New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-04-25
TIE SPEECH.

The act OF FeD. IL, 1000
sboishing silver money was grave wrohs upon ''e
$3.50 % ,h ,ybola civilized globe in the interest OF a
To- nlptocrats in England and Germany, ana as GER
family IN the interest the whole Pagan and Daroarlah
world-a wrong upon industry, upon the na'uIa'
tendency OF wealth toward equalization, ana upon 'e
liberties OF people in certain senses
The Senator proceeded to argue in favor OF the douoe
standard OF both gold and silver money In case no such
amendments had been made to the pending bill rs nave
been offered by the Senator from MISSOURI e speshI
had intended TO offer simple amendment 10 ehoIe te
ab Standard of the United and 10 base the sys
tenn of money upon the money OF the world upon Wlc
IN ia not now based The wrong already done couu hot
No nndone by ndircctOn The undong must be as open
ana explicit the doing was indirect anu hupieu .S
senator stated his plan of argument; First 10 SCI Iorn
which have been used for II, and the cnaracteiisues
which have induced the precious metals as dualy TO
he always reverted this purpose. Second TO snow
that the money aud the preference OF the precious
metals for money both natura! ana voluntary acts
not due 10 law or cdct and that therefore, money ~ OF
right and ought to be, free and untramneed oy any
stock OF the precious metals in the world from inc earn
est period to show its mutations down to the present
time and the political industrial, and social phenomena
which accompanied those mutations From TINS review,
10 show that the worlds stock OF specie CONSISTS nearly
stock whether resulting from failure OF the mines Vi
arbitrary legislation Is fIaught WIZ inc ge1eet o f
two measures to which our country Is committed py eA
is,in laOs viz RESUMPTION in specie combined with
Iemenetzston of silver, are likely, if attempted
to be enforced, 10 end IN distress ana ueIeIt.
Fourth Therefore of these measures Will have to
he abandoned and that one is the decentralization of
silver shall have TO restore the double slndaIa Oh
gold and silver which existed from 1892 TO 1873 F11th
Review the value of gold and silver from the earnest
times TO the present and show how constant tDat Iei
ton has been, particularly since lhe useOEe1S %
America and tie opening of the East INDIA ana emma
trades, since which time, and up to 1S|3,h scarcely
varied from its pivotal point OF lo2 10 Inc sources
Of this lOngcontnued cOnstancy OF RELATION are tneu
examined aud in thor nature is found entre assurance
that the relation will continue To be constant III the
future SIXTH The principal aud almost only cause OF
alteration in this relation rs FOUND 10 De t cnnn,
and times, ntertered 1th the freedom OF money
Prominent among these the demonstration OF silver
in England I'm sic the Monetary Treaty of the Five
Powers 1862 the Decentralization act OF the Unlteu
States 1873 and the pending measures OF the German
government These various measures are adyCrted 10
and condemned mscnievOus lnteIfcrences WIN tfue
standard is greatly strengthened by reference 10 the
annual supplies of gold and silver separately since the
beginning the present century From TINS reference
appears that Tue ssP o0o g nd 81 81 oC0 900 peT
annum that the supply been diminishing since 1892,
ana ands 'T drd for that metal in use in the arts
and TO keep good the and loss OF com On the other
hand the annual supplies OF SILVER nave always Deeh
Moreover gold is shown TO be essentially
British product, while silver IS essentially American
Eighth: Show the impOssiblity OF resuIninS specie
payHents in gold the disadvantages and danger OF at
tempting TO demonetize silver the impractcabilty OF
dmonetzng IT permanently, and to discuss the various
objections tnat been urged against reconciliation
MIMI Show that the effect OF remonetlzns silver, OF
rehabitang the double standard VIII DC TO e9uaide
more nearly values Of the metals so as 10 restore or
tend restore, the relation that has hitherto up TO
within late date existed between them for three eentu
RES and afford great impetus 10 the Industrial ana
commercial prosperity OF THIS country.
Tenth Show that both gold and silver together, a;
relation fixed by law, is the constitutional money OF h
vert tins institution illegal and void.
The eleventh, and finally, quote the authority OF the
eminent legislators ana publcsts IN favor Of the
double standard
NATURE AND FUNCTIONS OF MONEY.
The specific and only function Of money is to equitably
measure commodities and services with view to their
exchange. Gold and silver preferred for money
First because of their Eligibility Of voluntary exchange
into and with other forms OF capital; second their
adequateness and steadiness of supply third the dih
sion Of supply consumption throughout the world
and the ease Of recoveryunequaled in this respect by
any other commodity fourth, exemption from decay
There is still extant egble specimen OF gold coins
issued i'm Iona nine centuries before Christ.
Fifth The two precious metals naturally compile
mentaTy to each other sixth. The superior ducthty
and maleabity OF the precious metals Is an Dp9rtant
coins so small practically ~ entail loss upon the
owners TO reduce them 10 bars.
tary adopted TO equaby measure values present ahd
future. Second Value is the relation between two com
nodities of services exchanged Third Hence money Is
the measure of the relations between comm0des ana
most conveniently and equtably Of both the precious
metals taken together Fifth Legislation cannot make
the value of one metal against the other, but only
Temporarily it may disturb but it cannot permanently
alter or destroy Gold and silver money in virtue OF
their superiority, ana they owe none OF their rank
tol9w ,,. A., -. .,. ,,, ,
the ingredients OF money IL Is essential that no legal OBJ
sace shall be placed in the way OF tne voluntary use OF
either that one, equally with the other. sha not De
legal tender TO unlimited amount at qualitative re,
latjon fixed from time TO time IN view Of the past and
probable future market ratio OF these metals
These propositions Senator Jones Illustrated ana sus
and cogept reasoning 10 show that after had
connected tue countries or the earth substances common
be necessary the purpose OF money, and later su
balances of trade were settled by means OF bills OF e&
change representing those metals and gold ana slN CT
are the only substances which have ever been univer
The Senator proceeded with an exhaustive history OF
the supply and consumption of the precious metals in
Europe, from the earliest time
RELATIVE VALUE OF GOLD AND SILVER.
He also traced the history of the relative value OF gold
and SILVER Early in the eighteenth century the legal
relation OF silver to gold made 15l9 to 1. Silver
being thus underyalued silver coin ed TO countries
where it more justly valued. In 1s16 England
adopted the single gold standard When aiterward gold
fell so would only purchase ii 74l0Oths OF silver
there arose an agitation favorable to the payment in
gold Of interest or principal Of the public debt. The
bondholders claimed, however their pound OF silver
instead of payment neas and that the honor OF the
Crown involved In paying silver pounds. They won
and thus silver became tho single standard seventy
wears later while specie ipay ments were suspended III
England silver was demoneuzed by law; me io5 Iea
son this restoration OF the single gOd stahdd wac
that silver had been slowly falling IN Naue Al. &,
The average market ratio foT th5 dee d, Gnd s
1890 1474 while for the decade endlng IN lS1V
was 1912, and for that ending in $50 IT was 1851
Beyond this the supporters OF the act OF iG kSw NIUE
Judgment with regard TO the probable future course OF
the metals. The act OF 1916 therefore
der, a piece Of empiricsm based az most upon TEN
pOrary decline OF silver. When come 20 trace Ia
consequences. shall what deplOrable blunder II
was Aud IL is just such bnnder that would now com
init in this country IL disregarded the present oppor
tunty restoring the double standard, if emprcaly
refuse to recognize silver essential aud component
part OF the money OF the world simply because Tor the
moment the ratio OF silver 20 gold Is depressed.
The creditor may seek support In unjust laws but nature
is the side Of the debtor and nature redresses the in
eduaies OF laws AS 10 the effect upon her own people
Ia demonetizng silver paid during the period when gold
was rising ia value II need only be said that England
never passed through moro gloomy period than during
~ Cafnrnia