi-
cally affect o transaction wherein q
seller Of property makes immediate pur-
chase of other property with the pro-
ceeds of such sale. Exchange by barter
can be as equltsbly effected under one
volume Of money and under one range
Of prices as another. But under credit
system, where contracts aggregating a
vast amount, to pay money at future
periods, have been made, steadiness In
prices becomes the sll-importsnt con-
sideration, and that steadiness depends
on the steadlness In the quantitative
relation between money and all other
things. The performance of contracts
to deliver commodities or render SER
vices Is not made either less or more
difficult by an increase or decrease In the
volume of money. But nearly all con-
tracts in the commercial world are for
the future delivery Of money, and the
consideration received and the promise
made In such contracts are based on
existing prices. The command, there
fore, which commodities and services
may have over money In the future, and
which will find Its expression In price,
becomes matter Of vital importance.
Whenever under any firmly estab-
llshed government asystem Of money has
been generally accepted, the value Of
each unit Of such money becomes q gen.
eral mental conception, which, if 1t be
what Is called a value, or metallic money,
is not based on the past or probable fu-
ture cost Of producing the material Of
which 1t is composed, nor on the average
cost Of its production, nor on the cost of
its production in either the most or least
prolific mine. Nor, II 1t be what is called
owadit-roonav houi00 full In0ol 1an5ov