Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1869-02-18

DeCafn0 ueIuOucllZcu, was ItJccUeu
and repudiated, or TIE false stand r |
was advanced in value to the gold
standard.
The most successful attempt to
substitute paper money for real
money took place in Great Britain
in 1897 The Bank of England.
then having in circulation S55, 5,0OO,-
600 of notes, was forbidden by an
act of Parliament to pay its notes in
coin, and they were, in effect, made
legal tender. BY 1910 the amount
of them was gradually increased to
S11O, 100000. 1t was observed that
though gold was demonetized and
its export prohibited, yet that its
| market value had risen nearly TWEEN
ty per cent. or from Gag 14s. Cd
to E56 for a pound of gold. An
eminent writer on political economy
called attention to this fact as con-
elusive evidence of the depreciation
of the paper currency. A committee
of the House of Commons, of whom
were several of the most eminent
statesmen and financiers of England
gave the subjest careful examina-
ton, and the result was the famous
'builion report" A majority of this
committee agreed that in spite of the
act of Parliament gold was still the
true standard Of value, and, meas
ured by this standard, the currency
was deprecated by an excess OF
Bank of England notes. They say :
| '+That no safe, certain, and constantly ade-
quate provision against an excess of paper
currency. either occas ional or permanent. can
be formed. except in the convertibillty OF all
such paper into specie.''
Still, driven by the pressure OF
war, the bank issued more notes,
and their depreciation continued
until the close Of the war The
bank slowly entered upon the hard
task of appreciating its notes to the
gold standard. rr........ ..---.......
During our brief national history
we have made several efforts to
substitute paper money for real
money. Continental money was 9
revolutionary effort to coin paper
into money. General Spinner has
had occasion recently to inform
some Rip Van Wrinkle, who wished
continental money redeemed ir
lawful money, that provision ha6
been made to redeem it at the rate
Of one dollar in coin for one hun
dred dollars continental money, bu
even this poor privilege expired il
1893. - "ft,:Nt-- -..# =4'
During the war of 1912 the
United States undertook to trea
State bank bills as lawful money
They soon became deprecated, anC
when the war was over and it be
came necessary to appreciate then
to the gold standard. notes, banks
and debtors were swept into gen
eral bankruptcy, and the people
commenced again upon the sole
basis of gold and silver coin.
So, during our civil war, boil
the United States and the rebels un
dertook to make paper not merely
the representative of money, bu
real money. The paper money o
the rebels followed the course o
continental money and Frencl
assignats. Ours, carefully limite(
in amount, supported by heav,
taxes and by great resources, is still
called lawful money; but, after all
it's value is daily measured by tn
gold standard. 1t is only the sub
stitute Of money to be paid at
future day, and is not real money.
Even silver, long the standard o
value among civilized nations, i
now demonetized in some of then
from the impossibility of maintain
ing a double standard. 1t wa
found by experience that the marke
value of these two precious metal
varied as the production Of one o
the other increased in amount, thu
: creating confusion and compellin!
: alterations in the coinage. The re
5! suit is that silver in Great Britai
7 and the United States is legal ten
der for but small amounts, Will
e gold is the universal standard G
l value. Even the stamp fixed by
Government in the process Of coir
| ing does, not make it money O
change it's value. 1t only certifie
!, to its weight and fineness as mai
t ter of convenience and not as a
e addition of value. Indeed th
:, mechanical process of coming ha
: frequently reduced the market valu
of the gold by making it necessar
to receive it when exported.
Let US, then, recognize as an az
t iom that nothing but coin Is th
e real money before we undertake t
e deal with our currency. And Ser
: ators may think l consume to
!, much time in dealing with an appa
S ent truism. but it will be found tht
S the denial this truism, both
e Congress and among the people.
+ the cause of most of the yconfusio
S in the public mind as to our Gu
: rency. 1t affects our minds as
II affected the Englishman in 1871
e When told that the Bank Of Englan
It note was deprecated he said: 81
!. not this pound note worth twent
Il shillings, and you tell me it is onl
a worth sixteen?p Or like the reaso,
o ing of the learned priests in til
n time of GalIleo, who saw the su
: moving around the four corners {
d the earth and knew that Calico ws
}, an impostor So we call our p
,. per money par, and having made
s god with our own hands compal
/ all other gods by it. We must, the
d abandon the false standard. set 4