The independent., 1903-04-16
CHAPTER XVI.
All Rights Reserved.


expressed Tin the money term may
be exchanged for anything of Identical
price whether that thing be coin
or any other commodity of the same
price.
II the force of demand for 1000
pounds of wheat and for 5000 pounds
of corn be of equal intensity, and the
valuation" OF that force be ex-
pressed by the formula Si6, then
their price" is identical and they are
the exchange equivalent of each 9TH
er; but they are not the price OF
each other. Two hundred and thirty
two grains of fine gold, coined at our
mint, has the same price, ten dol
lars" stamped upon it, and it is like
wise the exchange equivalent of those
commodities; but that coin is no more
the price" Of 1000 pounds of wheat
than is the 5000 pounds of corn,
which bears the same price. Coin is
a commodity in exchanges; and when
the price of wheat or corn is expressed
it no more implies coin" of like
price than 1t does any other commod-
ity OF like price.
So absurd, when once analyZed, is
the proposition that piece of metal
could perform the function ascribed
to it, that having attributed that nom
sense TO the Authorities" it seems
proper to prove that they have not
been misrepresented. Having charged
them with teaching such ridiculous
ly absurdity, it seems proper to forti-
fy SO grave a charge by unassailabe
proof. Here is the testimony:
The British Encyclopedia, summing
up the conclusions reached by the au-
thorities, and accepted as the settled.
doctrine, quotes Prof. Jevons as voic-
ing the conclusions reached, and this
is what that eminent authority says:
In state of barter, the price-cur-
rent list would be most complicated
document; for each commodity would
have TO be quoted in terms Of every
other commodity or complicated rule
of-three sums become necessary.
All such trouble is avoided if any one
commodity be chosen and its ratio of
exchange, with each other commodity,
be quoted. Knowing how much corn
Is bought for pound of silver and
also how much fax, for the same
quantity OF silver, we learn, without
further trouble, how much corn ex-
changes for SO much flax. The chosen
commodity becomes common denom-
inator, or common measure of value,
in terms of which we estimate the
value of all goods SO that their val
no In ,f
parison, Without some common
commodity as standard of compari-
son, this would be almost impossible.
... The adoption of some one COM
modify, renders the comparison of val
ue5 easy"
Now, whoever has { ollowed the
course of the foregoing investigation,
must he astounded at the stately non
sense thus coolly set forth by this
professor, as constituting the deliv-
erance of science. The whole ques.
tion is simply a collection of words
that constitute incoherent nonsense.
Prof. Jeyons seems to have been
impressed with the paramount i'm
portance Of avoiding what he calls
trouble" He twice refers to this
matter of trouble" in the short quo
tation made. 1t IS evident that he
took his own advice and avoided "all
such trouble" as is required to delve
into the depths of this matter and
discover and declare the truth.
1t seems incredible that a man pre-.
tending to scientific training and at
tainments, could have deliberately
written that ''the chosen commodity
becomes common denominator or
common measure Of value, in terms of
which we estimate the value of all
goods and that without some COM
mon commodity, as standard of COM
parison, this would be almost impos-
sible." First OF all, observe that "es-
Inmates" are not made "in terms" of
anything; estimates are made with
the mind and expressed in a term pro-
vided for that purpose, after they
have been made and cannot be ex-
pressed in another commodity.
How can anybody, with even small!
intellectual training, be stupid enough
to pretend to believe that COM
modify may be a common denomi-
nator?" A common denominator" is
a common name" Did this man
who thus "darkens counsel ever pass
through addition OF simple fractions
in school arithmetic? If he did,
r.NI l. o-us 49,