THE GOLD STANDARD
Sir,—While deprecating the gold standard, “ Deserted Villager ’’ says that people require value for value. That is so, and the great amount of labour required to produce- a small amount of gold has made gold eminently suitable for measuring the labour, or the value, in other commodities. “ S.” approves of an international gold currency unrelated to the internal currencies of the various countries. That would be impossible, for every, currency must express the value of commodities—that is, the amount of labour used in their production. Suppose the value of a hundredweight of ■ New Zealand butter be expressed as £8 in New Zealand currency and as 20 units of a new international currency, then the 20 new units must be equal to £8 New Zealand am, etc., Balclutha, January 25. H. Gow.
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Bibliographic details
Otago Daily Times, Issue 25444, 27 January 1944, Page 6
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133THE GOLD STANDARD Otago Daily Times, Issue 25444, 27 January 1944, Page 6
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