The representative., 1901-04-25

Rather as text than a criticism l
quote an excerpt from Mr.. C. B. Maben's
article in the Representative of April
14s' 1901, in which he says:
but wisA to be understood as adyo-
eating a safes sound and flexible cur
rency, one that has stable value and
WIFI pass anywhers at face value without
question.
Treasury notes, full legal tender,
unlimited Quantities, will not answer
the purpose. We must go further; the
notes must be secured by something of
comparatively stable value, or else re-
deemable in something of well-known
value"
Mr.. Maben's position could be made
much clearer If he would give us def
milton of value" Value is an idea
which can only be understood relative
ly, 1t largely exists in the mental esti-
mate we have of many things A fur
robe would mount high in intrinsic
value to an Eskimo: to the South Sea
islander it would be without value In
trinsic value surely means something
that contains useful properties that in
themselves are indispensable as food,
clothing and shelter for man and the
domestic animals Asthetic value may
be defined as articles which are not in
dispensible for our comfort, articles
which we could dispense with without
any physical discomfort; amongst arti-
cles OF this class we may list pearls,
rubies, sapphires. opals, emeralds and, to
a large extent, diamonds, including gold
and silver When diamonds are used as
drills; when gold and silver are used
In aid Of science or in the arts, then the
metals have intrinsic value, but the
purely arbitrary value Of fiat, impressed
upon the coin, does not confer intrinsic
value upon the metal.
Money is really an evidence of debt
instead Of being intrinsically valuable.
The final redemption of money is when
the United States government receives
the coin in payment of taxes.
mountain of gold would be without
value to shipwrecked mariner on a
resert island; a bushel of wheat would
be beyond price. The price Of gold is
established by law. Demonetize gold
the world over; let it stand on it's own
merits for industrial uses, and it would
Immediately decline in price; remonetize
silver and Immediately up would rise
silver. The advocacy of silver, as l
understand the question, is not that it
is better or more useful metal than
gold, but that it's reconciliation would
broaden the base of redemption money,
and by doubling the quantity of basic
money would thereby increase the value
OF realty, commodities and wages, be-
sides making it more difficult to create
a panic and render speculation in coin
an uphill business for Wall street. Gold
is based upon land, labor commodities
and interest, therefore land, labor and
commodities should be made the final
money redemption. Practically it is al
ready so.
Mr.. Maben wants a safe, sound and
flexible currency | should value such
a system highly, and should be pleased
If Mr.. Maben can show how such a cur
rency can be had, based upon gold alone
l am glad that the columns of the
Representative are open to all comers
Even the Republicans and Democrats
should be permitted to air their prin-
cipes in your columns within reason
able limits. We need have no fear as to
the result, as long as we stick to FIAT,
1rredeemable paper money.
For our platform in 1904 give us
single plank-the initiative and refer
endum. Direct legislation will disrupt
the old parties
EDWIN d. cox.
Marquette, Mich