money constant from day to day. The constant volume of deposits transferable by cheque, will maintain a constant value of the dollar; for dollars are like spuds, the more you have of them (the nation as a whole) the less the dollar will buy; and the only value you can give a dollar, is its purchasing power.
The Gold dollar coin never did that; nor any other fiat dollar. Only volume controls. That is exactly why the wise men who wrote the Constitution of the United States couched in the same "power" both the coining of money, and the fixing of the standard of weights and measures. To tell me that a gold dollar has so many grains of gold is of no interest to me, because I do not intend to use the metal. My only purpose would be to use it to buy a commodity, say coffee. The bankers still say that the standard value of our dollar is gold; yet in 1943, before World War II dragged us in, you could buy four pounds of coffee for $1.08; now one pound of coffee will cost you $1.09; so in '43 the gold dollar was worth four times what it is today, in the coffee market of the world. How absurd. And Uncle Sam is still paying $35 an ounce for gold. The defenders of "creditalism" say that coffee costs more to deliver it to the customer . . . always, they say, "because wages went up — the damned union!" And the Union replies that we had to have more because what we bought cost more . . . on ad infinitum . . . to nausea. When Congress controls volume of dollars, if a dollar would buy a bushel of wheat today, a dollar would buy a bushel of wheat August 19, 1997; for the relationship and the relative values of the deposit dollar and the commodity for sale, would not change. So in the end the value of the dollar would be fixed in terms of corn, wheat, spuds, tuna fish, or what have you; and when once fixed, it could not fluctuate; for if it did, then my dollar which could not fluctuate in volume and therefore purchasing power, would not buy my necessities. The high priest of fluctuating values, Bernard Baruch, and the patron god of the Federal Reserve System, which pours new deposit money into the deposit reservoirs in a constant flood; and has been doing it in ever increasing flood volume