The state herald., 1895-05-24

APART from the well understood use
of money as a medium Of exchange,
money Is used like common demomin-
ator of value with which other articles
are compared. As a measure OF value
1t serves in similar way US a quart cup
may serve as n measure OF capacity,
and as there Is not needed separate
cup for every quart Of milk In existence,
no one can measure hundreds Of thous-
ands of goods by comparing with tho
same standard Of measure. There 10 no
need of an amount Of money equal to
all the goods In existence. The measure
of value is that In which prices nre
stated and debts are paid, provided the
measure of value il also made legal
tender In any country. 1t IL evident
then, the quantity of measures Is not so
material as the unvarying stability OF
the standard of measure.
"There is no more essential need of
an increased amount OF measure WIN
which to compare goods than there Is
or should be yardsticks equal to me
number of yards of cloth In a store. All
goods are neither exchanged at the same
time nor are they offered In comparison
with standard at the same time.
"What Is important to point out Is that
mon denominator of value are daily ex-
changed in enormous quantities main
" without the use of any money. For
the exchange of these goods, therefore.
money Is not needed In proportion to the
transactions. This function is that of
the medium of exchange.
"The necessity of an Increasing guam
tlty of money is growing less important
with the development Of this system OF
exchanges. From nincty-two per cent;
to ninety-tiye per cent. Of the transac-
tons are performed by this machinery
without the use Of money, and recent In
ycstigations made by the comptroller OF
the currency show that fifty-four per
cent. of retail transactions are similarly
performed without the use of money.
"Free coinage Of silver Mt 10 to
means the single silver standard or sill
yer monometalllsm.
"Free coinage of silver would not In
crease the quantity Of money. Since
gold must be inevitably driven out, the
free coinage of silver would result In Il
diminution OF the quantity of money. 1t
could not change prices thereof merely
by increasing the amount of the medium
exchange. The way 1t would act, how
ever, would be to change the prices of
everything because rcckoned in cheap
err medium than that of gold.
"For example. n pair of gloves now
worth 100 cents In gold, would exchange
for about 30 cents in silver. A dozen
of eggs now selling at fifteen cents
would sell for about thirty cents, and
everything we buy would rise in proper
ton.
"As free coinage of silver would inev-
itably result In rise of prices, so 1t
would Immediately result In fall OF
wages.
"But greater than all objections, is
that of public dishonor and reputation
mo trick or sophistry can make tho
scaling OF q debt to mean anything Du'
dishonesty and cheating.
"The Sherman act Of July 4. 1890, I'M
less repealed, would have brought us &c
the single standard, rs 1t was, the mere
suspicion Of silver recommendation ant
the change OF prices, and on our ssStN
ard OF measure, struck blow nj I'M
solldity OF our international trade
brought on the panic. made prices I'M
certain and caused doubt rs to future
plans in every factory and shop In TN
land"
Prof. Laughlln concluded In the fol
lowing words.
~ ask the gentleman who spoke be
fore me to consider the condition OF tn
country to-day. What Is the condition
to-day, with the great Iron industries o
Pennsylvania keeping up prlces3 1t !
just this: There has been steady re
covcry Of Industries from the very me
mcnt when Mr.. Cleveland put his foo
down and said: we should and shal
maintain our standard OF value lnvio
late" loud applause).
Contrary TO the expectations, the tim
: after the main addresses was not occr
/. pied fully by Mr.. Harvey. Instead.
was agreed that he he accorded nftee
minutes; then Laughlin TO reply In III
teen minutes and Harvey to conclude Il
, five minutes. As n result, the finish wa
largely taken up with good nature
chatting OF each other, rather than ser
Gus argument.