The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1900-10-26

Geld Monometaflism Rests On False
Theory Of Money ~ = Meas
are Of value.

The sophlstlcal argument that "
be q measure of value, money itself
must possess value" was mercilessly |
exposed, says a writer In the National
Waterman, by Ricardo, MacCulloch
and other economists of the last CEN
tury. but we venture to think by none
more convincingly than by Alexander
Del Mar. in his Science OF Money"
Mr.. Del Mar writes as follows (chapter
9, ON Money and Other Measures"): |
"A money is used to determine a nu-
nerical relation between itself and all
other things, including other moneys,
Contrariwise, yard
stick is used to determine numerical
relation between itself and one other
thing at time. The former is com
plex measure; the latter a initial O.:
simple measure. Money cannot meas
ure one thing without at the same time
measuring all things; yardstick may
measure one thing without measuring
any other. The length of one object
does not depend upon the length OF
other objects; the price OF one object
does depend upon the price Of other
objects
Money is used to determine kinetic
and variable relation; other measures
to determine a statical and fixed one.
Value varies with time and place; it
also varies with the frequency of ex-
changes in time. Hence value is vari-
able relation, and it is this variable
relation which money has to deter
mine; whilst that which a yardstick
determines is an invariable and fixed
relation. The determination of yard
stick will last forever, whilst deter
mination of money in price is only
valid for given time and place.
"A measure of value can only be use
full in the social state; q measure OF
length may be useful in the isolated
state. This arises from the fact that
length is an inherent and intrinsic at
tribute of matter; it is inseparably
connected with it, and has no tendency
to vary; whilst value is extrinsic and
relative. and continually tends to vary.
Length can be determined by COMPARE
son; while value can only be definitely
measured by sale or exchange.
"From the social function of money
arises it's relation to intellect and
equity. There can be no such thing
a. an equitable or inequitable length;
there may be an equitable and inequit-
able price. Length does not vary with
the intellectual attachments, the
knowledge. information, opportunities,
virtues, and power of men; value does.
When these advantages and attributes
are unequal, the determination of value
by means of money cannot be equitable;
one party is certain to obtain an un-
due advantage over the other. When
they are equal, value becomes an equit-
able relation. Whether the determina-
ton of value be equitable or inequit-
able, its measure should be constant;
for in the case of an otherwise equit-
able exchange an inconstant measure
will make it inequitable; and in the
case of an inequitable one an incon-
slant measure will only add one in
equity to another, as is the case now
with all exchanges.
Length and every other attribute Of
matter which is susceptible OF numer-
! zeal expression varies directly with
numbers. Value is numerical relation
which varies inversely with numbers.
Hence two yardsticks cannot at the
same time and collectively measure
one relation of length; while two
moneys may at the same time, that
is to say collectively, measure one re-
lation of value. Two moneys used
collectively become instantly merged
into one another. and thus become one
money; two yardsticks cannot be
merged into one another. They cannot
be made one. They will always remain
two. Therefore they cannot be used
collectively to perform the same Of
fee; as two moneys can.
"The most important difference be-
tween money and other measures
arises from the fact that the latter are
only used for comparison, while the
former is used for exchange. Wher
cloth is measured by means of yard
stick. the latter is not given in ex
change for the cloth. When cloth Il
measured by means of money, one /.
exchanged for the other. The whole
principle OF the measurement is differ
ent. In using the yardstick. the clotf
is not measured by some unlike sub
stance. but by an attribute OF itself. Ii
using money for valuing cloth, TIT
cloth is measured against all othel
commodities. Now, what attribute o
money is it that measures the relation
of cloth to all other commodities and Il
all kinds Of services? Is il cost of pro
duction? Clearly not, because expert
ment has proved that overvalued coins
rredeemable paper notes. or even
ixed sum Of credits, are capable of cor
recting measuring value. Is il effort
For the same reason. no. Paper none.
which costs but little effort to produc
will measure value as accurately a
hat gold for which we labor so siren
uously and commit SO many crimes. j
IL numbers, and numbers only. Their
Is no natural common denominato
| for the yaried seryices and commoditie