A Standard of Value a Necessity. [Liberty, June 13, 1891.] Readers of Liberty will remember an article in No. 184 on The Functions of Money, reprinted from the Galveston News. In a letter to the News I commented upon this article as follows:(80 ¶ 1) I entirely sympathize with your disposal of the Evening Post’s attempt to belittle the function of money as a medium of exchange; but do you go far enough when you content yourself with saying that a standard of value is highly desirable? Is it not absolutely necessary? Is money possible without it? If no standard is definitely adopted, and then if paper money is issued, does not the first commod...