The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-05-01
His Theory That Money to Be
Honest and Sound" Must
Possess
Value Within Itself Is lust as Ten
able As the Old.
Exploded Idea That The Earth Was
Flat and Rested on Pillars
WHAT Is VALUE 2

EDITOR News In this article / pro-
pose to cut the ground from under the
Professors feet, on which he assumes to
stand with such security-the theory
that money TO be "honest and sound"
must possess a value within itself-in-
trinsic value.
We know that it has not been many
generations since the belief was universal
among men, that the. earth was flat, and
was supported in position by means OF
pillars The people then were honest in
their belief, though in error. And men
who believe in the theory OF intrinsic
value are probably honest in their error
but they are less excusable for such
ignorance than our fathers were for be-
lieving that the earth was flat and rested
on pillars.
WHAT is VALUE?
The best definition / have seen OF value
is: Human estimation placed upon
desirable objects whose quantity is limit
ed, There are two factors then, and only
two, which constitute value-two ele-
ments entering into its structure; first,
human desire for an oject, and secondly,
limitation of the number OF objects of
the class to which the desired object be-
longs. If men have no desire for an
object, no rdiue will attach to it. If, on
the other hand, men esteem an article
highly, value will attach to it, provided,
of course, the quantity OF the article be
limited and this value will be in pro-
portion to the degree OF estimation in
which the article is held.
In order then that value may exist,
there must be not only an object but a
subject; there must, on the one hand,
be human being, and on the other
something Of which he desires the pos
session, and of class of objects the
quantity OF which is limited. Limita-
ton Of quantity implies greater or less
sacrifice to reduce to possession. Hence
every expression Of value is an express
sion OF degree. 1t is quantitive express
sion of the degree of desire an object
modified by the average degree OF sacri-
fee, necessary to obtain it This sacri-
fee will not be madeexcept in response
to desire. Hence value can exist only
by reason of demand.
Qualities may be said to be inherent in
objects, but value, being conception of
the mind, cannot be inherent or intrinsic.
This will be easily understood when we
bear in mind the teaching of science,
that color does not reside IN the object in
which we appear to see it, but is an at
tribute OF the age itself, and that sound
is not quality of bodies, but property
OF the human ear.
Ii value were intrinsic, ii it resided IN
the article, it could not be taken from it,
and it could not rary in degree whatever
the quantity OF the article or number of
the objects of which value were predi-
Gated. If value were intrinsic, it would
remain the same, whether the sacrifice
men were willing to make to obtain the
object were great or less. The qualities
OF objects do not vary or change with the
varying or shifting degrees OF estimation
in which they are held by men. The
specific gravity and density OF lead would
not change in the smallest degree,
whether the demand for lead were multi
piled a thousand fold or disappeared al
together And ii value were intrinsic,
it could not change the "hundredth part
OF one poor scruple, nay, it could not
vary even in the estimation of hair"
whether the demand for the object OF
which intrinsic value were predicated,
were increased hundred fold or disap-
peared altogether. If value we're in
trinsic in things, it would remain intrin-
sic, whether people wanted them or not.
But things can have no economic pro-
peIties of themselves. Things have
economic properties only because there
are people, A thing cannot be useful,
or desirable unless some one wants to
use it and is willing to incur sacrifice to
obtain it.
/. Suppose metal to possess greater
value at one time than at another, We
know that at both times il possesses the
same gravity, the same density, the same
ductliiiy, the same tensile strength These
qualities, being intrinsic, cannot be re-
moved without destroying the object.
Han article had intrinsic value, such
value in its entirety would be at any
given time 100 per cent The intrinsic
value Of gold in 1878 was therefore 100
per cent it is still, and must always be
100 per cent, But we know that In