The morning times., 1896-07-19
s |!g Ge!gn !!
The Times undertakes no responsi-
biltty for views Expressed IN thus
column.
MORE ABouT VALUE,

| fern in con,,n only understood among Fin o.
lisi,. snearinr naonIe We saw that the
| v,Iue or anr owe rind or ,,ood.i. d.ncna,.p,
! nm other goods ofr.red ,n a xchanec
| We saw r,,rther tbat a ,cb,nvo II self co,yd
have become habitnaI among rreen,en onIy
unon condi,ion or its bcinr n Iahor.sa yiny
nroccss ,o the nnrt,es concerned We re.
| m,rr.d ,I.o mt 20 rac,I,ta,o tb,s 4, nor.
SAVING nroc.ss p,ornv Came into use.
We there fore reach tine conclusion that
| money ia n In nor saving device
Arter money became = ractor ,mopp tho
various economies Of nroduction men
| ceas.d In estimate tho vaIrc of goods in
terms or n, nor goods bec,,se /, wos No
Iouror pecessarv 10 diroctIy .,y,n goods for
goods. It was far more convenientfor ON e to
swap goods he did not wish to consume,
for their value III money, and then swap
the money for otler goods as they were
needed.
The price OF n commodity is its value
in terms OF money only. We do not usually
speak OF the price Of moDey, but of its
value. There is 10 one expression for the
value of money as such. It's value is any.
thing that it will exchange for in free
ma rket.
EconomistS are in the tabit of saving
that gold and silver have been selected for
use as money beeause Of their posscssipp
greater StaDlilty OF value tilan most othtr
commodities. But. hearing in mind that
the value OF gold, for iDGtance, is knowa-
HE only in terms nf n ul,ons or other , ON
nodI,ies ,,,rcss.,,Iv v,riah,,. I'm ,,Iu. m.
xurnoSed S,.h;itv OF ,,,J 10 not an,Iy
proved. II is the lack Of such proof that
makes the money quest ion SO troublesome
in Politics. There could be no silver uues-
ton at this time SO far as the masses
are concerned, if the gold men could prove
by incontest able facts that gold Is not
tending upwnrd in value
Either we do not to,x that gold Is ST ble
In v,Iue or there must no fac,s TO nroye its
can he irue.
,N-rp,Nc,cy warm ru,ScS
ne uitof ol 'he f"st saiu lew aso
thatnohuman being onearth KNEW what the
, m.,ins,e .aius VI So'u vas "i was , e.e
orr noip, of view. in which vaIue il pureIy
n relative term expressIve of 1 ne in numern-
bic ratios of exchange. bu, the editor went
on TO saw what Intrinsic value is notwitl-
standing his statement that no one knows
what il is In the case OF gold
The idea or intrinsic value seems to
imply some permanent quality In thing
which makes IL useful. In this sense OF
value the law OF supply and demand plays
Nv part -h.i 'ht VI
usefulness, but it has no commercial or
exchange value as mere air. Whatever
commercial value IL may nave Is estimated
III terms OF land
AS we use the term value 1t Will he
reaoiiS seen that the vaiue OF commodity
is not the commodity itself We have seen
mat II there We're no economy IN swapping
mere would he no swapping; hence there
would DE no values or prices. siill men
would require goods in order 10 live, and
in newly settled countries, or rather in
the beginning or new settlements, men
have undoubtedly lived in rude way
FOR considerable periods OF time, not only
without money, but without any CON
'cious want OF H.
Ihey could nave no use FOR money until
lucy discovered an econoihy IN swapping
'h'hss. Inc desire OF men TO swap and the
or each TO give the other something
'or something else given in return, is all
there is In the celebrated law OF supply and
lenand Demand Is not mere want. II
Includes want, and the ability 10 gave some
hing for the thing wanted.
ms Is equivalent to saying that the de-
nand or one man is merely n proposition
% supply another, and II tie Thing prof
cred Is wanted by the other III preference
% some article which he has and which the
irst desires, there is a chance for a swap.
T the swap be consunnated, each party |
makes an effective demand" which is sup |
lied by the OTHER.
The goods produced by labor are rot |
necessarily material objects visible to the |
We. We may be sensible OF them only |
hrough the sense OF hearing, as when a |
niger or performer on n musical instru- |
lent produces vibrations In the air where
y the most profoundly peasurable emo
ions are excited in us This suggests also
hat some goods may be very transitory
nd still be valuable.
An artistic musician can purchase land.
he most permanent OF ali things, with
lere air vibrations The effect of the vi
rations depends on our capacity TO ap-