People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1895-05-03
What is Sound Money :?

What Is Sound Money?
From The Washington Post.
Editor Post: Replying to your
editorial inquiries of to day under
the caption, "Time for Plain Talk" l
beg to submit;
l. Sound money is that which
rests W on foundation strong and
broad enough to warrant and in
spire implicit confidence amoug its
users.
.. Honest money is that which is
at all times and continuously an
equitable common denominator of
values, that will honestly act as a
standard for deferred payments, and
that may not become the plaything
of SPECTATORS; the unit of which
shall remain absolutely chapgeless in
its purchasing power or command
over commodities.
3. There can be "sound" money
which does not rest on gold foun-
tdation; furthermore, money that
rests on gold foundation is inevi-
tably unsodnd. This is true, also, as
to silver, or a combination Of gold
and silver; with this this renee, th hat
the use of two metals b1oadens the
foundation, and to that extent in
creases the stability of the monetary
structure.
4. A dollar that will grow either
greater or less in general purchasing
power with the lapse of time is dis
honest and unsound. No "com-
modify" dollar can be otherwise.
5. Gold is not, never was, and can
never be a "measure of values"
Science truly asserts that "'a meas
ure must be homogeneous with the
thing measured" How then can
gold "measure" pig iron or corned
beef?
6. Value is a ratio or relation ex.
istipg between two powers or OBJ
jects. Being a ratio it can be
expressed only by figures, which are
immaterial, and deal with quanti-'
ties; never by substances which are
and deal with qualities.
Further, values or ratios can be ex-
pressed, but never "measured."
Again, value being ration between
two things, it can never be possessed
by any one thing; hence, the theory
OF intrinsic value has now been dis
carded by practically all economies.
7. 1t is clear, therefore, that the
so-called STANDARD Of value" is not
only an absu1dity but nonentity,
whether it be assumed to be of gold
or silver, or both.
s. What we call a "gold standard"
is merely an arbitrary arrangement
we attempt to conform the
exchange value of our dollar of ac-
count. g., its purchasing power
to the ratio of exchange currently
existing between the worlds gold
bullion and the general commonly
mass, which ratio is constantly shift
ing, and with it our dollar of &C
count. By this unnatural compiled
ton we not only do not secure for
that first grand requisite
of sound and honest CURRENCY
~Aangeless monetary unit--but we
actually maAo monetary stability i'm
possible. Take Professor Jevon's
figures for proof: Between 1889
and 1909 the relative value of gold
fell 46 per cent; from 1909 to 1910
it rose 145 per cent from 1s49 to
1874 it again fell 20 per cent, and
since 1874 it has appreciated net
less than 25 per cent Could any
thing be more absurd than to speak
of a 'standard" subject to such fiuc-
tuations? A rubber tape.line would
equally reliable.
rec silver" of the Stewart
kriety would simply mean
metallism until such time
liable laws of supply and
uld restore the two
ural parity of 16 to l.
ans, In fact, alternate
tallism or the con-