The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1895-07-20
GOLD NOT THE BUYER.

| New York Tribune.
An indignant correspondent, disguised
with tine Tribune's statement that tn,
| quantity of gold in use as money does no
| determine prices of commodities, want,
to know: HAS gold a value or not? I'm
less 1T has, how can 1t be taken as G
measure for other values? "If a mountain
| of gold should be discovered in Africa
would there mot be an immediate ad
vance in all prices?" "If the term dollar
Is a mere arJuhmetical expression, why
the objection to tine silver dollars?'
"Why do mot increased productive power
anD accumulated wealth cheaper gold
as everything eise?" HIS various ex.
plosive remarks about Edward Atkinson
and greenbackism will not interest the
public amy more than they interest the
Tribune, but THE questions asked merit
notice.
Gold has value, which, depends upon
the relation between all the gold in the
world-nOt the yearly product-and all
the demand IN the world. 1t Is not a
fixed value, but Is more nearly the same
IN an commercial countries at any given
time THAN that of any other commodity,
because of the demand for 1t In ALL and
because, with modern facilities for its
transportation and for carrying news of
amy demand, the worlds supply is more
fully and speedily available than Its sup
ply of other commodities to meet any
sudden demand. For these reasons 1t
Is THE most widely accepted measure of
value.
A mountain of gold discovered in Africa
or anywhere else would not perceptibly
after the worlds demand for any other
commodity. 1t might, and might NOT,
affect the volume of accumulated wealth
and of credits available for the purchase
OF comlrnlJdit-es, III 1t should, prices
might be affected; otherwise not For
the volume of that buying power affects
the vaGue of tine gold as of other articles
The term dollar is mot an arithmetical
but strictly a commercial expression, and
has all over the commercial world u
definite meaning with reference TO prices
of commodities expressed in pounds
frames or marks, The precise root of
trouble, in case lof degradation to a silver
bass, is THAT the dollnr would not mean
what 1t does now In the worlds money
or I'm The worlds commerce, NOR would
prices in dollars then change In con-
formity with changes in THE buying power
OF pounds, marks or francs, but would
fluctualte with Qhe bullion price of SILVER.
Increhse of productive power and ac-
cumulalted wealth do not tend to cheaper
gold or commodities eitner, Dut 10 rHiSe
the value of both. More buying power,
for the same things, tends to put up
prices But If the things have increased
more ItIham the buying power, IT Is tht
other way, relatively more things to-
be bought with relatively less power TO
buy means lower pr.ces. That happens
10 be the Fact; human products increase
more lIhUn uneNpended wealth. so that
prices tend downward. Gold has to take
Its part with commodities, because 1t has
become essent ally demonetlzedAt is no
longer Ehe instrument with which most
of THE buying is done, or necessary In
most of the buying. III is the measure of
value only because the worlds commerce
finds 1t convenient and profitable to ex-
press vlkues of other commodities In
terms of gto,h.
The greenback theory Is absurd, be-
cause It sets up a pretended measure of
value which has no relat on, and is dis
tincly attended ITO have NO constant re-
iItion to the measurement in which the
worlds prices are made. II We cut adrift
from the measurements which govern |
the worlds commerce, we only rob our |
selves. III our fr end cannot grasp that
fact, he Is ait least as far from the |
truth as Mr.. Atk.nson at the other ex-
treme, VINO imagnes that prices are de- |
termined by the quantity of gold COM
pared with the quantity of things to be
bought