THE NEBRASKA INDEPENDENT
MARCH 26, 1303.
tHE VALUE OF HONEY:
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CHAPTER III.
; f Editor Independent: . Government
can regulate prices, but it cannot reg
elate values. We saw how, under the
operation of free coinage, in Eng
land, in the time of Adam Smith, gold
was 45 14s 6d per pound,, which was
3 17s lOVid per ounce. In other
word3, government could, and did,
flx the price of gold by keeping the
mint: open to free coinage, of gold,
and by allowing the private owners
thereof to have made" for themselves
at the mint 3 17s 6d for every ounce
. Jtrtii crh f . thora fiv tVtArrt nVifsiti mala
that amount of money the legal price
per ounce for all the gold in England,
a price that could not be lower but
might be higher, if the mint was also
.open, to free coinage of silver in the
ratio of 15 of silver to 1 of gold, as It
was, and 15 of silver should happen to
be worth less than 1 of gold.
. ' We also saw that the government of
England could, and did, fix the price
of silver at 62 shillings per pound of
standard ' silver, which was 5s 2d
per ounce, and that this was the legal
price of silver, because that much
money could be and was made for any
and all owners of silver by their com
- mand, at the public mint at the pub
lic expense. We also noticed that If
the mint was open to free coinage of
silver as well as of gold in the ratio
aforesaid, and If one ounce of gold
was worth, less than fifteen of silver,
as merchandise, then gold would be
coined in preference to silver, and
(Coinage of silver would cease, and sil
ver would have a higher price in the
market than its legal price, at the
mint, which price would be expressed
in gold.
' " IJ - v. n ail tuic, VT JLliUOl VUJLUU
tt6 the conclusion that government can
.regulate the price of fold, and is al
ways doing It, whenever the mint is
open to free coinage of gold. It is also
evident, that what we call the legal
price of gold, and what Adam Smith
called the "mint" price, can be dou
bled by putting half as much gold in'
the coin; and can be made half as
high, by putting twice as much in the
coin. It is also evident that if the
legal price of gold or silver is dou-
-bled, then of course the market price
, of all commodities (measured by gold
or silver) must be doubled; and, if
'the legal price is half as much, then
NDVEIi TOO LATE
To Try a Good Thing
' I am fifty-two years old and for
. forty years of that time I have been
a chronic catarrh sufferer, says Mr.
' James-Gieshing, of Allegheny City;
: with every change of weather my heal
and throat, would be stuffed up with
1 catarrhal mucus.
- I could not breathe naturally
through the nostrils for months to
i gether and much of the time I suf
r f ored from catarrh ' of the stomach.
Fhiallv mv hearinc hAcan tn fnU nnrt
I realized something must be done.
i inea innaiers ana sprays and
, salves which gave me temporary relief
and my physician advised me to spray
or douche with Peroxide of Hydrogen.
But the catarrh would speedily return
in a few days and I became thorough
ly disennraced.
I had always been prejudiced against
patent medicine, but as everything else
had failed I felt justified in at least
making a trial.
Our good old family physician, Dr.
Jlamsdell, laughed at me a little, but
said if I was determined to try patent
medicines, ho would advise me to be
gin with Stuart's Catarrh Tablets be
cause he knew what they contained
and he had heard of several remark
able cures resulting from their use,
and furthermore that they were per
fectly safe containing no cocaine or
opiates.
The next day I bought a fifty-cent
box at a drug store, carried it in my
pocket, and four or five, times a day
J would take a tablet; in less than a
week I. felt a. marked improvement
which continued, until at this time
I am entirely free from any trace of
catarrh.
My head is clear, my throat free
from irritation, my hearing is as good
as it ever was and I feel that.I can
not say enough in praise of Stuart's
Catarrh Tablets.
These tablets contain extract of
Eucalyptus bark, blood root and other
valuable antiseptics combined in
pleasant tablet form, and it is safe to
say that Stuart's Catarrh Tablets are
far superior in convenience, safety
and effectiveness to the antiquated
treatment "by inhalers, sprays and
douches. ; . .
They are sold by druggists every
where in the United States and Can
ada. -
the market price of aH'commodities is
half as much; because," by doubling
ihe legal price, the quantity of money
s, doubled; and by making the legal
price half as much, there is half as
much money.
But, going back to the silver ques
tion ;f nee more, we have found, that,
when silver was cheaper than gold,
L e.. .vhen fifteen ounces of silver
were woiih less, in the' market, than
one ounce of gold this being' the '.ra
tio at which the private owners had
a right to coin the "pound sterling"
was actually represented by 1,958
grains of silver instead , of 129 4-10
grains pi gold and that each shilling
was one-twentieth of that amount,' or
about OS . grains of silver, instead of
87$. grains of gold; and each penny
was one-twelfth of that amount of sil
ver, cr about 8 grains, instead of half
a grain cf gold. This was what the
"double s'andard" theory ; amounted
to, when put into practiced The re
suit' was, that 1,958 grains of silver
were fighting 129 4-10 grains of gold
or 129 4-10 grains of gold were fight
ing 1,958 grains of silver. .The con
flict sometimes became very confus
ing, so much so that they hardly
J. new what a shilling was, on account
of the indefinite meaning given to the
"pound-sterling," under the opera
tion of. "free" coinage of two metals.
For nearly two hundred years, that
is, from 1545 to 1720, all Europe, in
cluding England, had a silver period,
the ratio of production, on account of
the excessive flow of silver from Amer
ica," being not less than 27 of "silver
to one of gold, and some of the time,
58 of silver to one of gold, much mOre
of the time at least 50 of silver to
one of gold. And, yet, the relative val
ue of silver and gold did not change
much. U " - , i
Since 1876 till the present time, nev
er has more than 20 of silver to one of
gold come annually from the .mines
to market; and, yet, the relative valuo
of silver and gold has 'changed very
much. From 1876 to 1880 about fif
teen of silver to one of gold came an
nually from the mines, and from 1880
to 1885 about 19 of silver to one of
gold came annually to market. The
greatest flood of silver compared with
gold was from 1855 to 1890, when twen
ty of silver to one of gold came an
nually from the mines. And, yet,'
since 1876 the relative value of sil
ver and gold has "changed from 1:16
to 1 : 40. How can we account for this,
except on the ground that the mints
of Eurone and America began to be
closed to free coinage ; of . silver in
1870 and kept open to free coinage of
gold?
In England the "pound sterling,"
as we must now notice, is an ideal
thing which Is divided into twenty
'shillings," each one of which must
be an ideal thing, also, and the ideal
shilling is divided into twelve "pence,"
each one of which must also be an
ideal thing, althought it, as well as
he shilling and pound sterling, must
be represented by a material tmng.
n England from 1666 until 1816 the
ideal pound sterling was represented
sometimes by a guinea coin, which
neant a certain quantity of gold; and
sometimes by twenty silver coins,
each called a shilling and which rep
resented a certain amount of silver.
Each penny was represented by a cer
tain amount. of copper, in the form of
coin, twelve of which were supposed
to be equal In value as merchandise
to the silver in the shilling, as well
as equal in payment Of debts. It is
time, now, to begin to see the differ
ence between that ideal thing called
a pound sterling, and that material
thing (gold, silver or copper) also
called a pound sterling.
Names must not mislead us at this
point
The ideal pound sterling is an intel-
ectual thing, a spiritual thing. It is
always the same. It originated in the
mind of the ruler of a nation. It
represents the sovereignty of a na
tion. ' It is a pure thing, unadulter
ated; but when it has to be repre
sented, by a material thing, then it
has to partake of all the imperfec
tions of material things. If, for ex
ample, it is. represented by. a certain
quantity , of gold, then it must neces
sarily change, with all the changes of
gold; if by a certain amount of sil
ver, then' It must change with all the
changes of silver; if by 240 copper
coins called pennies, then it must
change with all the changes of cop
per, if copper is subject to "free"
coinage.
Englishmen speak of a pound ster-
ing as their monetary unit Some
times they call it a unit of value.
In what sense is the pound sterling
monetary unit? or unit of value? Is
a certain quantity of gold, by which
ne pound sterling is represented, a
monetary unit? Almost every Eng-
ishman would say Yes to this. . It
has been easy to say Yes since 1816.
Decause notnmg out a certain quan
tity of gold (123 grains and a frac
tion) has anoeared - to represent -a
pound sterling. But' before' 1816 a
certain quantity of silver also 'ap
peared as a pound sterling. If they- did
not both appear at the same time; they
appeared," one after the other. This
produced two monetary units; and as
we have seen? England was very much
puzzled ; by two units -of money.
The reason of the bewilderment was
that the people did -not Know the dif
ference between the ideal pound ster
ling and the material thing (6ilver or
gold) by which it was represented
Had they known, that the legislative
power of the nation had created a new
commodity called money, and that this
new commodity was represented, some
times by gold, sometimes by silver;
and that the new money was not sil
ver or gold, but was simply repre
sented in a poor, .weak' way, some
times by silver and sometimes by gold,
they would have had no difficulty in
seeing that pure, spiritual thing be
hind the material things. -
In England it ought to be easy to
see that the so-called pound sterling
Is neither a certain amount of gold,
nor a certain amount of silver, but a
very small fractional part of the
money of the country and that ALL
the pounds sterlings put together,
whether represented by gold, silver,
copper, iron . or paper, are the real
unit of value or monetary unit, which
acts not only as a circulating medium
for payment of debts and exchange of
commodities, but as a measure of value-by
producing all market prices;
the "measure of value' being only
partly visible, as only a part of the
currency is seen.
Here I am reminded that I am get
ting into metaphysics and will not be
understood, if I go further on this
line. A, therefore return to the ques
tion: What is the value of money?
Value, abstractly considered, is al
most as ideal as the monetary unit
Value, says Del Mary is not a "thing,"
but a relation between two things in
exchange "a numerical relation
merely," he says. It. is very, true that
value is not wealth, nor any part of
wealth; it is not a commodity, but a
relation between any two commodi
ties in exchange. Prof. JevOns says,
"Value is a ratio between two num
bers." If so, it becomes almost a
metaphysical quantity.
If value is not a material thing, but
a relation between two material things'
in exchange, then, of course, we are
getting into metaphysics as soon as we
begin to talk about it. This must be
avoided as; much as possible.
My concern is with the value of
1 .
We. have started over three thousand
boys in various parts of the country
in a profitable business on their owe "
account. We want a boy to represent
The Saturday
Evening' Post
In every town. The work can be done
after school hours and on Saturdays. It' is
pleasant, as well as profitable. The maga-;
eines are sold among neighbors and friends
in offices, stores, as well as in homes. .
No Money Required to Begin
The first week's supplv is sent free. Thesi
are sold at five cents a copy and provide
the money to order the following week at
wholesale prices.
-$225.00 m EXTRA CASH PRIZES
j- w ttuuiwuwv BJiiUUK U9WU
wao nu or more copies.
Our Fre booklet fcives portraits of
some ot onr -most successful boy
stents and their methods.
The Curtis Publishing Co.
Arc street
Philadelphia
THE VALUE OF CHARCOAL
Pew People Know How Useful it Is ia Preserv
Ing Health end Beauty
Nearly everybody knows that char
coal is the safest and most efficient
disinfectant and purifier irk nature,
but few realize its value when taken
into the human system for the same
cleansing purpose.
Charcoal is a remedy that the more
you take of it the better; it is not a
drug at all, but simply absorbs the
gases and impurities always present
in the stomach and intestines and car
ries them out of the system.
Charcoal sweetens the breath after
smoking, drinking or after eating on
ions and other odorous vegetables.
Charcoal effectually clears and im
proves the complexion, it whitens the
teeth and further acts as a natural
and eminently safe cathartic.
It absorbs the injurious gases
which collect in the stomach and bow
els; it disinfects the mouth and
throat from the poison of catarrh.
All drugists sell charcoal in one
form or another, but probably the
best charcoal and the most for the
money is in Stuart's Absorbent Lozen
ges; they are composed of the finest
powdered Willow charcoal and oter
harmless antiseptics, in tablet form
or rather in the form of large, pleas
ant tasting lozenges, the charcoal be
ing mixed with honey.
The daily use of these lozenges will
soon tell in a much improved condi
tion of the general health, better com
plexion, sweeter breath and purer
blood, and the beauty of it is, that no
possible harm can result from their
continued use, but on the contrary,
great benefit ,
A Buffalo physician in speaking of
the benefits of charcoal, says: "I ad
vise Stuart's Absorbent . Lozenges to
all patients suffering from gas in
stomach and bowels, and to clear the
complexion and purify the -breath,
mouth and throat; I also believe the
liver is greatly benefitted by the daily
use of them; they cost but twenty
five cents a box at drug stores, and
although in some sense a patent pre
paration, yet I believe I get more and
better, charcoal in Stuart's Absorbent
Lozenges than in any of the ordinary
charcoal tablets. ,
money, not witn tne vaiue or. omer
things. '
Money, though it be, in the start.
an ideal thing, yet it cannot exist ex
cept by being represented by some
material thing. We cannot begin to
study it until we see it represented
by something we can see and handle.
aper money is the best money be
cause it is capable of being made the
best money, not because it always has
been the best v . - :-
The value of money depends upon
its quantity. In this respect it does
not differ from other things.
Money is local. It is not cosmopoli
tan. It is made for a community or
nation. There is no such thing as
money of the world, although gold,
the raw material of money, or the
material by which - money is repre
sented, may be a cosmopolitan com
modity. Money is made by adopting
something, in a community, for "a cir
culating medium; this medium after
wards becoming a measure of value,
on account of its producing a price
level. There is no way of getting at
the value of things, except through
price. We don't knpw the value of
money, except by the prices of com
modities. Later I shall illustrate this
more.
As between nations bills of ex
change are used for money. These
might be called the money of the
world. They were invented by the
Jews, who invented the financial sys
tems of nations. There is no money
a3 between nations. This is well un
derstood by merchants who buy and
sell goods abroad. If, for instance,
a New York merchant sends a cargo
of goods abroad, he draws against the
goods and the consignee. The bill is
taken to a banker in Wall street and
sold for American money. This en
ables the merchant to have his mon
ey, before the goods are out of the
harbor. The banker sends the bill to
the other side for collection or he sells
it here in New York to a merchant,
who has just been importing a cargo
of goods and wants to send some
thing to the other side that will pay
for the goods. As a rule, the banker
sells his bills to importing merchants
and does not have to send them to the
other side for collection.
The point is this: bills of exchange
serve as money or currency between
nations and there is no real money, '
internationally.
If we import more goods than we
export and there are no bills, with
which to pay foreign debts, then we .
have to send gold. But gold does not
go abroad as money, but as merchan
dise, out of which money can be man
ufactured in the mints of Eurorfi.
Gold, as we, have seen, has a price,
by local law, in all the gold countries
of the world. This price enables
merchants to know exactly how far
gold will go in paying debts. In
some countries, . notably China and
i'Xico, silver has a price of local
