The New Philosophy of Money a Practical Treatise On the Nature And Office of Mo
The New Philosophy of Money a Practical Treatise On the Nature And Office of Mo
Alfred B Westrup
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Even if there were no standard of value and therefore no money, still nothing could prevent a partial fail- ure of the wheat crop from enhancing the value of every bushel of wheat. Such evils, so far as they arise from nat- ural causes, are in the nature of inevitable disasters and must be borne. But they are of no force whatever as an argu- ment against the adoption of a standard of value. If every yardstick in existence, instead of constantly remaining thirty- six inches long, were to vary fr...om day to day within the limits of thirty-five and thirty-seven inches, we should still be better off than with no yardstick at all. But it would be no more foolish to abolish the yardstick because of such a defect than it would be to abolish the standard of value, and there- fore money, simply because no commodity can be found for a standard which is not subject to the law of supply and demand. A NECESSITY OR A DELUSION, WHICH? [Liieriy, June 2j, fSg/. ] To tlic Editor of Liberty : 234 It is not only a delusion, but a misuse of language, to talk of a "standard of value.
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