The Louisiana populist., 1895-08-02

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der, it needs nothing behind it but
the law which makes 1t legal ten
der for all debts and demands, and a
regulation of its quantity, to maintain
the monetary unit at any desired
level of value.
1t is not to the credit, but the
power, Of the government that is be-
hind it in the law of legal tender and
10 the right to increase or diminish
the issues. Taxes are payable in
money, and debts are payable in
money, and the only way people can
get money is by competing with one
another for it in all the occupations
Of life. 1t is this universal competi-
tion to get it that fixes the value of
all kinds OF money, as it is competi-
tion that fixes the value of other
things. Ia the work of competition
the number of dollars to be competed
for. other things being unchanged.
must determine the value OF each
dollar.
We are informed by so-called "fin-
anciers" and statisticians, and by an
army OF ready-made political econo-
mists among the gold standard press
gentlemen who have not taken the
trouble to carefully study the subjec:
that the value of gold is unchang-
ing, and that to attempt to depart
from what is called the '.gold stand
ard" would be to set at naught all
the principles of justice and even to
defy the very laws OF nature. This
is an argument used only since the
demonetization OF silver. Up to that
time it was well recognized by
all who gave any attention to the sub
ject OF money, and Is still we'll recog-
nized by all the authorities on politi-
cal economy, that both silver and
gold are variable in value. So seri-
Gus indeed from time to time have
been the variations in the value OF
money that thoughtful men-some of
them distinguished economists have
long observed and commented on the
gross injustice which such variations
involves, and various suggestions
have been made of methods for secu-
ring stability OF value in the monetary
unit.
Up to the period when the creditors
discovered the ingenious plan of sur
reptitiously increasing by an appeal
to the legislative arm of all govern
ments the value of all debts due, and
to become due to them, by depriving
debtors of the immediate right to pay
in either of the two metals, it was
acknowledged by the most eminent
economists that the adoption of sim
gle metal rs a so-called standard"
OF money. did not secure a great de-
gree Of uniformity in value as the
adoption of both metals. This may
seem a paradox to those who have
not reflected on the essential nature
OF money, and upon the method by
which it obtains what is termed its
s'value," which it docs through the
medium of the prices OF commodities.
They ask: How can there be a stand
ard composed of two things? Must
not q standard be one? Can it be
two or more?
The seeming paradox involved in
the idea that what Is called q ..stand-
ard OF value" may be composed of
more than one material is made very
plain when the fact is borne in mind
that it Is not the material but the
quantity OF money that constitutes
the standard. The quality to which.
in the case of value, the word "stand-
ard" is applied. is not a quality iu-
herent in the material OF money.
Value, as have shown, does not re-
side in any article, nor in the SUBJ
stance of any article. When the con-
siderstion to be kept in view is not an
object, but a service--not a
material, but function-the
instrument by which that service
or function is performed need not
necessarily be limited to one mate
rial. Inasmuch as the purpose to be
served Is the attainment of correct
result, whatever the material by
which it may be accomplished, such
number of materials may be indispen-
sible to that end should without hes
itation be employed. II we wish to
obtain q clock which will indicate the
correct time, we do not insist that it
shall be made Of any one material.
The material OF which money is made
is no more standard of value than
the material Of q clock is the stand
ard of time.
The yard stick which by statute is
declared to be the model for all other
yardsticks is made of bronze, but
bronze is not. therefore. q standard
of length. A bushel measure may be
composed OF any material or of any
number of materials combined, but
this makes no difference so long as
tho precise purpose sought is attain
ed-namely. the securing of perfect
accuracy of measurement II we as
sumo the model or standard" bushel
measure to be composed OF brass, 1t
is not the brass that is the standard
OF measure" Assuming that all
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