The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-01-21


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Currency..The Gold DoIIar..IS Il the
standard Value 3.sHon. William
D. Kelley's Views. a.t
In the House last Saturday D..
Mr.. Kelley: would like TO put ques.
ton 10 the gentlemen from New York
(Mr. Mellish) I#HlI
Mr.. Mellish do not know whether l
have time to answer the question.
Mr.. Kelley: II the gentleman from
South Carolina (Mr. Oain) will yield for a
moment, wish to ask the gentleman from
New York question. Did apprehend
him correctly In understanding him to
state that the gold dollar ID the standard
OF value?
Mr.. Mellish As provided by the bill
l have been cousideringH
Mr.. Kelley: No, sir. understood you
in general argument to assert that gold
coin Is the worlds standard OF value.
Mr., Mellish l understand that gold is
the worlds standard Of value. 'i
Mr.. Kelley: Is It not rather the meas
ure oil standard
Mr.. Mellish: l think that In practice it
is the standard.
Mr.. Kelley: Is itp
Mr.. Mellish: In practice 1t is, and Ia 30
considered the world over.
Mr., Kelley: Well, sir, Is it the standard
for regulating the value OF a barrel OF
flour as well when flour is but "a q bar.
rel as when II Is $40? Et -G...
Mr. 'Malliuh GarfainlU .. r.
MIR. Kelley: How can It be said to reg
ulate the value Of flour when It takes
sometimes but 81 and sometimes $40 to
pay for 1870 pounds Of the same article
put up in q common barrel2
MIR. Mellish Sometimes flour Ia worth
more than at other times, and therefore
brings higher price.
MIR. Kelley: May 1t not, then, be said
with equal reason that gold is sometimes
worth less than at other times? Are not
both gold and flour commodities
Mr.. Mellish: No, sir. Gold Is the uni.
form standard Of value. Flour Is at one
time worth more than another.
Mr., Kelley: Is 1t not rather measure
Of values in local markets than a standA
ard OF values?
Mr.. Mellish l think Il is the worlds
standard Of value. do not see how you
can look at 1t in any other light.
Mr., Kelley: That is a queer standard
which sometimes measures two and q half
times as much as at others.
Mr.. Mellish. 1t Is the -four, not the
gold that changes.
Mr.. Hubbell: Does not the question OF
supply and demand affect the valueY
Mr.. Kelley: And has not the question
OF supply and demand also something to
dowith the value OF gold? Is It's bur.
chasing power never affected by this law
Mr.. Hubbell: Certainly.
Mr.. Kelley: Then how is It that that
which Is constantly changing It's own
value isR standard for the measure Of the
value Of other articles? aa@1
Mr.. Smith, Of Ohio: wish to ask the
gentleman from Pennsylvania what Is the
difference between the meaning Of the
word measure" and the word "standard"F
IL takes sometimes more money to buy q
barrel OF -four than It does at others. How
can that be measure any more than II
Is a standard Of value, as the gentleman
assertsp
Mr.. Kelley; have not asserted any.
thing. lam an inquirer in pursuit Of In.
formation.
Mr.. Smith, Of Ohio: 80 am in pursuit
Conformation, I wish TO ask the gentle.
man how It 10 that the word measure"
differs in meaning from the word "stan.
dard"P s'T7 NJ.
Mr.. Kelley-I do not like to take up
more OF the time of the gentleman from
South Carolina AR. CAIN, but il he will
allow mo / will say that the real measure
ofvalue is'the money Of account OF each
nation. There Is. no currency Of the
world.n The phrase Is q delusion. II
You will go TO London with your trunk
full Of twenty. dollar gold pieces and un-
dertake to spend one oil them In shop,
you will lind that you will have 10 20
through the broker shaving shop, though
1t be dignifed by the name Of hank IN
order to get the currency Of ENGLAND. mai
as we used to when VIC had State bank
notes, and went beyond the limits of The
Staten which they were issued. You win
then find that your Currency Of the
world" is United States currency, and that
England does not recognize 1t, and thai
you will have to stand q shave 10 get II
converted into sovereigns.
Then, II you croes the channel and 20
to France, having converted your United
States gold currency into English gold
currency, You will have 10 get It con-
verted into French currency or gold coin,
the unit OF which Is the franc, say into
Louis;and with each change you will be
shaved by a broker, albeit Il be called the
Bank Of ENGLAND or the Bank Of France
as you used TO be when we had old.lash-
icned State bank.notes. f p.
But, further, when you ahall be about
to start from France with your currency
Of the world reduced by having paid ior
two changes, and which has borne three
forms and the stamp Of three nationalities.
you must determine how you will change
II next. II you are going south 10 Ire
Peninsula you viii want TO get Spanish or
Portuguese coinage, If you are going
into Germany you will want quite another
c1rrency-to wit, the currency OF Ger
many, which may be gold or silver
Leaving Germany with your @currency
oflthe world" thus frequently changed
through broker shops, II You are 10 I'D
nprthWard you will have 10 get another