Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1894-02-23


country Is" 'tc r,it,! safe. lossces.u.
i.'r" r..it'- 60: god e.h,r, i-"n nd coal tina,
Aay utA,r 90. ~ c'.a,., the.;.i Auyc.o borrow
.rg.;i '-oia '"ai'r. that hash; sing,
col: 81 sly; mirc in h.r --igina. domain
~.N-h-ll"w raHny iI-'.. aa, e must De 70! bed
L. guAc one lu!!,.o.Iairrt
~eycuth-I!ow many IL '!.ona.rcs ha,t l,.,r
Iaa1i.iar i''-eI by lrtie,a:.uu in tie United
>;aic- since i-dIv
Eighth &C., Are iE.lIoiairc- iua senons q
Alner:cau soi.'
Ilry So ans f,ol clu n,k questions. Int i,
t-N'@ . ",r iaaH To answer 'cm. hut 1 am
seeA.ns Information. We heed enlightenment.
Yours muchly.
J.C. Cog.
Our correspondent displays consid.
cradle sophistry and ignorance of Gle.
mentary principles, but he is obviously
sincere and owes his misfortunes to
giving heed to demagogues and none
tary nlncompoops rather than to an
innate desire to ask conundrums. We
suggest that he go to book store, pay
dollar or SO for an elementary work
on political economy, take the book
home and study it. Now for his quer.
les:
First-The United States govern
ment is not good for "most any
amount OF bonds" The promises of a
government are like the promises of
an individual; if he so manages his
business that his expenses are less
than bis income, he will always find
monied men ready to accept his paper.
When he is running in debt each year,
his notes are at discount. 1t is the
same with city, county, State or ma.
tional obligations. The fact that the
government of the United States is
being so conducted that its bonds find
ready sale does not argue that an in
definite issue OF its promises to pay
will be accepted. The national debt
is payable in coin, not in non-inter.
est bearing notes." A man who has
borrowed $1O0 has it not in his power
to say: Il will pay this debt by issu.
ing 'non-interest bearing note."
No more can the United States say
the same and be honest with its credit
Ors.
Second-No; the United States
cannot do it. Nor can q man redeem
81 600 note with $500 in gold. But
if he is of ordinary business ability he
can so use his $500 as to, in time, pay
his $1,000 note.
Third-Value in an article is its
power in exchange; when q pair of
shoes will exchange for load OF wood
their values are equal. Intrinsic value
is not different from any other value
and has no meaning in an economic
sense. Intrinsic means genuine, real.
not accidental. Gold is universally
desired. Both savage and civilized
people desire it for ornaments. This
gives it an intrinsic utility and tends
to increase its value and the demand
for it as money further increases its
value. Its value does not depend
upon necessity. Necessity gives value
to articles of food and clothing, but
value is given to gold through another
class OF human desires. The illustra.
ton OF a plank and drowning man is
nonsense. What . drowning man
might give for plank does not meas
ure the value of the plank. Its value
is not changed by him being in the
water. Worth is what thing will
sell for. An article may be worth
more to one individual than to an.
other, its value remaining the same.
The statement that "gold has no
more intrinsic value than anything
else" is not true. Some things like
air or sunlight under normal condi-
tons, have no value at all-they have
. utility-an intrinsic utility. The
value Of gold is more stable than that
OF other commodities, which is one
advantage it has as money.
Fourth Whether the American
people are q" set of damphools" is q
matter of opinion. We observe that
the immigration routes of the world
lead to the United States. Those who
do not like "the American people"
need not come; if they are already
here, they are at liberty to move out.
Fifth-The United States possesses
no "mines of gold, silver, iron and
COAL" It owns land and possibly
these metals ara secreted beneath the
surface but we know of no mines
that the United States is operating.
1t does not borrow gold from a coun-
try" 1t borrows from individuals and
its own citizens are owners of large
per cent. OF its bonds.
Sixth-That depends upon the size
OF each hold up.
Seventh-We giveit up. If you can
name one please do 80; also give the
date and title of the legislative act
that manufactured" him.
Eighth-This question has no mean.
ing.
They say any fool can ask ques-
tons" etc. Dear sir, you are living,
two-!egged evidence of the absolute
trnfl, ~ tho frst b.le oe 1850. .