Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1896-05-12
a panic is averted For iu-
stance, if gold would be cornered

"OetiNA ~ COuISV5 uoC ollVcI duI
the demand for the dollar would
be relieved. The owners Of gold
would at first not take their met
al to the minis but go with it to
the markets where it is at pre-
MUM. This would flood the
the market and gold would drop
down again to. it's legal value.
Thus we see that bimetalism is
a safeguard against fuctuating
standard, and acts like governor
that regulates the, speed Of an
engine. On the other hand in
case Of monometalism, If corner
is formed on the metal the de-
mand for money is not relieved
by anything else and it at once
rises in value. This is the case
with our money standard to-day,
The answer to all your queer
propositions hitch on the ques-
ton, if it is the ''intrincic value'
Or the number Of legal tender
units in the country or world that
makes the value Of money. His
tory tells us the commercial "a
ito and legal have always re-
NAMED the the same under bimet-
alism. Reason tells US that in
these hard times it is not any
increased demand for gold in the
arts that has made the dollar
twice as valuable; the law con-
tradicts the idea Of intrinsic
value'' in that it prohibits the de-
facing or destroying Of the fiat,
thereby making it impossible to
come at the ''intrincic value"
without going to the penitentiary
or waiting until the governments
ceased to exist; yet, we do not
expect that these plain facts will
change your mind. We will in
stead quote from highest author
tiles in order to prove our poin t..
Aristotle, the great philosopher
who lived in the 4th century B. c.
said: "Money, then, has been made
by agreement, as it were, a substi-
tute for demand, and is SO called
because it exists, not by nature
but by law, and it is within our
power to change it and make it
useless for the purpose. But
money itself is not always Of the
same value. Money makes
all things commensurate, for all
things are measured by money"
John Locke, Englands en-
minent philosopher and writer,
said: F'The value of money in
general is the-quantity Of all the
money in the world in proportion to
all the trade" money, while the
same quantity Of it is passing up
and down the kingdom in trade, is
really a standing measure Of the
falling and rising value of othe1
things in reference to one another
and the alienation in price is
truly in them only. But if you
increase or lessen the quantity
current in traffic in any place.
then the alienation in value is in
the money!.
Ricado says: "That commodities
would rise and fall in proportion to
the increase Or termination Of
money, [ assume as fact that is
uncontrovertable."
Prof. Jevons says: "Value, like
utility. is 10 intrinsic quality of
a thing, it is an extrinsic accident
or relation and "a student of
political economy has no hope Of
ever being clear or correct in his
ideas Of the science if he thinks
-of value as at all thing or OBJ
ject Or even as anything which
lies in thing or object"
W.. H. Grenfell, ex-Presiden1
of the Bank Of England in 6
speech, from which We quote
some time ago said: so there
is no such: a thing as intrinsic
value, and the. monetary school
which pin their faith or. colo
as the most stable standard Of
value because it has intrinsic
value, have laid the foundations
of their belief on the puicksands
Of an economic heresy. -. :.
Prof. Walker, the American
economist, said; of the. demoneti-
zation Of silver in 1873, that "Tht
history Of the century would b,
searched in vain for a politica
! blunder Of equal enormity. - -:
We cannot answer all you
questions, some of which boarde
the nonsensicab because it woule
take too much time and space
With few exceptions the sentime
o. the people in these parts arr
!. for free silver only differing IN
party and method. If5you think