The independent., 1903-03-26


Taxing Power" have now an oppor-
tunity of seeing wherein and how far
he differs from the many writer's on
the subject. He is not in accord with
the Marxist school who regard value
as intrinsic and the result of human
energy expended in overcoming the
adverse forces of nature-in other
words, that the value of a given COM
modify Is Identical with its average
cost of reproduction. He is not in.
accord with the Henry George school
who, holding that value causes ex-
changeability-and not exchangeabil-
lity causes value also lean to the in
trinsic fallacy. He, is not In accord
with the mathematical school VINO
hold value to be numerical relation,
nor with those who call 1t human
estimation"
With Captain Ashby value in the
abstract is nothing more than the
pull of the force of demand, just as
weight in the abstract is nothing more
than the pull of the force of gravity.
Specifically the value of particular
commodity is an estimation of the
quantity, amount or intensity of the
force of demand acting upon that
commodity at given time and place,
just as the weight of a particular por-
tion of matter is measured quantity
or amount of the force of gravity act
ing upon that portion of matter at a
given time and place. There is nu-
merical relation, of course. in both
cases. There is human estimation in
both. But human estimation is moi
the pull of gravity; neither is nu-
merical relation that pull.
Alexander Del Mar, In his excellent
work, "The Science of Money" Cam
bridge Encyclopedia Co., New York;
has this to say:
I'm other words, value, though
difficult to define, is not immeas-
urable. In this respect it resem-
bles time space. gravity, and the
other primordial conditions or re-
lations of matter. The human
measure each of time of space, of
gravity. is an arbitrary standard,
adopted by human law; and SO
mllst be the measure Of value"
Captain Ashby shows the distinc-
tion thus: There must in every case
be device for expressing quantity,
and there may or may not be physi-
cal appliance for measuring. In the
case of time, the earth itself serves
rs the appliance; but the word day"
| is the device for expressing duration.
In the case of extension, fixed guam
ltity of space is chosen as the unit and
a name given it; the yardstick, for ex-
ample, is one of the appliances. In
the case Of weight. liked quantity of
! the pull of the force of gravity is
chosen as the unit and name adopted
, by which to express Or utter it; the
appliances are the balance and modi-
fications.
! But in the case of value, there is no
physical appliance; and herein the re-
lation differs from all others. In this
country fixed quantity of the force
of demand has been chosen as the unit
and given the name dollar. This is
the standard of money, just as
pound is the standard of weight, or
yard" is the standard of length. Con-
gress is empowered to coin money.
A coin, however, is not a physical
appliance for measuring the force of
demand. 1t is the only commodity
witch will legally satisfy tax levy
or judgment of court. Such is it's
legal function. In the markets it must
exchange as other commodities are
exchanged. The quantity of the force
OF demand acting upon it must be es-
timated and compared with the quan-
tity acting. upon some other commod-
ity. Herein lies the numerical rela-
ton and the human estimation. For
example, coin known as a "siIver
dollar will exchange for a bushel of
wheat. The numerical, ratio is III:
not one of malleability to one of
starch; not one to one in weight or
bulk. What then? Simply one to one
as to the quantity of the force of de-
mand acting upon each at the given
time and place.
The human estimation is similarly
not a comparison of unlike qualities
OF the two objects, an examination
with the view of discovering differ
ences, but rather to discover the in
tensity of the force of demand acting
1Don each of the two and so compare.
There is no physical appliance to as
sist in this discovery; it must be ascer-