The times. [volume] (Richmond, Va.) 1890-1903, 1893-04-09
Accepted Theories.

AtttDAtu
1.-THE accepted theories expect Govern
ment to do no more than assay metal ana
stamp each piece. that those who barter
for these pieces may have a sure guarantee
how much pure metal each piece con-
tains."
If so, then why the fierce battle Of the
standards, with men equally honest if
not equally able on each side; why ar
bitrary legal tender and arbitrary ratio.
why duplication Of coined money a heav-
lily punished crime, why greenbackss why
silver certificates, national currency Vised
by Government? etc, etc. These ac-
cepted practices prove that accepted the
cries are not confined simply 10 coming
and stamping. but that everywhere. and
especially in the United tSates. supposed
to lead in intelligence and civilization. ac-
cepted theories are that people in their
money affairs are infants and must be
wet-nursed, or imbeciles and must have
guardians. In England the accepted the
DRY is Sir Robert Peels Bank act Of 1874,
which makes the great Bank Of England,
the heart Of the worlds finance. the crea-
ture Of a changing Parliament. Until ac-
cepted theories are exploded and the
people manage their money like their
other affairs. we will hang upon the rag
ged edge of panic and financial disaster.
Confounding Standard and Its Effects.
ut seems to us that Mr.. Blair has here
COMPOUNDED the standard with the effects
produced by the standard when it is TO
be applied to the subject to be gagged"
Not SO. because a standard produces no
effect; it is passive and remains un-
changed itself in the midst of change.
The yard stick is the one thing unchanged
Of all the changing items Of the dry
goods store. and is the one thing unanect-
ed by change Of value from change Of
style, quality. season. &c.
Moreover value and standard OF value
are very different. and because they are
generally COMPOUNDED Is the secret Of the
i~nsurmOuntable difficulties and inextri-
cable confusion surrounding the currency
question. Thus wheat may be valued at
30 or 100 cents a bushel, or at nothing. but
ever varying, which is plain enough.
There is also "A definite standard bushel
Of 60 pounds. which. however. is ever
invariable, be the crop or demand great
or small, which Is likewise plain. But
when we attempt to weld the two in
congruities. ixed invariablc fact and
tickle variable sentiment. into a definite
standard of value. interminablc trouble
n confusion necessarily ensue. Some
waggish STUDENTS asked an absent-mindcd
professor what a certain bug compounded
or different species was. THAT. young
gentleman. is a humbpg." he replied. and
50 In realty, with all dVe respect TO 'all
the world and the rest Of mankind" as
General Taylor wrote in his inaugural. a
standard OF value is a humbug. We have
or can have a 8andard for each thing.
ana we can value for TIE moment most
things. but a standard for even two dis
similar things is impossible. and q
standard OF value for all or even for a
few things. is a fiction as logically incon-
ceiVaole as a square sphere or a spherical
cube.
What "a Standard Must Be.
A standard must always bear the same
or a relative ratio 10 the things TO be
measured. Assuming that on April LIST
gold is the universally accepted standard
OF value, II bears on hat day n definite
relation TO all other e~xchangeabie things
so many grains worth a bushel Of wheat.
one and a half Of corn, two OF oats. one
days wages OF mason. one and three
quarters OF carpenter. four OF laborer,
&c and as long as gold and other things.
together with demand. remain practically
unchanged. the standard holds good.
But suppose hat subsequently gold be-
comes relatively much scarcer or plentier.
Will not gold soon 20 up or down? II
one says no, he denies that supply affects
value. which - absurd. II yea then he