The times. [volume] (Richmond, Va.) 1890-1903, 1893-03-26
NOSTANDARD OF VALUE
MR.. LEWIS III. BLAIR'S ARGUMENT
THAT NONE Is POSSIBLE.
He Entirely Rejects the Proposition to
Have Full Coinage of the Precious
Metals with Debt-Paying Powers.

where and under all circumstances VI
all other things OF a class. ana any
change therein Is humiliation OF the
standard. Thus when W speak OF stan
dard weights and measures we mean so
many definite grains, seconds, ihehes,
cubic inches. &C, the same everywhere,
at all times and under all conditions. A
yard-stlck is the standard OF measure
,nent hecauge the same everywhere. but
a variable yard-stick, which is a popular
metaphor, is not only misleading but
absurd. because variation entering the
yard~stick ceases.
The conventional monetary STANDARD,
however, is this: Al Interchangeable meas
ure of all other things, yet a bad season
in Brazil and Cuba simults neously. with
q good season In the South and Russia,
and the measure is too small or short
COR the previous quantity Of coffee ana
sugar and too large for the previous guam
fitv of wheat and cotton. wal
an China and forthwith the stand
ard stands for less tea; war De-
tween France and Germany and forth
with the standard stands for less meat,
and war with Great Britain, forthwith
the standard stand for less food
and more cotton, for less insurance ana
more securities. IL no name be gwen
such standard its absurdity is apparent.
but call It gold and at once we are struck
with blindness or lunacy, u fancy a
wrecked and ruined financial and COM
mercial world II this absurdity be pune
tured or even touched. Nor would the
matter be improved be the standard sill.
yer or silver and gold. Such standard is
not unlike anchor for life preserver or
bladder for anchor.
Value, on the contrary, is almost, If
not wholly, sentiment or opinion, because
nothing of mans and not much of ma
lures handiwork possesses beyond linn
tied value For example, wheat Is not a
standard Of value for bread, for besides
daily varying in value, even in the same
market. the Irishman spurns wheat for
potatoes, the Scotchman for oats. the
German peasant for rye, the Chinaman
for rice. the Arab for dates, &C.. &c.
while the EsQuimau soon freezes and the
native Of the tropics soon burns TO death
If fed upon IL. There is no standard of
value for raiment In the tropics raiment
of any kim being a bu~rden-nature UNI
adorned Is standard; further north cotton,
further still wool, and In Arctic lands
thickest furs. Though there is no stan
dard of value for food and raiment, mans
great and enduring needs, yet an inch is
an inch and a pound a pound under the
fiery Southern cross or pale Pole Star.
There is no standard of value
for gold and silver, much less
for the coins made therefrom. Gold
IS gold and silver silver every
where and under all circumstances, but
their value varies according to peoples and
even according to individuals. silver being
more valued in poor and gold in rich
countries. Silver is standard in Mexico
and South America, not because they are
large silver producers, but because they
are poor; is STANDARD in China and India,
though they produce no silver, because
they are poor, and 1t was practically our
standard while poor. though after Cali
fornia made us wealthy, first directly. and
secondly, indirectly, by stimulating pro-
duction and enterprise, gold has been
standard. Great Britain, like India and
emma, produces neither gold nor silver:
why, then, is not her standard silver. like
'heirs? Because Great Britain is wealthy
and silver is too bulky conveniently 70
llquidate her enormous transactions. But
Great Britain's coined gold is not stand
Gtd, Tor just across the narrow channel ar
herman ocean. 1t is uncurrent. Indeed.
in her W indian Empire. her 225, 900. 80
subjects reject II as "A valueless baubIe
The tmpossibility Of a STANDARD NJ value
u value
is SHOWN by the bitter antagonist Of tba
Goidites and siiVerites, and the absrIrditv
OF a standard of value is shown nv each
schooi taking the same data. ana ono
school proving that silver has remained
stationary and gold advanced. and tho
other proving that gold has remained
esationdty ana silver declined. and agree
ne"' 70 Impossible, becaus. the dispute is
not ABOUT havirg something fixed mi
form and demonstrabIe o,,,Ntios 49,.
eoout a sentiment. an opinion. VARYING
according 10 time. place and cjrcrm-
s.'noe' AS Wei argue a standard Of
o0"usy' or OF taste, or Of religion. as a
siandard or value. But, though so Mainly
impossible, we go on discussing not only
one but a double standard of yaIu, nm
apie or unwilling to see that after agree
tns upon a so-cailed standard, we are as
oeep as ever IN the monetary labyrinth.
d standard Of value is impossible
what thenY Chaos? Not exactly chaos
but II present monetary lines are pursuad
q break down Inc a break-up f the
financial structure resembling chaos.
what then must be done? Before an
swering, q few words as to what money
Is. Money is merely a tool or instrument
for facilitating or lessening the labor Of
exchange. IL need rot be of metal or
possess intrinsic value, that money in
@N@fo WV "AiNA DOCCtNStS UOt III
trinsic but representative value. Intrin-
sic money represents a low social state.
when. because of little mutual confidence.
people demand in exchange actual value,
gold, silver, salt, cttle, cocoanuts. etc.
etc. Representative money on the con-
trary bespeaks a high social state when
men having learned mutual trust freely
exchange actual value for a bit of paper
containing "a promise to be fulfilled at
some remote and perhaps unknown place.
destroy representative money and we
destroy civilization, because without II
commerce is impossible. and without com
merce man returns to barbarism. As
civilization progresses, representative will
almost wholly supersede intrinsic money.
for even now, slightly as society has ad-
vanced towards its goal. when We shall
do unto others as we have a right TO be
done by. actual money. except in retail
transactions. Is little used. The meridian
OF instrinsic money has passed; the noon
or representative money is at hand. To
liquidate their deposits Of Si5tS6l. 500 on
December 3. 1892. the New York banks
bad only s79.099, 800 OF specie or actual
money. and yet mutual confidence is so
great the exhibit excites no concern.
Money being a tool or instrument in
vented for facilitating the labor of ex-
change. as much a tool as a plough in
vented for facilitating agriculture, or an
axe invented for facilitating the telling
OF trees. IL is no more the duty or func-
tion OF Government 10 furnish the tool.
money. real or representative, than TO
furnish the tool. plough or axe; on the