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THE WEALTH MAKERS
May HO, 1895 THAT "MEASURE OF VALUE." It tiotm Not Coaslat nf Anr Commodity bat 1 the lrrlbl, ImmutliU riggra 1. In the Chicago Times-Herald of May 15 Prof. J. Lawrence Laujrhlin write as follows: "Besides the use of money as a me dium of exchange, money is necessarily used as a means of comparing the val ues of Tarious goods. This function is & very simple one. One article is com pared with money and its value rela tively to money is its price. Another article is compared with money, and its price, thus obtained, enables ns to see at once how the two articles com pare with each other in value. A's horse is in value equal to the grains of gold in $200, and B's wagon is like wise equal in value to 200 gold dollars. Hence we know that A's horse and B's wagon will exchange even for each other. No exchange may result from this comparison, money not being used as a medium of exchange. "In the use of money as a measure of value commodities are referred to a common article. It is like reducing fractions to a common denominator before we can compare their relative value. A certain qantity of some ar ticle, like gold or silver, is taken as a means of comparison. Thus,23.2 grains of gold or 371)' grains of silver may be taken. This is a unit of value in a monetary system, to be called by any name for convenienca The value in the unit resides in the value of the ma terial in which the unit is expressed. The number of times wheat will buy 23.3 grains of gold is the number of units of gold the wheat will exchange for. The essential thing is that the unit must itself have value. With ns the name given to 23.2 grains of gold or 371 grains of silver is a dollar. "In connection with the function of money as a common measure, the real ly important and exceedingly serious requirements is that it should not change nor fluctuate rapidly. If the quart cup gets to growing small the customers cry out; if it! grows larger the milkman complains. So if money, of itself, begins to change much, then on one side or the other complaint will arise. So the whole problem about money as a measure of value is to get something having stability, or as much stability as a mere commodity can have. But of this we may have something to say again." Note that the professor says that "the essential thing is that the unit must itself have value." Not only is that not "the essential thing," but the prevalence of this basic idea of the commodity money fallacy is the cause of most of the misery and Buffering of past ages. The superstitious idea that the money unit must be a set and certain amount of valuable commodity is the basic fallacy or corner stone upon which the "'money power" is rapidly I erecting the temple of industrial serf dom. The substitution of the term "meas ure of value" for the term "unit of ac count," and the legal enactment that some certain quantity of some rare metal shall constitute the measure of value, are the potent instrumentalities through which the Shylocks of the world enslave the toiling masses of humanity. Very few of our own citizens know, and none (except bankers) care, how much metal constitutes a standard unit They simply use tho dollar as a counter or numerator, and, comparing one with the other, say a horse is worth 100 units, and a cow 25 units, which en ables a man who wishes to turn a horse into four cows to sell the horse for counters to a man who wants a horse, but has no cows, and then give the counters for four cows to 'a man .who has them but does not want a horse. Neither of them would want gold or silver, except to exchange for a horse or cows. Money is a legalized system of com paring and differentiating values, by and through the medium of material ized counters. Money coins, or bills, are the material embodiments of the ideal, abstract, invariable and immut able natural unit of account the figure 1 with its decimals and multiples. Money has, or should have, no "actual value," its value being legal and arbi trary, consisting partly of the power to count and differentiate (real) values, but chiefly in the promise of the peo ple, severally and collectively, to re ceive it in settlement of all debts, pub lic and private; such promise being crystallized into law by legal-tender acts. Articles or commodities, of real or actual value, are differentiated in value, not by comparison with the value, but with the numeral de nomination of money. A certain range, or schedule, of arti cles are all, each of them worth as much as the other, i. e., each of equal value. These articles or com modities are each worth a unit, or basis value the figure 1 called by us one dollar in England, one pound in France, one franc in India, one rupee. The multiples of such units represent the number of units, or basis values, , an article is worth; and thus money is but a measure of comparison by which we differentiate the comparative value of several commodities, in which, and not in the money, the value inheres. It is only in settling international (for eign) balances that the value of the metal is taken cognizance of, and then by weight, at its commercial value, Mr. A. P. Hepburn, late comptroller of the currency, concedes this fact in nis report lor its'.rj, ana at the same time utterly demolishes Mr. Cleveland's fad "money universally recognized by all civilized countries." Mr. Hepburn says: "Our interna' tional banking and commercial trans actions are settled upon a system of balances through a few leading banks and banking houses that deal in for eign exchange. When the exchange market affords no bill of exchange to be remitted, gold is shipped to settle the balance of trade existing against, such nation, and when so shipped, whether bars or coin, it goes simply as commodity, at its market value, pre cisely like merchandise." International balances, thus settled, are but infinitessimal fractions of the aggregate International exchanges. But lie they large or small, the people'i government has nothing whatever to do with their settlement. Trade bal ances are owed by individuals, and not by governments, and if they must be settled with gold, should be settled with gold bullion which has not been coined and entered into the volume of our circulating medium. To argue that a nation's money must be composed of, or based upon, gold coin, because of the possibility of having an adverse balance of trade to pay, amounting to a few million dollars, is the climax of absurdity, and renders the volume of money dependent upon the state of the balance of trade. We never can tell just what gold and silver are really worth until we cease to use them as money and allow their relative values, as compared to other commodities, to be differentiated and expressed in terms of abstract and ideal monetary units, or value denominators. The value is in the commodities exchanged, and not in the money through and by the medium of which they are ex changed. Instead of an international monetary conference to settle the status of silver, we had much better agree upon a uni form, international paper money, which shall conform to the universal ideal "money of account" The United States dollar should not wear the badge of servitude to the money power: "On demand, the United States promises to pay," but rather should the inscription read: "We, the people of the United States, severally and collectively promise to receive this bill, at its denominational value, in pay ment of all debts, public and private." A promise to receive, on the part of the whole people, is the es sence of legal tender. Legal tender if the statutory enactment of a national promise to receive. Securely based upon the people's promise to receive, as individuals, for labor and commodi ties; as a community, for taxes and dues; this money would freely circu late as a medium of exchange, and none would care to inquire if it pos sessed, of itself, any commercial value, or if it was redeemable in gold or silver coin. Prof. La u ghl in conceded this fact on May 14, when he said: "The case is precisely the same with money and goods.' Money is only the machinery by which goods are ex chanced aeainst one another. It is only a means to an end. It bears the same resemblance to goods that a rail way or a bridge does. Increasing the amount of money does not increase the quantity of goods anyone owns. Money, no matter how valuable it may be, is not wanted for its own sake, but for what it will buy. We do not eat nor drink nor keep the money itself. It is the very thing that earns nothing so long as we hold it It is a means to an end, or, like a bridge, a means of getting goods from one shore of a river to another." Prof. Laughlin, in the foregoing paragraph, utterly demolishes the pet fallacies of the metallists' "intrinsic value," "specie basis," and "money of ultimate redemption." The phrase "money of ultimate re demption" is the utterance of financial lunacy Money, in its simplest analy sis, is a certificate that the holder thereof has performed certain services for, or parted with certain commodi ties to, the community, severally or collectively, and that the community, severally or collectively, owes him a .like value in return Each time such money changes hands it has been redeemed by the community, severally. When it is re ceived by the community, through its national, state and county govern ments, in payment of taxes, it has been redeemed by the community, col lectively. The total volume of money in circulation is annually redeemed twice, or more than twice, by being received for taxes. I have used this identical language before and I may use it again. In the apprehension and practical application of these truths lies the road to true monetary re form, hence they should continually be held in view, fet ns hew to the line and never mind where the chips fall. Geokge C. Ward. GUNTON VS. GUNTON. The Editor of the Social Economist Anal hllittes Himself In Joint Debate. THE AFFIRMATIVE. The central idea behind the bimetal list theory is that value of the precious metals when coined is governed by a different principle than when in bul lion. Statute law, making a certain num ber of grains a monetary unit of spe cific debt paying power, is assumed to suspend the operation of economic law in relation to the value of coin. This is an unsustained assumption. It has no basis in fact or logic. Coins are commodities nothing but commodities. The fact that precious metals are used for money exercises no influence upon their value except as it constitutes a permanent part of the demand for the metals. In this it ex ercises exactly the same influence, neither more nor less, than the same demand for the same metals would for use in the arts. The idea that statute law can impart to precious metals or any other commodity a permanent value as compared with other commod itiesa value materially different from that possessed by the metal of which it is made or that the value of the coined metal will be more stable than that of the bullion of which it is made, is an unadulterated myth. Statute law never had any such power. It may determine that a specific quantity of a given article, say grains of gold or silver, shall constitute the monetary unit and have the debt-power of a dol- lar, a pound, franc, thaler or yen; but it can exercise absolutely no influence over the extent of that debt-pay ing power; that it is to say, the ratio in which it will ex change for other commodities. In other words, statute law can never make the gold dollar, the gold sove eitrn or anv other money unit nave 8 perceptibly greater purchasing or ex change power than has the bullion of which it is made. This has been tried a great many times, bnt it has never once succeeded, even under such arbitrary monarchs as Henry VIIL The melting pot was al ways stronger than the statute law. This idea is a belated remnant of the period of legal omnipotence, when re ligious truth as well as economic prices were determined by legislation, The time has passed for discussion of the subject upon any other than inductive economic grounds. There is only one general economic law of value, and that law governs the value of gold and silver, coined and uncoined, in the same way as it governs the price of wheat, of iron or any other commodity. THE NEGATIVE. Now the question for bimetallists to answer is, what, under these circum stances, would be the effect of the free coinage of silver in a single country or in all countries? Gold monometallists declare that if it were adopted in this country it would immediately put the United States on a silver basis, and some go so far as to insist that it would do so even if a number of countries united in adopting the free coinage of silver. Whether this would or would not be the effect, would depend entire ly upon whether the dearer metal, gold, was rendered unnecessary to the currency and driven out of circulation, and that would depend upon whether enough silver was supplied to fill the entire demand for coin circulation. Bi metallists insist that this would be ob viated by the fact that free coinage of silver would at once send the price up to a level with gold. Monometallists often make themselves ridiculous by flatly denying this statement. Thus the New York Sun of April 18, editorially says: "The idea of opening the mints of the world to silver would cause its value to take a great jump upward is one of the delusions that must be eliminated from the discussion of the question." In this instance it is the writer of that article who needs to be undeceived. It needs only a mo ment's reflection to see that if all gov ernments, or that if any one govern ment, should agree to take all the sil ver that was presented and make 371 grains into full legal tender dollars equal to gold dollars, the price of all the silver in the world would immedi ately rise to that level, which would be $1.29 an ounce. It would rise to that level for the simple reason that nobody would be fool enough to sell his silver for less than $1.29 when there was a party standing ready to give that price for all he would bring. On that point the Sun is entirely wrong and the bimetallists entirely right; the price of silver would imme diately jump up to $1.29 an ounce. But what will happen when silver does thus rise, is the question. It is obvious that the first effect of such a rise in silver would be greatly to increase the supply of silver. Nor is there anything peculiar in this; 40 or 50 per cent profit would multiply the supply of any product capable of production. This increased production would lead to the opening of new mines and the reopen ing of old or inferior mines. With such recourse to inferior mines the cost of producing silver would increase, and this would continue so long as mines could be found that would yield silver at a cost of $1.29 an ouDce, or enough less than that amount to yield as good a profit as could be obtained with the same capital in other indus tries; when it passed this point the in creased supply would cease. George Gunton, editor of the Soeial Economist in N. Y. Press. In like manner, Mr. Matthew Mar shall, in one of his financial letters to the New York Sun, squarely contra dicts himself in relation to the iden tical selfsame issue in relation to which Mr. Gunton is so badly mixed up. Says Mr. Marshall: "That our standard silver dollar is worth twice as much as the silver bul lion contained in it is because of the restriction placed upon its issue. It is token money which the government agrees to accept at its nominal value in payment of taxes and duties, and it would be equally valuable for money purposes if it were made of tin or of copper, or if it were, like the green backs and treasury notes, stamped on paper. If the restriction upon its coinage were taken away, and it could be coined in unlimited quantities, it would sink to its bullion value, al though the additional quantity of it coined would be very small. The fact that silver could be turned into coin at pleasure would have the effect of prac tically making it worth in coin the amount of coin it would yield. Con versely, the coin made from it would be worth no more than silver bullion." Ought to Work Both Ways. The Iron Ape attempts to show that silver has fallen in price because of improved methods in mining1, and quotes the Quincy copper mine in the northern peninsula of Michigan to prove its point. The production of this mine was about six times as great in 1894 as in 1864 and while the price of copper has fallen from 26 cents in 1864 to 5?i m 1894 ana wajres are higher (?) now than in 1864 the profits of the owners were greater, owing to improvements in explosives, machin ery, driUs and other mining methods. Granted that all these claims are true and that this is the cause of the fall in price of copper and silver, does not the same argument apply with equal force to gold? National Advance. The Rothschilds agreed not to draw gold out of the treasury for six months if Grover would agree to give them all the government bonds offered for sale during that period. The gang is not drawing much gold out of the treasury, bnt they are cornering the gold production and thereby stopping the flow of gold to the treasury. Nice lot of pirates these for a government to enter into a contract with to sell them all the bonds to be issued! South' ern Mercury. As long as we have rich idlers, we must have poor workers. Were all producing wealth and equitably ex changing it, none need be pcor. Three Cent Column. "For Bale," " Wmi ted, ' " ror Exebsnga. " and mall advertisement for short time, will be charged three eeau per word for eack Inser tion. Initials or a number counted m one word. Cask with the order If you waut anything, or have anythlM that anybody else "wants," make It known through this column. It will pay. F RANK D. EAGER. Attorney -at-Law, 1084 0 Street.' SEED COM" VoorhUa, in. WANTXD Oratlemaa or lady t mM Doble's Alomlasm Coffee Eeoaombwr; flta say eoBee pot: aavea one-third the coffee. Arthar I Pobie wo., zu w aoau in. cnicago, in. O. WILSON, Burr's block, Lincoln, Neb, Attornev'af-Law, Booma W and 81 WANTED Fire and cyclone agents. Good par. J. Y. M. Bwigart, BecY. Lincoln, Mb. 87U FARMERS THE ACME 8UBSOII.ER at tache! to any plow. 8eud for circular. A. L. VESUL State Agent, Lincoln, Neb. . , Doble's Coffee Economizer make your roflt laat twice ai lone;. Flta any pot. Free circular Arthnr L. Doble Co.. 211 Wabash Ae.. Chicago. 1U $750.00 A Year and All txpenses. We want a few morn tteneral Agents, ladles or gentlemen, to travel and appoint agents on oar new publications Kali partirnleri given on ap plication. If you apply please aend references, and state buNlufcx experience, aee and send pho tograph. It yon cannot travel, write ns for terms to local cHnvansers. Dept.Kare.8. 1. BELL CO., Philadelphia. Fa. AN EXTRAORDINARY OFFER ! ! 1 We want low more active agents before 0 jiuyisv. vie wm guarauMJwew wiwruiij a can be easily made In any locality; our goods m sell themselves; we furnish a large roll of L .mnlMttnlirol and allow fin Mr W cent, commission on all sales. . Send to-day Sfor full particulars, or we will send with A same a Valuable sample of oar goods in Solid Silver upon receipt of 10 cents in X silver orstamps. . Established In 1551 Ad- T dress, STANDARD SILVERWARE A CM atni,as. Q-g-sj-efr FROM I.IVCOLN Is the SHORT Line (operatineitsown tracks) to MarshalltowD, Cedar Rapids, Clinton, Chicago, Milwaukee, Madison, Oshkosh, Fon da Lac, Sioux City, St. Paul, Minneapolis, Pulutb. In Chicago connections are made with 22 diverging lines. In St. Paul, Union d(pot with 10 lines unsurpassed time made to eastern and northeastern cities. For tickets, etc., call at city office 117 So. 10th St., or depot corner S and 8th Sts. G I 111 LAN'S Want Column. TT'OR SALE. Nest, five room cottage, near A' school nnd car line. Cheap. T?OR SALE, Fine borne In Lincoln. All sties and prices. T7OR SALE. Five-acre tract, near college and A' car line. Cheap. "COB SALE. Twenty acres. Good seven-room a.' house, barn, windmill and (rait. FOR SALE. 120-acre farm, near Lincoln, lm, proved, a bargain at $35 per acre. T70R SALE. 820 acres, well improved, 10 mile X' of Lincoln, at a bargain. TXR SALE, 160 acres, well improved, 12 miles X1 ol Lincoln. Would take an improved M part pay. T?OR SALE. 160 acres. 8-room bonne, four X' miles ol Lincoln ; only $7,000, (or short time. T?OR SALE. :i00 acres. Improved, good land, X' near MiKord, $:S6 per acre. FOR SALE. Plantation near Greenwood, Tenn., 2791 acres, homestead, cottaire, store, cabins, gin mill, and other buildiuva. living water, timber, rich bottom land, about U00 ncrts cuiti rated. An Ideal stock, itrniii and cotton funn. Only $6 per acre (or a short time. A rare chance. EXCHANGE. sven Improved proper X1 tiee ties in Lincoln, worth (16.u00, encumbrance t l.lOJ on pare ol ir, some of It clear, (or a good (arm. Splendid opportunity to get good income properly. T?OU EXCHANGE. Lot and two houses, clear, X' lor iuud In Lancaster County. 'OR EXCHANGE. 150 acre (arm. Merries County, 6 room house bain, graDery, 120 acres In cultivation; all oin be cultivated; well and (ruit, flue (arm. Will take part pay In horses and cattle, or good city property. It will pay you to look It up. FOR EXCHANGE, 80 aer-s. well improved, 160 acres. Will pay difference. (CM 17OK EXCHANGE. Good 8 room house York, or hardware or i.iucolu properly. la FOR EXCHANGE. Eight room house In Bea trice, lor Lincoln property. T?OR EXCHANGE. Hotel building In David X' City (or Lincoln property. FOR EXCHANGE. r'lfty Binders, (or clear land. Davis Platform FIR two EXCHANGE. Seven room house and two lot on corner, close in to business cen ter Lincoln. Would consider improved land In eastern or central Nebraska, FOR EXCHANGE. Five acres, well improved, t room house, ail modern conveniences, bath. Ii-.i ami coid water, closet, eemerage, etc., barn, hn hoo-e. w.'ll, windmill, two tanks, fruit eno; hIi hIv An Ideal sulmrbaii home. Would like an improved (arm ueur station in ventral or eastern .Neurussa, All kinds of Ileal Extate and Merchan dise, and would be pleased to Berve you. Gillilan Investment Co., 1001 0 St. (ground floor) LINCOLN, NEBRASKA. That Lam BeH car be cure Wttfc sr. hum' nsiiYJfi ruuruL omi zac UtLiS liiUU A Magnificent 200 Poems. iflrrrfl r 1 William Cnllen Bryant. This Marvelous Book Should be in EYery Home NO OTHER BOOK LIKE IT. , The Sublime Thought, the Pore Language, the Perfect Style Given V bj these Noted Scholars and Poets, ia Perfect Food for the Mind. The Beautiful Pictures, the Deep Love and Sentiment Expressed, the True Religion Taught by these Gifted Hen, is Balm aa Well as Pood for the Soul. .. It Sdncatea the Children, It Entertains the Visitor, It Delights Everybody, Both Young and Old. We only have space here to give the.name of a few of the illustrious poets whose poems are in this book : Whittier, Longfellow, Lowell, Holmes, Bryant, Tennyson, Sums, toe, Wordsworth, Scott, . Clodfelter, Browning, Saxe, Emerson, Arnold, Holland, Hood, Pope, Bouthey, Byron, Keats, Bhakspere, Shelley, Coleridge, Charles Kingsley, Heine, Swinburne, Dante, Gray, Sidney, Halleck, Schiller, MUlon and many others. The famous artists of two continent have been called upon for the best productions to grace the page of this work. Read the following partial list) , Allan Barraud, W. H. J. Boot, B. F. Brewtnall, R.W.S., Frank Dadd, R.I., M. Mien Edwards, W. Biscombe Gardner, Mary L. Gow, R.I., Davidson Knowles, E Blair Leighton, H. GiacomeUi, W. HatherelX, J. Nash. I As poetry is the cream of literature, and as this magnificent work should be possessed language. The work of the best author are . . i,. . 1.-. 1 111 . .. . 01 iub pueus auu bee woui it, win cust yuu; yuu win ijcttu ,'u, . - - z . half way through the list. Besides, in the works of all the poets there is a great dean of chaff along with the wheat, and to find the real grain you would need to hunt through many bulky volume. But here 1 a work which presents to you the very ....nn.Af.iMh.t i..wH than..tai withAiit nnv nf t.hn fi rf,"K all caref ullv selected. by a ripe scholar who has, by gift and tralninp. the rare faculty of choosing the best, thus assuring to the reader a rich feast. The work is most profusely illustrated. Beautiful engraving illustrate the poems. These Illustrations were engraved by the most noted artist of America and Europe, and are masterpieces in every sense of the word. Fine pictures of some of the most popular poets are also given. Most of the engravings are full-page size. Each page is 8 incheR wide and 10 inches long, includinf margin. As a book for the center-table It is unexcelled. Gl.OtV POST-PAID. RTt-kBCTnc' Has foretgbleen years been the chief agricul PRF1VI plhCOUJia tural and farnHy journal of America. Pro gressive, practical and trustworthy, it not only is a recognized authority In all things agricultural, but being especially adapted to every member of the farmer's family, has gained a present circulation of over 250,000 copies per issue. It Is unique in all depart ments, employing the ablest writers for Its columns. Twice a month, with 20 to 2$ pages of attractive and profitable reading in each number. The price, 50 cents a year, is only rendered possible by the enormous circulation. DOLLARS DO DOUBLE DUTY. The Weatlh Makers,' Farm and Fi 200 Poems, tarm ana iiresme, .... .oy .Tr o V(u N Rn -a 1 ' TAKE NOTICE! Book and Job Printing In all its branches. County Printing Lithographing . : Book Binding From the simplest style to the most elaborate. Engraving Of all kinds. Blank Books In every style. Legal Blanks The Red Line tses Kit PUtlS Work of Art. ( ovhi 5AA Tllfrletv4ist'c' IllWOVl'SsVlWlA0i Poems Breathing of Love and the Divine, Poems of Joy and Happinegs.Poema Full of Wit and Humor, Poem that SlDg the Bong of Nature and the Heart, of Memory and Longing, of the Home and , Family, of the Woods and Fields, of the Rivera and Lakes.of Youth and Beau ty, of the Seasons, and of Life Eternal. Picture of Land and Sea, of Stately ship and Hum ble Fishermen's Boat, of Quiet Farm-house and Frowning Fortress, of Peaceful Meadow and Dark Forest, of Raging Storms and Calm Moon light Night, of Ancient Castle and the Little Hut, of Beckoning Church steeple and Guiding Lighthouse, of Bird and Flower, of Sweet Girls and Children, of Illustri ous Poets. Being a Superb Collection of the Most Famous Poems from the Work of the Moat Illustrious Poets, and the Entire Book Hand somely Illustrated with Beautiful Engraving by World-renowned Artists, makes this One of the Grandest Book of the Cen tury, the Engraving Alone Coating at least $20,000.00, Being Made for a Book to Retail at $4.00 to tlO.00. . this collection is the cream of all poetry, by every person who reads the fcnglisn expensive. Attempt to make a collection . ... j , 1 A ,.... ,1 mi u if rinllfira tn crpt. $1.00 f sf ... i.uu nuu 0 run $i.uv $2.50 Address, The Wealth Makers, Lincoln. Neb. . r and Supplies ... Series, the handsomest Blank in th y .printed on Nona 1'aper at less expense than furnish them on ordinary nat paper. hard metal. expert from the best and most durable if or other work, which they cannot ' Lndle, would make money by writing KERS PUB, CO. Lincoln, Neb.