The farmers' union. (Memphis, Mo.) 1891-1895, 1892-11-24

1 IcaA Nhue, IHueeu, III the uatlOnS OK
the earth were to demonetize boil,
metals they would he comparatively
worthless. This is proved by the his
tory of The silver dollar, the bullion in
| which was worth in 1878 more than
, tie bullion in a gold dollar, but has
since been, by adverse Legislation. re.
, duced in value 81 per cent. and which,
ii the silver law of 1890 We're repealed,
would probably lose as much as % per
cent. OF its present commercial value
Gold is subject to the same law as sill
Yer, and if trca ell as silver has been
/ treated would quickly demonstrate
that the greater part of its resent
value is given to it i,v fiat Of law, in
stead Of being, as monometallists de
light to term it real" and intrinsic.
The law to which boti. of these melats
! are subject may be sta'ci rs fol!c SIS
When any given quantity of any GER
tain metal is given by law monetary
| value of certain denomination. and
such metal is accorded the privilege
Of unliminitcd or unrestricted coinage,
| the whole rrolact or supply OF
such metal takes to itself the value
| given to it by law and the com
mercial value becomes merged in
the coinage value THAI is exactly
| the position occupied by gold at the
present time. and by silver up to the
crime of 1873. Take away the ar III
| cial value given to it lv the fiat of law,
and either gold Or silver is at once re-
tucel to the level of all other commod-
tiles and loses its value for use as
money, i. c.. its coinage yaluc. This
law is recognized by gold Standard
England. The London Times of Aug.
- editori;,llv declares that 'the clos
| ing OF the India mines against the
coinage of silver would he a dangerous
! expelient, rs inducing 4 considerable
| difference between the value of the
| coined and uncoincd metal, thus slim
ulating unlicensed private coinage, and
! that the artificial valEe given the Ri
pee would deprive England of a none
tary value OF any kind"
| And vet, in the face of these in,iis-
! putable facts, NC fin! bankers and
| tinanciers, who claim to he authorities
| upon finance and monetary science.
| gravelv stating the exact law wi.ich
governs metallic money and triumph
antlv applying it TO the present status
OF silver money. but pretending an ig-
norance of the fact that gold money is
governed by precisely the same iienti-
cal law. The dollar and its value are
| iiealities and would exist as a;iirma
! lively without Il material embodiment
as with it. We may say Lv our laws
that SO many grains of goll or silver
shall constitute one dollar, but we are
owerlcss to arbitrarily determine the
! value of tie dollar. such value being
dependent upon the number OF units
in circulation and the volume of valu-
able commodities offered for exchange
and. to some extent. the wllims aud
car!ices of in.iivi iuals. For. after all.
value i, l,D: the measure of The desire
| Of individuals to possess certain objects
or articles willie the ideal unit of value
vii! jIst as surely measure such de-
sires as do the ideal Roman numerals
| measure and d:ff.rentiate numbers.
| Consider for a moment the absurdlty
of the mononatalist, argument. Find
! ing in 1878 a law that said that 26.S
! grains OF gnll tninctcnths tinai and
| -il2.J grains OF silver tnineteiths fine
| should cons i:Ete one dollar. they abro
! gate the law As relates to silver and
continue it ia force IS to gold. and ther
| ascrihe fl,e fall in the value of silver tt
natural instead of legal causes. Geo
G. Nard. in Southern Mercury.