Capital journal. (Salem, Or.) 1893-1895, 1895-09-06

relative values Will now quote SOM
authorities ON the intrinsic" value O
: money. In his essay on gold, Prof
Jevons, one Of the greatest Englist
economists, says: "There is no sucl
thing as intrinsic value" JdhI
Stuart Mills says; "There can not, il
short. be intrinsically more insignI6-
cant thing in the economy OF society
than money" Principles of Political
, Economy, Vol. III p. %. Prof. Perry
an ardent champion of the sin
gle gold standard says, in
reviewing the works of another author
author had used the term "lntrinsic''
value as applied to money, this author
is led astray by the worse than useless
adjective intrinsic" having never yet
learned that there is only one kind OF
value In economies, namely, purchas-
ing power.
Ricardo, the greatest English author.
ity, speaking of paper money says:
"Its value In exchange purchasing
power is ss great as an equal denomi.
nation of coin or of bullion In that
coin." Further on he says: "On these
principles II will be seen that It 10 no;
necessary that paper money should be
payable in specie to secure Its value; II
is only necessary that it's quantity b.
regulated Political Economy and
Taxation, Chap. 20 You In your
argument claim intrinsic value for
silver and by inference concede II to
gold, and If your claims are sound It IL
the Intrinsic value In gold and that
alone that keeps II In circulation at it,
present price. / will concede that II
the one has any "intrinsic" value then
the other must have, for the only diff.
ference in the metals In the use of sclen
lists and In the arts is la the color 'ol
the metals and that alone. So II IL l.
the intrinsic value In gold that has
placed gold and keeps 1t at its present
value or price, instead of legislation,
why has 1t not done the same for
silver? The same amount OF metal is
In silver dollar now there was In 1878 |
and yet II you melt It up you will
receive less than one-half for the bull
lon, now, you would have got % years
ago. The leading American writer on
General A. Walker, who Is
as an authority by the lead.
Ing economists Of every gold standard
In the world as one OF the
most distinguished authorities on mon.
AIRY science, defines money as follows:
Money is TO be known by doing a
certain work, Money IL not gold
hough gold may be money; Some
lines gold is money and sometimes 1t
3 not. Money is no one thing or group
4 many things haying any material
property In common. On the contrary
nything may be money and anything
n given time and place is msney
Vhich then and there performsa certain
JUNCTION. Always and everyw here that
which does the money work is the mon.
y thing" Further on he says: "The ;
laim that greenbacks are not money
4 the fullest sense Of that term; that
ley cannot do all In the way OF meas
ring values, 80 called, which gold or h
lyer may do is untenRble and can be
no advantage TO any really sound :
'use to seek to maintain It." General
rancls A. Walker In "Monsy In It's E
elatlOn to Trade and Industry"--pre- o .
ce.
General Walker is, Notwithstanding y
10 above, In favor OF a metallic a,
oney, but not because Of its. intrinsic e e
.lue, but because Of the danger of Il
er Issues, thus Initiating the currency as
owe It's reasonable needs, and infia- &, q,
IN is always followed by q contrAc- ed
N, which is much worse than II II dr
d not been issued IN the first place nr "a,
d for the same reason am In favor osr
metallic currency, but insist that pc
y dollar issued, no matter Of what 20
} material be composed, shall be as Sn US
I'd as any other dollar, and that can wa
ly be possible where all money is
ZEN the full function Of money in
Try particular, viz, make 1t a full
al tender, but insist that It ls the