The advocate and Topeka tribune., 1893-09-27

for you you must abandon your party ana
come out and join the ranks OF the Populist
party, which is going to march to triumph in
this nation in 1896. There is no other place
for you. You must either 90 there or you
must go over among the gold-bugs.
Mr.. Call-How about the republican party?
Mr.. Allen-The republican party is in about
the same shape. The distinguished senator
from Connecticut Mr.. Hawleyl yesterday told
US that he did not want old teakettles and
things Of that kind melted and coined and
our sacred bonds" paid off in money Of that
kind, Shylocks bonds are sacred
Well, Mr. President think the members OF
the party to which belong understand fully
as well as the senator from Connecticut what
the sacredness Of contract means. No law
yer asserts-and II he does he does not assert
what is the lsw-that the obligation OF con-
tract is any more or any less than the pur-
chasing power and validity Of the contract At
the time 1t was made, and that is the thing
the constitution prohibits from being I'M
paired by state or other Legislation, and 1t
must so stand until it Is liquidated. Every
lawyer understands that and yet these gentle
men are perfectly willing to have contracts
violated by striking down one-half the money
of this country and initiating the purchasing
power Of the balance 100 or more per cent.
They are willing that 1t shall take more Of the
products of the farm and Of the field to get
dollar in the future than 1t does to-day, so
that the money lords may have greater COM
mand than they now have over the industries
and the prosperity Of this nation
When senators assert that money must have
intrinsic value, Ishould like to know what Is
meant by it? They will tell you that disc Of
gold or Of silver or Of copper, or whatever may
bear the stamp OF money, must have an In
trinsic value, thereby meaning, suppose that
the metal must have a commercial value some
where near its coinage value.
wish to read briefly from what believe
to be the latest and best work on this subject,
l read first from page 226 OF the tirst volume OF
Macleods elements Of Economics"
"yalue consists in the relation of exchange
which takes place between such and such a
product; between such q quantity Of one pro-
duct and such quantity Of another
"Price is the expression OF value; 1t Is not
separate in exchange each thing is recipro-
cally the price Of merchandise; in q sale the
price is money"
Now, turn over to page 2S0 OF the same vol
ume, where find the following:
ave must now say something about an ex-
preston which has been the source Iof enor-
nous confusion in economics; which has es-
pecially obscured the comprehension of the
subject Of credit; and no progress can be made
in the science until It is entirely extermi-
mated.
"All ancient writer's clearly understood that
the value Of q thing is something external to
itself, and we have not found In them any
trace Of such confusion OF ideas as intrinsic
value.
at Is not easy to determine when the un-
fortunate expression intrinsic value came
into USE But 1t arose In this way; When peo-
pie thought about value, they looked TO some
quality Of a thing as its value. They therefore
gradually begin to speak Of intrinsic value. so
long ago as 1896 an able writer, Barbon pointed
out the confusion which has arisen from mis-.
taking the absolute qualities Of an object for
the quantity Of things it would exchange for:
"'There is nothing which troubles this con-
troversy more than for want Of distinguishing
between value and virtue
"'yalue is only the price Of things; and that
can never be certain. because 1t must be at all
times and in all places Of the same value.
Therefore, nothing can have intrinsic value.
"'But things have an intrinsic virtue inthem-
selves, which in all places have the same vir.
tue; the loadstone to attract iron; and the
several qualities that belong to herbs and
drugs, some purgative, some diuretical, etc.
But these things, though they may have great
virtue may be Of small value or no price, &C.
cording to the place where they are plenty OF
scarce; as the red nettle, though IL be Of ex.
cellent virtue to stop bleeding, yet here It is d
i a