The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1898-04-08
STANDARDS OF VALUES.
Here II the Key by which to Unlock
the whole silver QueHtieR
Two Standards.


There Is a vast amount Of discussion
concerning the term standard Of val
ue." The term unit of value is used
for the first time in the United States
statutes Of 1873, when the gold dollar
was declared to be the unit Of value. -
Lawmakers are not always precise in
the use Of wordsi
1t is important that the reader should
fully grasp the following brief state
ment; it is the key unlocking the sill
yer question: We can measure the ex-
changcable value Of commodities either
by a silver unit or a gold unit, but there
is no possible way of keeping the ex-
changeable value of the unit itself fixed.
We may be precise as 10 its weight, its
fineness and its appearance, vet II can
not be a fixed standard as a yardstick
made Of metal is a legal standard OF
length at a certain temperature. The
eNchangeabIe value Of the unit itself
depends upon the supply and demand
of the metal out Of which the unit IS
made, providing there Is no restriction
in coinage We can note the temPera-
ture Of the metallic standard yard,
and have its exact length known at
that temperature, hence we have a
fixed standard of length at a certain
temperature. As for gold and silver,
we can regulate the demand for coin
age by statute law, but cannot regulate
the supply Of either metal, and we know
that the worlds annual supply in the
past 100 years has been exceedingly
variable and always beyond legal con-
troll. hence we cannot have a standard
made of either of these metals which
Is fixed and strictly analogous to
standard fixed like a yardsticll at a GER
tain temperature
We can have, and did have, two
standards Of payment in the United
States from 1892 to 1873. These were
our gold coins and our silver dollars.
and up 10 1873 our smaller silver coins.
By our statute laws, they were absO-
lutely equal, under our government, as
debt payers. Standard dollars for debt
paying were made of each, muItiples in
gold and single for silver, but these dol
lars were seldom exactly equal as dol
lars in exchange for commodities.
Either the one or the other was near
" always at premium, and those who
were well informed in such matters
often took advantage of the situation
and made profit by gathering in these
coins that were at a premium and re-
selling them for manufacturing or ex-
port. Hence, if by a standard we mean
something fixed in its own exchange
able value compared with commodities
whose demand and supply may have
been unchanged, we cannot use the
term standard of value without con
fusion of though. The dollar debts IN
der our former laws were paid by the
two standard coin dollars, perfectly re
gardless of the supply or demand Of
these dollars or the metals out Of which
| they were coined. When it was con
yenient, the debtor could always choose
the cheaper dollar 20 pay his debts.
| Hence, we had two standards Of pay
ment fixed by statue law, while it is
we'll known that from 1909, until the
/ discovery OF gold in California in 1S4s.
/ these two precious metals were annual
/ " increasing in scarcity and hence in
| eXchangeable value. These dollars,
! however. were fixed standards as to the
! payment Of debts, both were constant
I " approaching as measures Of value.
/ They performed two different fUnc-
tiOns! That eminent authority on the
/ history of metallic money, s Dana
l Horton, calls these dollars, as they were
/ in fact. not standards but 'instru-
ments Of valuation"
Anyone who may be under the false
/ impression that either gold or silver, or
/ both metals, when used together are
not subject to the law of supply and
demand. and hence fixed in exchanged
/ bic value, holds theory that cannot be
sustained. Bimetallists claim that the
fair use of the two metals, at the same
| time. as full legal tender money has a
| constant tendency to squalize their
| relative eNchangeable value. in other
words. IL has a constant tendency to
/ keep them more steady but not fixed,
as we know true standard should be.
| There can be no such thing as an un-
varying standard of value. Gold money
\ is sound money because its exchange
| able value is fixed by nature is the
/ false plea of those who see falling prices
/ but who cannot see that the standard.
/ gold, has become more valuable. Hence,
the reason why we oppose the adoption
/ of the gold standard IS because gold
/ has constantly increased in exchanged
/ he value since the commercial world
has partially discarded silver as a full
/ legal tender money. We hold that as
soon rs we treat silver fairly that the
Importance of gold rs an ''instru-
ment Of valuation Will decrease. We
| demand the full restoration Of silver
| payments, not only because the statute
law distinctly says our silver dollars
are legal tender for all coin obligations.
but because the equity of the case de-
mands il. Our example would give re-
lief TO the entire commercial world
I which has suffered so much from a per
niciOus fail in prices caused by the dis
caUding of silver for this purpose It
would tend to give fair prices and pros
/ perity to the mass of our people. How
unreasonable 1t is to falsely call per
sons repudiators Of Just debts. who
maintain that the gold standard is un-
stable and unjust, because IL is con
stantly increasing measure! We pro
II tcst.-Western Rural.
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