The times. [volume] (Richmond, Va.) 1890-1903, 1893-03-26
SUNDAY. MARCH 26. 1858.
GRAIL ALL STANDARD OF VALUE BE
ABOLISHED?

III. .,abora,e article which we print
this morning from the pen of Mr. Lewis
IT blair of this city, contains great
deal that receives the unqualihed ihdorse-
ment Of The Times. But 1t also contains
O great deal fro 4, which The Times en-
,,relv dissents, and as the matter from
which Il dissarts is the real gist OF Mr.
IIair's article we suppose We shall have
TO take place as disseater from MS
economic theories.
Snace will not permit us to point out
all in Mr.. Blairs article in which we diner
with him. We shall confine ourselves
therefore to his main contention.
Mr.. Blair is perfectly correct In styling
money a tool or instrument for faciiita-
ting exchanges of commodities. But ne
/, radically in error in supposing that the
accepted theories of political economy
expect Government to furnish that TOOL
whether Of gold or silver or BOTH The
accented theories expect Government to
do no more than assay metals and stamp
each piece as containing certain nunper
of grains of a certain fineness that those
who barter for these pieces may nave
sure guarantee Of how much pure metai
each piece contains. Governments con-
nection with money begins and ends with
this act, 1t assays and stamps metai
brought to it 10y the individual who mas
mined it or those who hold under him'
that they may have a convenient methoo
OF passing that metal off to the PUBIC
and that the public when it accepts one
of the pieces for a horse or cow may
have a reliable guarantee that the piece
contains as many grains OF the metal
as he demands for his horse or COW.
This is Governments function and It's
only function in connection with money.
Mr.. Blair's article is an Argument TO
prove that there is no standard OF value
and that it is impossible TO have one.
yard-stick, says he. will always measure
a yard, and that is a true standard OF
measurement, But drought Will cause
the wheat crop to be much smaller thah
In the preceding year, and when the
standard of value is applied to the dimin-
ished crop is shown that the standard
standard at all. 1t seems TO us that MI
Blair has here COMPOUNDED the standard
itself with the effect produced by the
standard when it is applied TO the sup]ect
to be gagged. A yard-stick must always
and invariably, measure q yard, ana
niece OF cloth containing twelve yards
can never under any circumstances con-
tain more or less But the crop OF wheat
may consist Of 100 millions OF bushels
this year, and 200 millions of bushels next
year. When we apply the standard or
value to this years crop we find wheat
TO be worth 81 per bushei. but when we
apply 1t next year we find II TO be worth
only fifty cents per bushel. But TINS is
not because the standard has in any re-
spect changed. It is because the crop of
wheat has doubled. The standard has
not varied, but the crop TO be measured,
or valued, has. II we have one standard,
gold. the standard OF value Is tina gold
dollar, and that is always % S-lO grains
of gold, s-lo fine. 1t is as unavailable
as the yard-stick. But as crops increase
or diminish according to acreage and
seasons the values Of those crops per
bushel diminish or increase when mea-
sured against the standard. But the
twenty-five and eight-tenths grains. $40
fine.
The paper under consideration agrees
that in every relation OF life the citizen
should be left free 10 make his contracts
and bargains TO suit himself. and that
matter OF coinage and money equally as
In all other affairs of life. and that
therefore there should be no Government
money invested with a legal tender power,
but only such money as the common con-
sent OF mankind may establish. This
Is radical assault upon theory tina.
has been the basis of action Of all man
kind In all time in their daily affairs Of
life. Now, while a theory that Is specuIa-
tive only may be held by many men
through many ages and may yet be based
upon error, 1t Is hardly possible that one
which has formed the basis Of the daily
action OF all men through all time can be
badly suited TO their needs; and q little
consideration OF this matter will show
that however attractive MIR. Blair's pro-
position Is when applied to everything
else land It Is our own proposition as an,
Piled TO most relations in iife). 1t will not
answer when applied to the case Of
coined money. The case Of coined money
u one that must be expected from the
operation Of rule that ought to Be sp-
phse ~ Almost ~ other cases. ana TIE