The independent., 1903-04-09
CHAPTER XIV.
All Rights Reserved.

The authorities have taught, and
the world believes, that when any
commodity is quoted in a market
report as being of the price" of
1910" it's price" is an eagle"
whereas its price is not q commodity
called Coin and named an "eagle,"
but is ten "units of value" in the abb
stract, symbolized by the term
adopted to stand for that unit; and
the numerals 40" show the unit pre-
sent that number of times.
The price of that commodity is not
an eagle or any other physical object;
but the price of both the eagle and
the commodity is the formula ten
dollars" The price of the supposed
commodity is the mode of expressing
the result of the estimation of the in
tensity of the force OF demand for that
commodity on the market; while the
price of the eagle is fixed by statute
and stamped upon it's face, where 1t
stands expressed also by the legal
symbol, "ten dollars"
1t is the symbol and the numerals,
constituting the money" Of this
country, which expresses the valua-
ton of things-and not a coin which
does this; and that valuation, whether
made by the mental estimate of men
upon the market, or fixed by statute
and stamped upon the face of coin,
is always "price."
Because commodity is valued at
"ten dollars 1t will exchange for a
coin Of that price; but it will as free
ly exchange for any other thing OF
that price. "Coin" is not the price
of anything, any more than is any
other commodity. But as every coin
has it's price stamped upon it, any
commodity valued at the same price
as that coin, is It's exchange equiva-
lent. But it is not the coin which is
the price of the commodity. Price of
both the coin and the other commod-
ity are expressed by the symbol and
numerals.
This erroneous doctrine that coin
by some magical power facilitates
exchanges" has been taught so long
and is so fixed in the minds of men
that it is difficult to eradicate it. This
must be the excuse for dwelling here
so long. The following illustration it
is hoped will be SO convincing that no
one who studies it will ever again be
deluded into the false notion that
coin facilitates exchanges" or can
play any peculiar part in exchanges,
except as a commodity in exchange
itself, subject to the same difficulties
of exchange as any other commodity,
save only that it carries its price"
stamped upon its face, is divided into
a number of convenient pieces, and is
in most urgent and universal demand
for a tatutory use.
Take this market report and analyze
it.:
Wheat .................. .9O.oo 20
Corn Observation-Disclosures. O.l3 Id
Such a market report would mean
nothing to a savage or to foreigner
unacquainted with our system of mon
ey. But to grain dealer it means
many things not fully expressed. 1t
assumes that whoever reads it knows
that quantity of wheat and corn is
expressed in this country by the word
"bushel; that it is to this quantity of
wheat and corn the report refers, al
though it does not appear on the face
of the report The quantity of wheat
and corn is not expressed, but is un-
derstood. The quantity or degree OF
intensity of the force of demand for
one bushel of wheat is estimated. or
appraised, Or valued" to be of that
degree of intensity or quantity which
| is expressed by our symbol as
SJ.66 2-3. 1t might be expressed in
lother ways as
So 2 Dollars