The independent., 1903-03-26
Intrinsic Value

Editor Independent: AS you are
chiefly interested in Captain Ashby's
5demolishment of intrinsic value"
please tell me what did the captain
demolish? Was it that quality gem
orally referred to and defined as in
trinsic value," or the application Of
the term value? | thought l was right
when | assumed this definition. In
trinsic value" is the inherent prin-
ciple of usefulness. | gave for illus
tration, this, in wheat there is the
bread-producing life-sustaining quail
ity, intrinsic value" which is just
As much as 25. cents as at $40 per
bushel The commercial value cuts no
figure. If intrinsic value is demol-
ished, where am | at? Help! Please
be kind to give us light and obliga
ISAAC HIGH.
Janesyiiie, La.
(If people generally would think OF
the inherent principle of usefulness
when the term intrinsic value" is
used, there could be no valid objection
to it's use; but unfortunately they do
not. Republicans taught and be-
lieved that a ten-dollar gold piece is
worth $40, because the gold has IN
trinsic value" to the extent of $40.
In 1896 they even went to the extent
of affirming that the discovery OF a
mountain of gold would have not the
slightest effect upon the value of
gold, because of the intrinsic. char
acter of its value. OF course, they
have changed their. tune now and
point with pride to the great increase
in the supply and circulation OF
money. *.
Usefulness is ''the quality or state
of being useful" Utility is defined
in the same words. The former, hav-
ing an Anglo-Saxon prefix, is used
chiefly of things in the concrete; the
latter is from the Latin and is en-
ployed more in a general or abstract
sense, we are told by Webster. Hence,
we speak OF the, utility of an inven-
tion and the usefulness" of the thing
invented. sT#
In political economy the term ''util-
ity" is used to mean adaptation to
satisfy the desires or wants of men"
and Webster gives for its second def
milton, Intrinsic value" He also
quotes from F. A. Walker that "val-
ue in use (intrinsic value) is utility,
and nothing else, and in political econ
omy should be called by that name
and no other
It being evident that what Mr.. High
calls the commercial value of wheat
is wholly extrinsic, because it can IN
crease or decrease hourly without the
slightest change in the DEMONSTRATING
quality Of the wheat, why should we
persist in talking about intrinsic
value when there are at least two oth-
er words that express the idea more
clearly? That which is intrinsic is the
result of mans efforts to overcome
the adverse forces of nature, by chang
ing the form or location. That which
is extrinsic is the result Of mans ef-
forts to overcome the adverse posses
sion of some other man. And the s'in-
trinsic value" which The Independent
is interested in seeing Captain Ash
by demolish, is that confusion Of
thought which attributes all sorts and
conditions of. value" to mans strug-
gle with nature, and ignores the in
stitution of private property and his
struggle with his fellow men for pos
session of it as the only factor causing
the phenomenon Mr.. High calls com
mercial value
Mr. High need not be alarmed. His
wheat will still have the inherent
principle of usefulness" long after peo-
pie have. ceased to speak Of intrinsic
value" because they can make them
selves better understood by saying
utility" or usefulness. Associate
Editor.) 7%~ r~. .n -.