The Penn's Grove record., 1897-01-22
Value is EXHiNSiC, NOT Intrinsic
CAUSE OF LOW PRICES.

mer Times, who has been schooled il
lessons Of money by Wall Street, thinks
our idea of money is "whimsical, Wis
ionary, vicious and without any SUIT
foundation except in the imagination.
The Times is progressing in the stud!
Of money. A few months ago it bellev
ed that silver could not be restored to 4
parity with gold even if all the nations
should open the minis to silver. Nov
it thinks 1t might be done by strong ma
lions forming q big trust.
We would ask was there an interna'
tional agreement for 1900 years pre-
vious to 1873 when silver circulated a
a ratio established by the country pro
ducing the greatest amount or able tt
control the greatest amount OF bullion
Of either of the metals2 For proof thai
this was done see Encyclopedias Britain
MICA vol. %, page rs. Was there al
international agreement when the
mints we're closed against silver, il
England, Germany, France, India and
the United States? The closing oil
which lessened the demand for the
white metal and the price fell.
After quoting us where we said
money is a creature of law and the
stamp Of the Government, (uo matter
what it is on and a legal tender law
back of it the Times says, "The ~fallacy
of such a theory is that it does not adj
nit That money value is measured by
anything except a government stamp,
and a stamp cannon be measured by
any thing except intrinsic value OF a
promise direct or implied to pay an
intrinsic value, without such a meas
ure a government stamp is meaning
lers."
After reading Wall Streets Sound
Money circulars we held the same opin'
ion and have argued for hodrs in an OBJ
stinate manner against others we would
not believe, until their witnesses were
produced.
"Intrinsic value" and STANDARD OF
value" are the two legs which the gold
monometallists stand on We will put
witnesses on the stand to disprove there
Is intrinsic value in gold, and none
needed in money.
Gold is ductile-can be drawn into
threads. 1t is malleable-can be beaten
OR rolled into sheets or two Jumps beat
en- into one. 1t is yellow. These are
intrinsic qualities that can not be re-
moved. Value is ertrinsic and depends
upon the desire and need of it. That
desire and need come in the arts and
its use for money. The desire for
money equals the desire for all proper
ty and products on earth. But neither
a gold cup, watch, nor bullion is mon
ey. 1t is only metal either plain or en-
grayed and shaped. The stamp of the
sovereign government and the legal
tender law behind the gold with the
stamp on it gives it an unlimited de-
maud for paying debts. The propor-
tional amount of gold used for money
is estimated to be from 70 to go per
cent. and from 10 to 30 per cent in the
arts.
If all the nations on earth should de-
cree by law that gold should not he
used for putting a money stamp on 1t
the demand would lessen from 20 TO 80
per cent. aud the value of 1922 grains
Of pure gold in 81 would not bring ten
cents. If more nations go on a gold
standard and make more demand for
gold. This greater the purchasing
power of gold money becomes, as all
property and products are valued by
1t when all other currency is redeem-
able in it. The greater the purchasing
power the lower are prices. That is
the cause OF falling prices and business
depression in the gold standard coun.
tries to-day.
Prof. Perry in his political economy
in speaking of intrinsic value, says,
1.-THE epithet intrinsic is only used to
help out a lame theory, and no such
epithet is pertinent to the word value"
Prof. Jevons, an English economist
says, "There is no such thing as iu-
trinsic value" Prof. +. A. Walker,
the American economists says, "When
we speak of the value OF either gold or
silver we mean the power it has TO pur.
chase other acknowledgement in .ex'
change; price is the power TO purchase
money"
When the Elmer Times desires the
''intripsic" (purchasing) power Of sill
yer bullion to be raised to that of gold
he means he wishes the present low
prices and business depression all over
the world to continue to exist.
Rees' Encyclopedia says, 1.-THE in
trinsic value idea of money was the
idea in the days of crude barbarism. "
The Iowa Supreme court, Rep. 16, DAT,
says, 1.-The gold dollar is not a com.
modify having an intrinsic value, but
money is only a statuaIy value and
every dollar has the same value without
regard to the material. The gold dol
lar has not intrinsic value"
Judge Tiffany, in his Constitutional
Law" page 221 says, $50 coin money
and regulate its value as an act Of
sovereignty involves the right to deter
mine what shall be taken and received
as money; at what measure or price ii
shall be taken; and what shall be its ef'
feet when passed or rendered in pay
ment or satisfaction of legal obligations
Government, a give to its stamp up
on leather the SAME MONEY VALUE al
If put upon gold or silver or any othel