The independent., 1903-12-03
FUNDS AND THEIR USES"

FUNDS AND THEIR USES.
The University of Pennsylvania,
with its environment of Quay, the
Pennsylvania Central, Divine Right"
Baer, ct al, is keeping the printing
presses busy turning out books on po-
| litical economy intended to "pervert
the egoism'' of the producing mil
lions. One Of these is entitled
Funds and Their Uses," by Frederick
A. Cleveland, Ph. D. (Appleton, 1902,
and is really valuable book aside
from the occasional passages which
are purposely intended to confuse the
seeker after knowledge regarding
money.
"The central idea Of the American
money system" says Prof. Cleveland,
lis the dollar What Is dollar?
This question has been the subject OF
volumes Of discussion. The answer to
the question has become involved in
wilderness of theory-lOst in maze
OF abstractions-as as result of which
the reader is led to believe that there
is great difficulty In understanding
/ just what dollar is. Fortunately we
! do not have to read all this litera-
ture and wrestle with all the hyp-
othetical problems propounded.< The
whole matter is settled by one sec
ton of the United States statutes.
The act Of February IL, 1873 (Sec. 14)
establishes '25.8 grains of gold 800
1000 fine (or 1882 grains OF fine gold),
which bears the required stamp and
| impress. The statute says that this
| Is a dollar-not that 1t resembles a
dollar, or that, for the purposes of
| discussion, it may be considered
| dollar, but that it IS a dollar. Fur
thermore, the statute again avoids all
/ controversy about how much dollar
is worth; it simply says that the Sol-
/ lar (the printed piece Of gold con-
tanning 25.8 grains of gold 900-1O00
| fine) shall be the unit OF value
in our money system.
That ought to be materialistic
enough to suit the rankest Marxist.
First dollar" is an "idea"-a cen
tral idea of the American money sys-
tenn" Second dollar" is 25.8
grains of gold. Gold is material sub
stance; therefore. an idea" is q ma
terial substance.
A All honor to the congress which
enacted the act of February II. 1873!
Some unfeeling wretches have allud-
ed to it as the "crime Of 49," but they
know not what they said. That won
derful act cut off all discussion and
rendered worthless those volumes OF
discussion attempting to answer the
question, What Is dollar?
But why did congress stop there
Why did not it enact that "the yard
is a piece of wood 36 inches long
and thus cut off all future discussion
regarding linear extension in space
Why did not it enact that "the hour
is that space over which the shortest
hand Of the clock travels between any
two of the numerals?" Why did not
it enact that "the pound is piece
of brass 16 ounces heavy?"
OF course, Prof. Cleveland purpose
ly confuses money" with Coin
because we should hardly expect a
Phi. d. to be so ignorant as to believe
the rot he has written. He certainly
knows that pound" is a quantity
of the force of gravity, chosen by
authority to be the unit of weight
and that a pound-weight may be made
of any convenient substance upon
which the intensity of the force Of
gravity in action is exactly equal to
the "unit" chosen. lie knows that 9
yard" is chosen quantity of lin
ear extension in space; but that Q
| yard-stick may be made Of any con.
| venient substance having linear ex'
tension exactly equal to the unit.
Indeed. it Is possible to construct ar
| appliance for measuring yards" BY
setting pins at the required distance
apart.
Dollar" the name OF the unit
In our monetary system. Is simply {
term by which to express or utter thu
: quantity or intensity OF the force o
i, demand chosen by authority as tn,
= "unlt." But dollar" IL also the nam,
s given to certain coins. Confusion o
the two uses OF the name dollar,
leads to the absurdty that piece o
" gold is the unit OF value" because
2 II that be trne. then ALL gold Is ALI
4 value. or gold itself II value.