The times. [volume] (Richmond, Va.) 1890-1903, 1896-10-01

standard OF value chat "a, 70 compare the
labor in one article with the labor In
another. so as 70 estabiish n basis or
exchanged. and i~,crfcct confidence so
that the credits vii, be raised by which
actual business is lone. Impair conf
dence, and in ono week more or tn"
actual money with which business Is
transacted will disappear than all the
mints Of the world could supply In many
wears. These considerations ought TO
show Judge Aiken and his whole school
that coined money and bank-notes' are
not what the country needs, but a fixed
standard Of value and perfect confidence
that It VIII not be interfcred with b.
forcing debased silver dollars into circu-
l%ation.
Judge Aiken says. IN the extract we
have quoted, that when gold becomes
scare 1T doubles. one mans wealth and
divides in half the wealth OF another"
Let us see about that. There IS no gold
in circulation in Mexico. and the paper
and silver together amount TO only 1886
per capita. while the circulation in the
United states is $3.50 per capita: in
Great Britain, it Is t2o.7s. and IN France
is. 1871. Yet wheat viii bring as much
in Mexico az IT viii IN either the United
states. England. o. France. difference IN
freight. insurance. and commission being
allowed for. In China the per capita Of
circulation is only sos. yet the fame Is
true there. And tho principle IS Of uni-
vcrsal application.
il. then. a man in Mexico or in China
has his wealth In wheat. bombing tho
per capita oe money will not double
his wealth at all. and cutting the amount
in half Will not divide his wealth in
half. The labor value OF each bushel Of
his wheat will remain I'm either case
Just what Il was. % the bushol VIII
exchange for inst the same quantity
OF other commodities that it exchanged for
before. IL win be the money that VIII
change in value. and not the things bought
with money. This is shown by the foi-
lowing extract from Volume l., book @,
chapter !. section 3, Of John Stuart Mills
work on political economy. which IS q
work Of the highest authority in itself,
and is absolute gospel to all the advocates
OF free silver. He says.
Things which are exchanged for one
another can no more all iall or an rise
than q dozen runners can each outrun
all Oh. rest. or a hundred trees al over
top one another. Simple as this truth ia,
we shall presently see that 10 is lost sight
OF ia some Of the most accredited doe
trincs. both of theorists and vi what are
called practical men. And as q inst
specimen. we may instance the great
Importance attachcd to The Imagination
OF most people 10 a. rise or fall OF general
prices.
because when the price Of any one
commodity rises. the circumstance usually
indicates n rise OF its. value. people nave
an ludlstinct feeling when all prices
rise. as ~ an things simultaneously had
risen I'm value. and 900 The pos -ois iAi
become enriched. That the money prices
OF all things should rise or iti' i
yidei fhov am rise or fAN. eaN'iF
i- i'm Itself. and apart from cNl-'iHt cone
tracts. of no consequence.
,o,odg's wages. profits. or rent. Ever.
ono refs more money 500 the one case anu
Ices an the other. but. of al that lf To- we
BOUGHT with money. they get n'lher
moro nor less than before. II make
nt,cr Inference than Chat of using more
~ esv..r counters 10 reckon hv. The Only
.tfr~ which. in this case. is, rfil|l "-'f''"
o., ,alro is money. and the only
Tho either cain or lose are The hNii''3
80 or those who have to receive
LOW rvod sums. of r.. There i7 q
NC ~ annuitants and TO creditors ''-
nav. and 10 those Who are ha'-'N.'
o Di.h ~annr,ties or with debts, the con-
vr.o the quantity OF money has d'''''d
.,.l ~ wheat may sen Tor moro ihan
=. so,1 for before. nut he money will buy
more o. what IS TO De bought. When
49, o,,otitv of money has decreased ono
t.lf , nushel Of wheat may sell for only
,'.,f no much as it sold for before. hot
that half win buy just as much OF ".''
g. 70 ne bought as double tie quantity
bought before.
f,sre Aiken may increase the quantity
Of CIRCULATING money ny free silver o''
go, D. a debascd money. that viii bring
,-.nnu,.red disasters upon me country.