Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1895-03-20
SCIENTIFIC MONEY.
THE IDEA OF INTRINSIC"
VALUE IS A MYTH.
The Sole Power OF Money Must Rest In
Its Being q Legal Measure of Values
-Based on National Principles
of Congress.

OF Congress.
Nothing but the very insanity of self
deception could prevent people from
realizing that our present troubles are
the result Of conspiracy.
Many years ago, leading republicans,
as we'll as democrats, defended the
principles which are now contended for
by Populists. In 1868 Hon. George H.
Pendleton said: "If the greenback is
good enough for the farmer and me-
chanic who pay taxes, it is good enough
for the bondholder who pays no taxes"
Shortly after that date, Hon. G. S.
Orth, Gen. Butler, Hon. John A. Logan
and other prominent men of both poll
tical parties, boldly advocated this doc
trine, but a subtle power soon silenced
most of them. Few were cognizant
of the character of that power then,
but we now fully realize that 1t was the
great money octopus, which now boldly
assumes to dictate our financial poll
cies.
Mr. Fawcett, in his great work,
Gold and Debt" says: ut is trick
of capital in all countries to persuade
the people that their honor is at stake,
in the payment of war debts at the
highest valuation that the avarice OF
their holders may set on them"
This shows the animus of English
capitalists in demonetizing silver in
1916, Germany's act in 1871, and the
joint conspiracy of English and Ger
man capitalists to procure demonetiz-
alton in the United States in 1873. 1t
was to carry out this trick" men
toned by Mr.. Fawcett.
The present age has adopted and
applied scientific principles in the pro-
duction of all kinds of wealth, but
the masses still lend a willing ear to
the John Jaspers" of finance.
The only hope of future prosperity
for America lies in the adoption of
scientific medium of exchange.
The United States Supreme court
clearly mapped out this idea of money,
in it's legal tender decision of 1871, by
showing that the only true value of
money rested in its legal value.
After declaring that congress was
supreme in its power to create money,
and showing that contract to pay a
debt of $1,000, made before the year
1884, could be paid with 100 eagles
coined after that year, although they
were worth only "a eagles coined at
the time the contract was made, and
this solely because of their legal value,
the court said: Here we might stop;
but we will notice briefly an argument
presented in support of the position
tkat the unit of money value must pos
sess intrinsic value. The argument is
derived from assimilating the constitu-
tional provision respecting standard
of weights and measures, to that con-
| ferring the power to coin money and
regulate its value. 1t is said there can
be no standard Of weights without
weight, or of measure, without length
or space, and we are asked how any
thing can be made a standard of value
which has itself no value. 1t is hardly
correct to speak Of a standard of value.
The constitution does not speak of it.
1t contemplates a standard for that
which has gravity, or extension; but
value is an ideal thing. The coinage
acts fix its unit as a dollar; but the
gold or silver thing we call a dollar is
in no sense a standard of a dollar; it
is only representative of it."
If the above is not sufficiently clear,
let us further illustrate it:
If, by some great catastrophe of ma
ture, the entire human race was de-
stroyed, the law of gravitation, or
weight would still remain a fixed real
ity. Hence, in order to measure gravi-
tation, we must have units of weight
fixed and permanent. If the entire
human race was destroyed. the di-
mensions Of space or extension would
still remain as before, because a per-
manent law of physical nature. Hence,
intheir measurement, fixed units of
space are necessary.
Now comes the decisive question: If
the entire human race was suddenly de-
stroyed, would value remain as a fixed
and permanent fact in nature?
Certainly not, because as stated by
the Supreme court, value is an ideal
thing" and its only standard is the
desirability for objects of utility exist
ing In the human mind, and belongs
exclusively to the human mind. The
qualities of things which make them
valuable would still exist If the race
should perish. but property. or quail
ity, is not value.
Therefore. the idea of intrinsic"
value is a barbaric myth, arising from
the failure to discriminate between the
properties of things, and the desire for
them. Seeing this. Mf. Mcleod. the
Entlisb writer on hyspes. SatS: