The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-09-13
FIXED UNIT OF VALUE.
Suggestion That 1t Be the Average
Worth of Commodities.

To the Editor of the Globe
. l read with satisfaction your article entitled
THE Multiple Standard" AS | cannot &C.
cept the tenetS of the faithful who believe in
the single gold standard, and cannot swallow
greenbackism, nor yet am able to see in silver
a panacea for our financial Ills, l have been
without q home among the regular political
organizations.
A number of your recent editorials set
forth a line of reasoning with which | am in
full accord. 1t seems singular that while civ
ilized people have taken the utmost precau-
ton with their units of measure, as the yard
or meter, to prevent change of length, they
have neglected to provide for stable unit
of value.
A varying unit of weight would be intol-
cradle. If one should have by weight today,
for illustration, 1000 bushels of wheat, and
should contract to deliver 1000 bushels one
year from date and in the meantime the
pound unit should increase in weight one
third. ii is quite plain that ones Obligation
could not be lquidated with the wheat on
hand This is so apparent that the very
greatest care is taken to maintain an un-
changeable unit of weight. Yet nothing has
been done to provide for stable value unit
although 1t would not be matter OF great
difficulty.
which I would like to see discussed: our
money unit is the dollar, consisting OF 23.22
grains of gold with 10 per cent alloy. The
value of this dollar depends upon the value
of %. % grains of gold, and will buy more or
less, as gold varies in value. AT the presens
money is affected by any change In the sup
ply or demand of gold. If through recent
discoveries in Alaska and elsewhere there
should be unparalleled additions to the world S
stock of gold, it's value would fall, and every
money obligation could be liquidated with a
less amount of goods. On. the other nan9'
should more nations adopt the gola standaIu'
our supply not increasing proportlonateiy,
there would be universal fall IN the price
of goods inversely as the value or gold rises.
This would make 1t harder for the oeDtor
%loir
apparent that any change in the value OF 80
grains of gold affects every dollar IN exist.
ence and further reaches every aSreelneH
where dollars are considered: ~ Is p leIise ef
as any change in the pound weight Moulu al
| feet everything based ON pounos. Inc pusi,
! ness public does not care to speculate IN eolu
| any more than it does In wheat, anu s tn
| every deferred payment every agreement III
| terms of money, is no more nor less than a
| speculation in gold -. or,
There is nothing in the nature of gold more
| than in iron silver or copper that especlalit
| Ate # as an inyariable unit of value. unit
| is basis from which to make computations
No accurate computation can De Hiaue iloli
! a changing unit The field OF poiltlcal econ
| omy has to do with value. How can we COM
pute values on a changing unit of value? NO
where is there certainty. Every CALCULATION
depends on the value of an unknown quantity.
| Now as no commodity on the face or the
| Garth or under it. is free from fluctuations,
| or. in the nature of things, can be free, 1t Is
| not wisdom to try to measure Values Dy any
one alone. The closest we can get 10 an exaC !
| unit is one based on the average value OF all
! commodities We can easily change our pres
emit money system to do this. AS 1922 grains
| of gold today determines the value OF 81, let
! its value today be taken as the permanent
! unit
For instance, suppose that 81 at the present
| time will buy the following commodities:
| One bushel of wheat,
Six bushels of oats,
| Two ounces CT silver,
Twenty pounds of lard
| commodities whose values are easily obtained.
This, then, is the value of 81 today To pro-
vide stability of value we must have dollar
that will on the average, buy these same