The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-07-26
THE "sAsls" FALLAcY.

Humanity Must Rid Itself Of 1t Before
1t Can BE Free.
It is wonderful what large crowd
Of people are discovering how much
better it would be to base the national
currency on oil commodities instead Of
one or two as gold and silver.-National
Spectator.
Humanity will never be freed from
the demoniacal fallacy, metallism, un-
til it rids itself of the idea that money
needs a base" The idea expressed in
the terms "base, +" ssbasis" and Chased"
is expressed in the phrase ''basis of re-
demption." It means that money must
be redeemed; needs redemption, and
must have redeemer. Money is re-
deemed every time it is received in ex-
change for labor and labor's products
It is redeemed every time city, county,
state or nation receives it in payment
OF taxes, and when received by the ma
ton might be destroyed and mono be
the poorer.
Money is certificate that the holder
thereof has performed certain amount
of labor for, or parted with certain
commodities to the community and that
the community, individually and col
lectively, owe him or her like return.
Money is counter, and only a counter,
by means of the use of which all values
are differentiated. The only manner
In which money can be based ''on all
commodities is for the people, one and
ell, to promise to receive it in payment
of all debts, public and private, and in
exchange for labor and all commodities.
This promise is crystalized into law by
virtue of what are called illegal tender
acts"
Again: The Spokane (Wash.) Trib-
une Rural, speaking of the metallic
standard of value" says:
''In place of this changeable, destruc-
tible, removable, stealable, extinguish-
able, intrinsically valueless basis,
which is not even real property in the
statutes of all nations, the peoples
party proposes to have real property,
or ultimate security among all ma
tions, for the meter of values"
A standard of value" belongs to
commodity money, and to commodity
money only. A standard of value is
certain quantity of some certain COM
modify, such as SO many grains of gold
or silver. Money is not a commodity,
but simply counter to be used in ex-
changing commodities. The Tribune
Rural, continuing, says:
Beyond all question the peoples
party land-based currency is the solu-
ton of this the greatest problem ever
presented to the human race, or ever
regarded by civilization. The change
must come by the decentralization of
gold. The change will doubtless be
gradual, therefore the partial demon
citation may well be accomplished by
sharing the legal tender function with
an actual value of real property, or
land
But how much land? Is half acre,
or one or two acres of land to be the
standard of value" or ''dollar?" And
no matter how much may be decided
upon, with the constant appreciation
or rise in the value of land, there would
be steady increase in the value of the
dollar, just as you now have with the
gold standard.
Let us talk sense, brethren. If we
are to try to destroy metallism, let us
understand the nature and attributes
of money, and what the unit of &C
count really is. All money does but
represent the ideal and abstract uni
versal conventional denominant, the
unit of account" the figure 1, with it's
several fractions and multiples. All
money is given its attributes and func-
tions by legal tender acts and its value
is entirely governed by its volume in
circulation, which must be kept at the
same per capita amount to insure
steady prices.
You can issue money for services
rendered the government, or loan it
upon land, or any other good security;
but you cannot base it upon anything
you do not intend to pay out for it's re-
demption, and if you expect to continue
to have a standard of value,' gold and
silver are as good, or better, than any
other for that purpose.
GEORGE C. WARD