A Commodity Unit as a Standard of Value, C. E. Grunsky..... The Irving Fisher Plan for Stabilizing the Dollar, Norman Lombard.. PAGE A STANDARD OF VALUE As a part of the investigations by the Club's Section on Industrial Relations, certain plans for the stabilization of the dollar were taken up and a report prepared for the Club. The Club Meeting of Thursday, February 19, 1920, was set aside for a preliminary discussion of the subject and the following were requested to prepare statements:— Edwin R. A. Seligman, Professor of Economics of Columbia University, on "The Economic and Political Aspects of Plans for a Compensated Dollar." C. E. Grunsky, Civil Engineer, President of the Commonwealth Club of California, on "A Commodity Unit to Supplement Money as a Standard of Value." Norman Lombard, of San Francisco, business counsel, on "The Fisher Plan for Stabilizing the Dollar." At the conclusion of the presentation brief discussion was had from the floor by Edward F. Adams, John E. Bennett, David Atkins and Russell Lowry. The discussion was then ordered printed for the information of the members. SYNOPSIS OF ADDRESSES At this meeting C. E. Grunsky presented diagrams to illustrate the decreasing purchasing power of the dollar. He attempted to make clear that the function of money as a standard of value fails whenever the time element enters into a transaction. He would have money continue to serve as a medium of exchange as at present, but would supplement its use with a commodity unit which he calls a "com," which would serve as the standard or norm of value in all transactions which extend for a considerable time into the future. He uses as a base period for comparison to determine the relation between a dollar and a com the ten years 1900 to 1909. He holds the use of a supplemental unit of value to be essential and practical, and illustrates how |