THE STANDARD OF VALUE } 
become necessary — by later congressional action. The real 
value of the dollar would, upon adoption of such a unit, there- 
after be expressed in coms or by inversion, as is now the practice, 
the number of dollars equivalent to a com, or to 100 coms, would 
be noted from day to day, from month to month and from year 
to year. (See diagrams, Figs. 9 and 10). All payments would 
be made as they are today in money, the amount of currency 
equivalent to any number of coms being ascertained by the 
simple process of multiplication. 
Is the com as a measure of value necessary? Is it practical? 
Although the first question has already been answered, a few 
more thoughts on this phase of the problem may be pertinent. 
Fair compensation for service rendered should never fall below 
the point a little better than just affording a reasonable living. 
Any condition which prompts the offer of service at less 
than this lower limit is only temporary; breeds discontent 
and ultimately results in economic revolution. Whenever 
proposed compensation for services is expressed in terms of 
money without further provision, as has heretofore been the 
universal custom, the agreement to pay carries no assurance of 
being continuously, that is, for an indefinite time in the future, 
sufficient to meet the above specification. It may be adequate 
at the time the agreement is entered into but who can foresee 
to what extent the value of money may change? In making such 
agreements something else besides the immediate adequacy of 
the wage or salary requires consideration. There have been 
times in the history of all civilized countries and there will be 
others, though, perhaps, never another as distressing as the 
one of recent years, when the prices of commodities were, are. or 
will be rising rapidly and the value of money was, is, and will be 
correspondingly lessening. There is, at such times, an increase 
in the money requirement of the family. The prevailing salaries 
and wages become inadequate. Something must be done. The 
employee demands relief. The employer, in such circumstances, 
reluctantly accedes to the demands of his employees and adds 
the resulting increase of cost to the sale price of his output. 
278%