PREFACE Perhaps the argument most frequently used by conservative believers in the convenient doctrine of leaving things as they are against those engaged in reformatory efforts of a more or less radical nature is that the "spirit and genius of American institutions" do not admit of the assimilation or acceptance of the proposed innovations. Were one to trust them, the "American institutions" are something so clearly defined, finished, and powerful as to absolutely render it impossible for any inconsistent and discordant element to maintain a vigorous existence within the charmed circle which affords chances of life only to what necessarily and logically flows as a consequence from the fundamental principles supporting the peculiar civilization of this "best government on the face of the earth." We are asked to look upon all that "is," if not as unqualifiedly right and perfect, then as relatively so in the sense of its being the unavoidable outcome of primary conditions.
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...