The herald., 1895-07-21
TO THE EDITOR
[The Herald under this heading prints com
but does not assume fesPon'
,ility for the sentiments expresseo.I
silver and Gold

Silver and Gold
EDITOR HERALp:--Mr widney still insists
| that l do not understand him. He says that
| in my article of the 9TH inst. USED column
| or two quoting elaborate definitions to prove
| that there is 'an' intrinsic value IN goio.
Now take it for granted that the WORD an
| in the above quotation is typographical
| error and sh ould have been 'no" as certain
| ly contended that there was no intrinsic IN
! anything, and quoted number OF "u'horities
! TO sustain nv position. Mr.. Widney could not
| possibly have misunderstood me and l Will
| not be SO uncharitable as to suppose thar ne
could have written the word IAN" in the above
| paragraph.
Mr.. widnev still insists that he FUSED the
words intrinsic or commercial value to show
| that the use OF the words intrinsic value In
! such discussions must be equivalent TO o ON
mercial value"
Now there is no such thing as intrinsic
value and consequently the phrase intrinsic
| value means nothing but there is such thing
| as CONNIE rcial value; the phrase commercia
value. therefore means something; it neces-
sarily fol lows according to Mr.. Widney's logic,
| that nothing is equivalent to something
which, TO say the least is queer kind OF logic
| Mr.. widney thinks that do not understand
his first article and says that wander off on
| technlcahties.
! Ifrankly admit that do not understand his
| first article, and | have grave doubts as to
whether any one does, or can possibly under
, stAnd it. did not attempt to reply 20 his first
| article; l only pointed out certain fnconsis-
| tencies in his premises and ~ his reasoning.
| His first article was written on mythical
| subject and is illustrated by incomprehensible
| comparison.
A standard of value is myth There is no
| such tniLg. There never was and there never
| can be such thing as a standard OF value.
Value is a relative term and can only be ex-
pressed by com parison. 1t is not susceptible
of measurement. All recognized authorities
on political economy have abandoned the
| standard of value fallacy and most of them
concede that there can be no such thing as a
measure of value.
Anything to be a standard must be un-
changeable and as value merely expresses
ratio between two things, it necessarily fol-
lows that there can be no standard OF value
any more than there can be astandard OF -atio.
There may be a standard OF intrinsic proper.
ties of a thing but not OF the extrinsic acci-
dents of thing. The English standard of
length, for Instance, is the distance between
the centers of two gold plugs in certain
bronze bar at a particular temperature, viz:
81 degrees Fab renheit This is interchangeable.
This is a standard. And in order to be stand.
ard it must be Interchangeable
tits true that Edward Atkinson, the great
ch pion of the "intrinsic value" theory and
| the STANDARD OF value fallacy, in a recent
art Gle on the unit of value says: 1.-THE higher
law OF commerce, laid deep in human nature,
| has established gold, and gold only, as the unit
| or standard OF vslne." And again he says:
There is unit OF value. 1t exists without
regard to legislation. treaty or agreement. 1t
| is gold To that standard the monetary sys-
| tenn of every commercial state must be ADJUST
| ed. A given weight OF gold is the standard OF
| value everywhere"
Professor Bowen takes about the same posi-
ton, and both OF these gentlemen in order 10
sustain their theory, insist that gold has in
trinsic value 1t could not be standard
otherwise. Professor Bowen says: LAS that
| which measures length must have length, so
| that which measures value must have value in
| itself, or intrinsic value"
No man can be consistent with himself who
| claims there can be such thing as standard
| of value, unless he also claims that commodi-
! ties have intrinsic value. Mr. Widney's ideal
| dollar cannot be standard of value, nor can
it measure value unless it has value in itself,
and think Mr.. Widney will not contend that
his ideal dollar has intrinsic value. His ideal
dollar may be a unit OF count, but certainly
not standard OF value, nor even a measure Of
value.
Professor Jevon says that the value Of gold
fell 46 per cent between 1898 and 1909 and
tina from 1909 to 1S49 it appreciated las per
cent, while between lS49 and 1874 it fell
! again at least 20 per cent To talk of stand
ard, subject to such fluctuations, is the
height OF absurdity $50 palpable is
this objection" writes Professor Walker
"that some writer's who still cling to the
term measure OF value have abandoned that
|
| "Value is relation and therefore, cannot be
measured. but only xpressed."
The gentlemen referred to by Mr.. Widney,
viz. Stewart, Jones and Teller tdoanot use the
phrase "intrinsic values in the manner indi-
Gated by him. have carefully examined the
speeches delivered by Mr.. Teller during the
discussion OF the silver question and do not
find that he uses the phrase at all, but both of
| the other gentlemen do, and will quote from
| their published speeches enough to show in
what manner they use it.
In speech delivered by Mr.. Stewart in the
United states Senate September 5, q and 7,
1893, page 23 toticial copy, Mr.. Stewart said.
"1f the senators who are leaving the senate
chamber would take little time 10 read the
productions OF the men | have named they
would talk more intelligently they would not
be staying away without knowing the first
princi pies Of monetary science. they would
not be alking about "intrinsc value" DO
you suppose that any OF the persons have
men toned would such term as that?
AS II value is intrinsic in thingl If it was
in the thing would it not stay? Suppose all
the rocks were gold. would gold have the same
intrinsic value? Intrinsic applies 10 quality;
value is an estimation OF man. Here senators
leave the cham Der and will not listen to me,
who have not learned the meaning OF tn.
term value" who have not gone through
| their A B Cs: and the president of the United
| States talks about intrinsic value, and that we
must get gold because il has value in it and it
cannot be got out OF it. The value OF every
! thing changes with circumstances. Value is
| the estimation Of man, and yet senators get up
| here and talk about intrinsic value. Enligh.
| tened, intel lectual and scholar-like England
! does not talk about intrinsic value"
The senator here read some English auth.
critics showing the aosutdity OF the in trinsic
| value theory.
| senator Jones. in his great speech delivered
| in the United States senate in october, 1898,
| pages II and ~ (oficial copy, says
Qualities may be said to be inherent or in