Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1895-12-18


spondent Of Goidbug Paper Has to
Say.
From the Washington Post: Editor
Post-Replying to your editorial in
Quiries of to-day under the caption.
Time for Plain Talk" beg to submit:
1. Sound money is that which rests
upon foundation strong and broad
enough to warrant and inspire implicit
confidence among its users.
2. 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 de-
ferred payments, and that may not be-
come the plaything of spectators; the
unit OF which shall remain absolutely
changeless in its purchasing power or
command over commodities.
3. There can be sound money
which does not rest on a gold founda-
ton; furthermore, money that rests on
gold foundation is inevitably unsound.
This is true, also, as to silver, or
combination Of gold and silver; with
this difference, that the use of two
metals broadens the foundation, and to
that extent increases 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 commodity"
dollar can be otherwise.
3. Gold is not, never was, and can
never be measure Of values" Sci
ence truly asserts that "a measure must
be homogeneous with the thing meas
wed." How then can gold measure"
pig iron or corned beef?
6. Value is ratio or relation exist
ing between two powers or objects Be-
Ing ratio 1T can be expressed only by
figures, which are immaterial and deal
with quantities; never by substances
which are material and deal with quail
tiles. Further, values Or ratios can be
expressed, but never measured"
Again, value being ratio between two
things 1t can never be possessed by any
one thing; hence, the theory of intrinsic
or inherent value has now been dis
carded by practically all economists.
Z. 1t is clear, therefore, that the So
| called standard of value" is not only
an absurdity. but nonenity, whether
it be assumed to be of gold or silver, or
both.
| 8. What we call gold standard" is
merely an arbitrary arrangement
whereby we attempt to conform the ex-
change value of our dollar of account
i. e., its purchasing power-to the ratio
of exchange currently existing between
the worlds gold bullion and the general
commodity mass, which ratio is con-
stantly shifting, and with it our dollar
of account. BY this unnatural compli-
cation we not only do not secure for
ourselves that first grand requisite of a
sound and honest currency-a change
less monetary unit-but we actually
make monetary stability impossible.
Take Prof. Jevon's figures for proof:
Between 1889 and 1909 the relative
value of gold fell 46 per cent; from 1909
to 1S49 it rose las per cent; from 1849
to 1874 it again fell 20 per cent, and
since 1874 it has appreciated not less
than 25 per cent. Could anything be
more absurd than to speak of stand
rubber tape-line would be equally relia-
BILE.
9. Free silver" of the Stewardship
ley variety would simply mean silver
monometallism until such time as the
immutable laws of supply and demand
should restore the two metals to ma
tional parity of 16 to 1. Bimetallism
means, in fact, alternate eras of mono
metallism and the continuous single
use of whichever metal may remain the
cheaper. Practically, free silver would
add to the soundness of our present in
fiated gold currency by broadening its
base, and to this extent would restore
confidence, raise prices, and thereby
stimulate trade.
10. Secretary Morton says in your
interview: That money is the sound
est for which throughout the commerce
of the civilized world there is the most
universal demand" The honorable
gentleman here falls into the common
error of confounding the monetary func-
ton with it's physical existence, just as
the idol worshiper of the East asso-
ciates wooden image with the occult
power it is thought to represent. The
secretary ignores the fact that money
is national, not an international, crea-
ton. When he says money he un-
doubtedly means gold" and in grains
commodity, not in the dollars. If so,
he is quite right. The grain of gold is
the current international medium of
exchange, but not as money; it may re-
main so forever, and will unless some
international money system shall be
hereafter adapted to the settlement OF
international balances; but gold is not
money any more than baled hay, except
by the incident of it's use for coinage,
and in this respect paper is it's equal.
Gold can never be measure" or a
standard" of values, nor can it be
money except within the Jurisdiction
indicated by the stamp it bears, and
even then it is the stamp and not the
bullion that endows it with the none
tary function.
II. Finally, that money is the most
sound % which most perfectly and
equitably exchanges; (2) which repre-
sents, not in its substance, but in its
basis or foundation, actual wealth so
great that its purchasing power re-
mains undiminished and its integrity
unquestioned; (9 which being divorced
from commodity, shall be freed from
the laws governing commodity; and (D