The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-01-19


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Il Mr.EK Kelley roild 30 p1tH qaestfol
\ 70 thssg gentleman 4fDz n gork nc. Mea,
Ne. .heiisa 10 lbt NOV rnethsrsll
Kelley: IL the esnfIeinsn nom <iil
Carofina All. Cain} viii yieit for q Iinon,ent,
iIwish TO ask the gentleman from New York
aquestion. Did apprshend him correctly
In understanding him to state that the gold
iellar Is standard OF value?
| MIR. MeHish: As provided by the. bill I
have been onsfdering IS rs, IS:
Mr.. Kelley: No, sir. / understand you ir
| general argument to assert that gold coin is
1.-THE standard of value,
! Mr. Mcllish Il understand that gold Is the
worlds standard of value. 81 "a Is;
Mr.. Kelley: Is It not rather the measure
of standard 8.
Mr.. Mellish: think that in practice it is
the standard. .s *.
Mr.. Kelley: Is it?
HIr.. Mellish In practice 1t Is, and Is so
considered the world over.
MI. Kelley: Well, sir, is it the standard
for regulating the value OF barrel OF nour
as well when -four Is but "a barrel as Wneh
it Ia $40? f2.
Mr. MelIish: Certainly.
Mr.. Kelley: How can it be said to regu-
late the value of flour when it takes some
times but 81 and sometimes $40 to pay for
1876 pounds of the same article put up in a
! common barrel?
MIR. Mellisb: Sometimes flour is worth
more than OF other times, and, therefore,
brings higher price.
Mr.. Kelley: May it not, then, be said with
equal reason that gold is sometimes worth
less than at other times? Are not both gold
and -four commodities?
Mr.. Mellish: No, sir. Gold is the uni.
verSal standard Of value. Flour Is at one
time worth more than at another.
! Dir. Kelley: Is il not rather measure OF
values in local markets than standard OF
valueSf
hIr. Mellish: I think it is the worlds
standard of value. do not see how you
can look at it IN any other light.
4 Mr.. Kelley: That is queer standard which
sometimes measures two and half times as
much as at others.
Mr.. Mellish: 1t is the flour, not the gold,
+ that changes.
, Mr.. Hubbell: Does not the question OF
. supply and demand affect the value?
MIR. Kelley: And has not the question oil
supply and demand also something to do
. with the value of gold? Is its purchasing
, power never affected by this law!
Mr.. Hubbell Certainly.
. Mr.. Kelley: Then how is it that that
which is constantly changing its own value
{ is standard for the measure of the value oil
other articles?
Dir. Smith, of Ohio wish to ask the gen.
tenlan from Pennsy lvania what is the differ.
, ence between the meaning of the word
ssmeasure" and the word "standard"? II
takes sometimes more money to buy bar.
rel of flour than it does ct Others. How can
that be measure any more than 1t is
standard Of value, as the gentleman assertsi
Dir. Kelley: have not asserted anything.
, am an inquirer in pursuit Of information
Dir. Smith, of Ohio: So am in pursuit Of
+ information. I wish to ask the gentleman
, how it is that the word measure" differs
in meaning from the word "standari?"
r Mr.. Kelley: do not like to take up more
of the time of the gentleman from South
: Carolina (AIr. CAIN, but if he will allow me
] will say that the real measure Of value Is
the money of account of each nation. There
r is no "currency OF the world" The phrase
! YOUR trunk full of twenty-dolIar gold-peces
> and undertake 10 spend one of them in
: shop, you will find that you will have to
: 90 through the brokers shaVng-shop,
: though it be dignified by the name Of bank,
{. in order to get the currency Of England,
, lust as we used to when we had state bank
J notes, aud went beyond the limits Of the
t State in which they were issued. You will
then find that your currency of the word .
is United States currency, and that England
) does not recognize it, and that you will have
t to stand shave to get it converted into
soyereigns.
Then, il you cross tue channel and go to
France, having converted your United
+ States gold currency into English gold cur.
rercy, you will have to get it converted into
French currency or gold coin, the unit oil
which is the franc, say into Louis; and with
each change you will be shaved bya broker,
albeit it be called the Bank of England or
the Bank of Francois you used to be
when we had old-fashioned State bank
notes.
| But, further, when you shall be about to
start from France with your currency OF the
world reduced by having paid for two
changes, and which has borne three forms
and the stamp of three nationalities, you
must determine how you will change it next.
If you are going south TO the Peninsula you
will want to get Spanish or Portuguese COIN
age. II you are going into Germany you
will want quite another currency-to wiz,
the currency of Germany, which may te
gold or silver.
/ Leaving Germany with your currency of
the world, thus frequently changed through
broker-shops, if you are to 60 northward
you will have to get another set of coins
to wit, the gold currency Of Sweden. The
truth is that gold coins outside of the
country whose sovereign right to institute
money they represent are but merchandise.
There is no other currency of tue world
than commodities. The making Of money
i pertains TO the sovereignty OF each nation.
4 Sir, the measure of value is, as / have said,
found in the money of account known TO
nations respectively. 1t is dollars in the
United States; pounds, shiilings, and pence
in England francs in France; and ! am not
sufficiently acquainted with the subject to
tell you what it is in Spain or Sweden, In
Russia, Germany, Italy, Denmark, and other
countries. But If yourecross the ocean with
your scurrency of the world oas coined In
the last country you visited and go into South
4 or Central America you must again submit
to as many shayes there in getting your gold
changed US you shall pass from one nation