West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1895-09-19

ARTICLE III.
In the study of money matt erS,
next to the clear idea OF what mon.
ey is, come certain common terms
to be defined. Let us, therefore,
start with correct notion of such
terms as wealth, value, price, cheap,
dear.
1t is a common. one sided way of
doing to measure everything by Its
value expressed IN money. Even
this exclusive monetary gauge of
value finds expression in the jingle
of the couplet
For what is worth In anything
! But so much money as twill bring"
Price is relative value. Usually,
1t is exchange value in relation to
money. But the price of money in
relation to given commodity, or
commodities in general. is too fire.
quently overlooked. The price of
u dollar is what it takes to buy the
dollar. The price of sheep,
days work, of anything is the
amount of money metal required to
buy it. "a fair exchange is no
robbery is the transfer of
equal value. A man gets So for
days labor, the labor buys the %
and the 81 buys the labor. Ex-
change of products Is mutual pur-
chase.
When wheat is s1.5O q bushel IN
silver, its value is measured by the
white metal. The price of the sill
YER dollar is then two-thi"ds of u
bushel of wheat. If at the same
time corn sells for 75 cents bush.
ell, the price of dollar is one and
one. third bushels Of corn. The
price of bushel OF corn at the
figures given, is half bushel Of
wheat, and the price of bushel of
wheat is 2 bushels of corn. A lit.
tie reflection upon the subject of
prlce-relative value i'm other com
modities- ought to save any fair
reasoner from making the blunder
that MIR. Horr made when he as
serted, in debate, in Chicago, that
gold is falling in price, getting
cheaper. Any farmer knows that
the gold dollar measured in farm
produce is dearcr than is was five
years ago, that it takes more pro.
duce to buy gold dollar now than
then. When wheat and corn and
other produce of the farm go down
in price money goes up. If wheat
fall form S1.50 to 70 cents per
bushel the price of wheat has fal.
len one-half, and the price of mon.
ey has doubled. Wheat gets chelp.
er and money gets dearer. A debt
OF $3.50 means 100 bushels of wheat
at 81 80 per bushel, or 200 bushels
at 70 cents. Thus debts are doub.
led. the poor made poorer, and the
rich made richer. The farmer, as
well as the home-owner of house
and lot, must foot the bills for old
time or higher rates of taxation.
Also he must pay indirect taxes to
maintain our system of diversified
industries in order that manufac-
turers be- insured safe profits on
their wares, and be enabled, if they
are generous enough, to pay good
wages to their employees. In many
instances the amount of labor or
the amount of produce required to
pay taxes and reach the price of
producted commodities, has dou bled
or appreciated outrageously.
The laws Of supply and demand
are forever operative. Spectators
corner certain commodities TO
make them scarce in the market,
and dear. A financial system can
make money scarce and dear. A
system Of banking can corner
money and help make it dear.
That money is scarce and dear
needs no particular proof. That
fact is self-evident. That com
moditIes and articles, not insured
by a protective tariff nor manipu-
lated by the trusts and syndicates
Of monopoly, are very cheap, is too
obvious TO escape every day ObsCr-
yatiOn and com ment. When an
article is dear, money is compar.
atively abundant. When an article
is cheap money is dear and other
articles are comparatively abund-
ant. Whom money is cheap other
articles arc comparatively scarce.
Scarcity Of IN article makes il
dear. Abundance Of an article
makes it cheap.
The value OF bushel Of wheat
consists in the length Of time IL will
support a human being, or other
being. Ask a man why he works
so hard and you get the answer,
al must work 10 make q living"
have often heard Of men working,
years ago, for bushel OF wheat.
Wheat is what we eat. the kind Of
stuff that living is made Of.
While monetary standards Of value
huctuato in their variable tides Of
price, given measures Of wheat and
other cereals contain a definitely
known amount Of nutriment-the
staff Of life. That value Of wheat
/ and 1f all nroducfa of human l,hor