The weekly Thibodaux sentinel and journal of the 8th Senatorial District. [volume] (Thibodaux, Lna. [i.e. La.]) 1875-1898, 1896-08-08

gold people has no foundation upon
which to rest. Let us see what is tho
meaning Of the words. Intrinsic ie
applied to what is inherent, and not
accidental. The intrinsic qualities OF
gold aud silver are, color and weight
the one being yellow and the other
white, aud both being heavy. accOid-
ing to their bulk. Value is not inl.er-
emf in either gold nor silver. for the
reason that the value of either metal
depends IN circumstances entirely rx-
ttinslc To the metals. If value were
inherent i'll gold it would h- worth
always the same price, whereas. all
admit that the price 1T gold is subject
to fluctuations At one time, in 1873.
silver WAS worth as much as gold AT
the ratio established by law, whereas.
silver is worth only half as much at
present.
Value is controlled by the law Of
supply aud demand and is a relative
term. Let a mau, be placed on \ de-
sert island with no living soul with
whom to exchange the gold that lie
may have, and it will he found that
gold IN that east would have n0 value.
Let Il ship lan,l on the island, l-aden
with articles that the man with his
metallic treasures might desire - ac-
quire, and ut Once the gold which. np
10 that time was valueless will acquire
a very appreciable value. Ii tnrr-
was such a thing us intrinsic valus ~
gold the inhabitant of the desert is
land would not have to depend on the
exulnsic circumstances If Il contact
with civilization to create a price for
his gold.
Writers on Political Economy have
treated Of this question and it is worth
while to addace their opinions as ex-
perts on this matter. Thus, Condillac
a French author Of note, says:
1.-The value Of q thing is founded on
the want Ut it. Therefore, ii the want
is more strongly felt, it gives the thing
a greater value ; if tile want ia less
felt, it gives it a less value. The val
ne of a thing increases with it, scarci-
ty and decreases with its abundance.
1t may V on account of abundance
decrease to nothing. A superiority.
for example, will have no value, ii we
a make no use Of it,
Prot. Jesons, a writer on Political
Economy, has this to say
"A student OF economics has no
hope If ever being clear and correct
in his ideas of the science if lie thinks
Of value as at all Il thing or an object,
or even anything which lies 10 a thing
or object. Persons are thus led 10
speak Of such a noRentity as intrinsic
! value. There are doubtless qualities
inherent in such . substance as gold Or
iron which influence its value but tile
, word value, SO far as it can be correct
" used, merely expresses the eircum-
stance Of it's exchanging in J. certain
ratio for some other substance.
.value in exchange expresses moth
ing bu. a ratio, and the term should
not be used in other sense. To speak
simply of the value Ct an ounce Of gold
is as absurd as to speak Of the ratio Of
the number seventeen. What il the
ratio of the number seventeen I The
question admits 20 answer, for there
must be another number named in or
der to make q ratio and the ratio
will differ according to the number
suggested"
The same author In q work entitled
"Money and the Mechanism Of Elk
change" makes this pointed remark ia
regard to the intrinsic value argu-
Ment:
1T has been usual to call the value
IF the metal contained in coin the in
trinsic value Of tile coin ; but this nse
Of the word intrinsic ID likely 10 give
rise to fallacious notions concerning
value, which is never an intrinsic
property or existence, but merely !
circumstance or external relation
1t is thus seer aud in fact, demont
strated by reason aud authority, tina.
the reasoning OF the gold advocates
based upon the supposed intrinsic
value Of gold il entirely ~fallaclous.
Gold having no intrinsic value, all the
arguments which assume that it has
an intrinsic value must give way "a
cold, merciless logic.
DEMOCRAT.