Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-06-25
Tho standnrh Of Value.
> ne EIitor al Ia nispn.ch:

"a standard Of value Is JUST asreAsOnaUIc
as standard of weights or standard OF
measures" -DisPAIcH on Bdr. June II,
1893.
In nv article Of the 18th | employed
STANDARD OF va.ue." because that IS tho
title of pamphlet criticised. Really 1t was
a discussion Of yOur objection 20 dissocla-
ton Of government from coinage Gnd cur
rency. because the people are incapable OF
managing these matters. Now. however
| will conhne myself more strictly TO
STANDARD of value"
Strictly or even loosely speaking, there
can be no more standard OF value than q
standard of beauty or taste or religion,
because va.ue. beauty. taste religion are
simply quantities or conditions OF mind or
states Of feeling. VARYING with time place,
circumstance, aud individual. Thus all
do not value even gold alike. Some value
il TO sQuander. others TO save; some 70
feed their own bowels. others 10 feed the
bowels of the poor. some to bet on races,
others 10 buy chips "; some for display,
others TO hide in stockings lthe banks eau
now appreciate this. And so of all other
values: so many men, 50 many standards
OF yalue-in other words. no standard OF
value.
4 brief analysis will show the impossi;
bIlltv. except IN q most limited local anu
variable sense, Of standard or a standard
Of value. A standard IS n measure or
gauge of fixed, definite, demonstrating
qualities. the same at all times, IN nll
places, and under all circumstances, be:
cause based upon the lmmutaOle laws oil
nature. Vary standard IN tie least ana II
vanishes immediately. Value on the con-
trary. is simply a state of mind or ones
OPINION of thing, indefinite and ever
changing because based upon the ever
VARYING eesslties and desires OF human
nature. andard and value. therefore, are
as opposite as the poles. But, though SO
antIthctical. IL Is so easy 10 JON standard
Ond value with the phrase standard OF
value thai we DO 1t constantly, and we
imagine that because we have n name We
have realty. But we have nothing but
contradiction of terms. We are not even
Oh thin ice, threatening to let us throue n
every moment. but on water, on whlcn
even he of great faith could not walk,
But when Wo come to standard OF
weight or Of measure we are on soma
ground, where thoro can be no uncertain
". for we walk here not on water. but on
earth's solid foundations. 25.S grains gold
and 412ls grains silver are the same TO-DAY
AZ thew were yesterday and az they. VIII
continue 70 be till earth Is again reduced
TO the gaseous state. They will not change,
but their value, or our opinions or state OF
mind regarding them. has changed, Is
changing, and will continue 70 change
until man gets an Interchangeable nature.
| Value, II Is true, IS as reasonable as stahl; ,
ard, for both are lnhero"' IN men ana
| things. but the proposition that stahu,,
| ard Of value is a. reasonable "a standard
of weights or a standard of measures. can
! be admitted only when the distinction be-
! tween East and West becomes Obliterated.
J But. though Aen-ivSS the possibility OF
anv definite. especially of any arbitrary.
| standard Of value, the existence and neces-.
sity Of flexible, voluntary standards OF
ISvalue local and empOrary-standards al
| most as lnnumerable a. there are men ana
| quite az lnnumerabls as there are dl.sit tl J.
| lar thinCs-is freely admitted. But the
world. and especially the United States,
not recognizing, as respects coinage
| this invariabihty of standard. based on
| jmmutsbe natural laws, and this muta'
| bllty Of value, based on varying necessl-
| ties and desires OF human nature. proceeds
| TO regulate opinions and sentiments Just
as IL regulates the cublcal contents OF
bushel and demands that because men
once valued / ounce of gold and II
ouuces of silver alike they must value
| them alike to-day under totally different
| circumstances and must continue TO value
| them alike to all eternity. More ABSURD
| than bull against comet or royal e1lc'
| AGAINST rise Of tide, The world has lone
since outgrOwn the folly of KING ano
| Pope; It will in time, too, outgrow the
| folly of our present arbitrary standard oi
value. IL Is this folly. damaging ana peril
| Gus IN the extreme. that assall.
now approach few p0sers. which arc
suppOsed 10 settle the case against stand
| ard of value" | transpOse slightly with
| ont. however, altering the meaning. Thus
"if Jones has n natural right 10 make 5O
mounds of whea. euual 10 bushel or 10
sell 30 inches Of cloth for yard he ha,
a natural right TO eoin his own money.
| agree WITH you fully, but claim nrst ina
no government has any natural rlght u
| make nor does It make 60 pounds
| buShel of wheat 10 the exclusion OF other
busbeI any bushel mutually agreed upon
BENG legal: and second, Jones has perfect
RIGHT and liberty, too, to make has bushe
! I'm or Is or any number OF pounds
| Therefore. government has no natural
| right, though it usurps the right,
| TO prescribe certain coins TO the eX-
| clusion of all other COINS. and
| therefore Jones has the natural right
10 make his dollar 20 or any number
Of cents. As fact. government III pre-
scribipg CO pounds as bushol merely
puts IN form what trade usage has already
made fact. Az a further fact, there can
not be SAID TO be any standard English
| bushel. for the imperial bushel, containing
2.2IS. 1872 cubic inches. and the winchester
| busbeI. containing 2. l50 IL cubic inches, are
| both legal, but neither excludes agree
ment; because If not mistaken. the centa
| has replaced both III the British market
and either bushel ~ totally unknown IL
non-English countries, GOyernment mere
! lv prescribes what in the absence OF stlpu
! latlop shall be a bushel, leaving Jones anC
| all Others free to make his bushel heavy OF
! Goht AT measure When Jones, however
| varies from standard he must. so TO speak
stamp weight and quality on his bushel.
! But common sense will make Jones con
! form his bushel 20 the current bushel
! In reality, therefore, the pubic Will suhel
no loss and little inconvenience iron
whatever weight Jones makes his bushel
/ And as Jones has the right and the powel
| TO issue or sell bushels of any weight, so
/ he has the same right, and should have
! the same power. To issue COINS OF STANDARD
! or any other weight and fnene.s, stamping
/ accordingly: bus as fact he would make
/ his coins conform to the current CONS
/ There would be no practical diff Guilty II
/ testing Jones's CONS. for inexpensive
/ scales and money-gauges are nanny
and fraudulent money OF Jones
| could not deceive many before de
punished for fraud IN coinage tn
same az for other fraud. But. granting Ia
convenience. Jones's right cannot be de
/ etroyed because somebody may be IN
/ convenienced. As II Is people are con
/ stantly inconvenience by money, be
/ cause coins defAced IN any respect OF
worn only a little are repudiated by th'
government. and the last holder suffers e
| the extent of So per cent. on silver dol
! lars. A.
point that it IS emphaticallv the duty o
! Congress TO do these three things
/ IL. TO coin money. 10 regulate its value
and. finally. to regulate the value OF Tor
eirn cons LEWIS Ii. BLAIR.
Evidence of style.
frruth.l
Mrs McCorkle; : Your husband sa yer!
stylish man, understand.