Page:David Atkins - The Economics of Freedom (1924).pdf/301

litres or pounds into kilograms, since all these rest upon ultimate measurable components; but because gold-standard “values” are tied to nothing either comprehensive or measurable, we can only make an arbitrary conversion. It became necessary within our own memory to do away with the bushel as a standard of value, and this equity was not accomplished without raising a cry of injustice. The day that a bushel of oats was declared to be 32 lbs., and was thrown into just relationship with the solar system, a great many farmers were benefited who were accustomed to thresh their oats when they were in good condition: on the other hand a great many were injured who were careless about their seed and harvesting, and whose product was coarse and bulky. For this reason any remedy can only be stated in general terms. We may all agree that the bushel is an absurd measure of value; but the farmer with the sound dry oats will maintain that the legalized bushel should be 38 pounds, while the farmer with the coarse and bulky oats will contend that it should be 26 pounds. If we compromise (as we did, when we made the bushel 32 pounds), we cannot avoid offending and momentarily injuring them both for the sake of the greater advantage of creating general confidence. These opposed objections to the creation of a valid standard are the greatest barrier in the way of any conversion of arbitraries into equities. As we can see from history, it is a difficulty so serious, so almost insurmountable, that many of our problems dealing with conventional arbitraries have been settled by mortal combat instead of reason. This method, however, because of the chaos involved, usually converted ancient arbitraries into modern arbitraries—the equities being entirely forgotten in the heat of conflict.