The times. [volume] (Richmond, Va.) 1890-1903, 1896-10-01
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that is being scattered over the state
and a number of persons have requested
us TO answer 10. II IS a little Ions, but
an OF it IS. ia substance. contained IN
what we shall quote. lie says, speaking
Of our mints.
Opening them and Keeping them open
TO th. ftce coinage Of gold alone Is called
adopting the gold standard. By the gold
standard Us meant that by the value OF
standard is meant that by the value OF
gold the price Of all other things shall be
measured.
Further on he adds:
"This vast increase in the demand FOR
gold by am inevitable law necessarily in
crcascs the value of gold. If gold were
only "a commodity. its increase in value
would Doe of very little consequence 20
the world. But it is because OF its being
"a measure for everything else in the
world tlat IL is so important to mankind
ttat 10 should not increase I'm value.
What does the doubling of the standard
gold dollar mean2 $50 That Tie man
who has bis money IN anything that
gold Will buy. finds that by doubling the
value of gold. what he has 10 sell Will
only bring one-half Of what it formerly
oid. IL doubles ono mans wealth and
divides in half the wealth Of another"
Now. either Judge Aiken totally mis-
ooucoives the elementary principles Of
this case. or We do.
"Nhy is gold tho measure for every
thing else in the world2"
il is not because goln has n volition
and chooses TO assume that role. Il is
because. on account Of its scarcity. or
namental properties. (Which oxcitcs de-
sire for iO. and durability. it serves TO
measure tho quantity OF labor required 20
produce different articles better than any
other article, and thus TO establish a la
sis upon which they may De exchanged
for each other. That is the reason and
the only one. IT requires a days labor,
We viii suppose. 20 dig out 1922 grains of
/ eoid-what we call q dollar. il requires
% days labor. We will suppose, 10 raise
two bushels of wheat. and a days labor
10 raise four bushels of corn. When one
man has wheat TO sell and another corn.
the wheat man says. as it took the same
labor TO raise two bushels OF wheat as il
took TO dig out 1920 grains Of gold. called
% dollar. his two bushels Of wheat are
worth q dollar; and the corn man says
the same Of his four bushels Of corn.
and thus the principle is established that
two bushels of wheat are 10 be e1chans-
Cd for four bushels OF corn. This is, Of
! course, subsequently, modified by the de-
mand for wheat and corn. but that is the
starting point. and the great field for
colds usefulness. When that basis is es-
tahlishcd business is thereafter swaps Of
wheat and corn through The forms Of
| sales.
With this idea wcl defined in the mind.
the falacy Of Judge Aiken's argument
becomes apparent. and the true principle
involved in the case comes before the
mind.
Now. because Judge Aiken does not
appfehend This principle. DE and BIS whole
school think hat the busines OF a coun-
try requires a great quantity Of that sort
Of money that can be handled. lie be-
leyes That business consists OF buying
commodities ana paying for them with
visible money. But we tell Judge Aiken
hat he is, the victim Of q gross "uor
in adopting this view. IN ,he ireseat
stage of the worlds development. a very
small amount OF actual money is needed
for business. ana that amount is grow
ing smallery every day. At the outset
men bartcrcd one article for another.
Then they came to trade by swapping
money STORED labor) for articles (other
stored laborJ. But steam and electricity
came along to put men in close touch
az an distances. and thus they found
that they could do business far more
satisfactorily boy drawing checks against
Tie labor value at articles meas
tired ly tie gold dollar or gold
pound. and they lrifted into that habit
and now they do almost all Of their
bushes by the use oil these checks. using
the most nconsiderable sum Of actual
coin or bank-notes.
We have many times cited Eneland's
case i'm proof OF this. bat we shall con
tinue 10 cite il Whenever am opportunity
offers. England has less than S'oo.ooo.0so
of coin and circulating notes. while this
country has nearly $~.SJoc0).9o0; ana
rnrland owns more than ono-half Of
the whole shipping Of the world. H.
imports. i'm 1888 were $i.7e1Ooo.oo0. and her
( exports were Sl.og2.o 600. 900. while the inn
norts OF tie United States for the same
wear were Ss3ico0.ooo. and their exports
were ss8oOoo0. We take 1893 so that
the influence Of the panic may be ex-
clnded. IIor business. therefore. is all
most inconceivahlc in its sum- and yet
she has only about sgooooo.ooo OF cold
on which TO do t. ANA She SIS prospecting TO-
day as If by magic.
AS q matter of fact. 30 would be utterly
,mnossibe for this country 10 conduct its
business as society is now organized.
with money. Think OF a Richmond dry
roods merchant having 10 send coin or
lank-notes 10 New York every time he
orders GOODS, Ills business would be
paraiyzcl. Ue sanas a check on q credit
he has in o. Richmond bank. At the
n.s boueht tobacco in Richmond sends
same time q New York merchant who
the seller his check on u New York bank
1900 id. tT. t..f. .rI .,. nv