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

till 1863 1864 that the bearing VI and GOLD
1862 upOn the probable future ratio Oh si'oi M" o.
began 10 be discussed IN Europe
THE STANDARD OF VALUE.
In England the anticipated decline OF sn'er wa"
carded with great com lacency. IL was 'o
d,u former plutocracy parachute to retard the pre-
vonslv threatening decline in the purchasing Po"e
ld covernor 10 that engine Of their own cohsuucN
,on which thew had built in 1916 and regretted since
1S48 -, ,,oroa for
Nature steam. and the Comstock lode laoored ior
mankind the silver of the sierra Nevt odnct
10 make themselves felt in the eolnages e E II was
lei o and gold went up to nearly 10 OF sltci. ~
therefore in the interests OF plociacies ~ md thev
silver and adopt gold the standard Oh 'e, as The
i0 convince society that gold alone was @
tr1e Standard Another motive influenced 'le. o o
silver was arbored legal tender III Eui ,, LIZ
IniIed states by being the principal producer OF 5e
metal might become the money center u ' an6 Terlin
natter Of no little concern to London, Paris anu Dci
AS,er wing the International Monetary COhVenon
Of S65 and the debate on the American hd 500 e%
net nj s73 the Senator inquired why SILVER au 30 es
ularly maintained its coinage value OF io!I W oi
gold His answer was briefly that tins rs just ABOUT r ho
reIative cost of production OF the TWO Helhs; lne
AVERAGE result of over 200 years OF experiment al over
the world assures us that lo2 pounds OF seL au NJ
gold are equivalents. This assurance Is as sohy SUP
ported in respect TO the future as IN tle pas,,
the nature and qualities OF the two metals are SO
nearly alike that any Improvement applicable to the
extraction recovery OF one must apply 10 the ot9e
and second. the geological distribution OF the Two es
is such that IN many OF the large dep9sts ol te s
they lie together i'll the same matrx They must there
fore be taken out together and the quartz Wuch CON
tains them both must be crushed, amaganated sePa-
rated and refined by one and the same process here
then, have an undltcIdDic reason why ihtipNc
ments in the art of mining the precious metals must
apply equally both them, and also WHY indeed so
eStinote worlds stock of the precious metals in 1872
was OF gold, $500, 000 600; silver, S5,6O0OooOOO;
Gold by itself is not correct measure Of value, be-
cause il money is gold only 10 the exclusion OF silver
like mile OF elastic rubber pair OF scales with
shifting fucrum The effective measure of value is not
the whole stock OF cOin but that portion only when
law makes legal tender. If legislation were wholly re-
moved from the subject Of money, except To announce
and fix the relation OF the metals from time to time and
generally as to police functions would nave botn the
metals in circulation plus an amount OF free bank paper
which would bear an almost constant relation 70 the
OF the metals. The measure OF value ~ such case
would be easy ascertain as it is nothing is more
difficult
Farther statistics were presented to show that the
average of coin per capita throughout the world IN 1893
1872 Between periods the worlds population and
its per capita of coin had both about doubled Inc
was due to an enormous the stock OF gold and
silver. SO far steadiness is CONCERNED gold
does deserve to be used money at all The OLD ma
lions of Asia, who tried tins metal more thn tnifty cen
urcs ago. appear to have long since come to TINS coneu
sion Taking silver by ITSELF find that the annual
production of the Occidental world has but little more
than kept pace with population It was S31,ooo4OO
$72 100000 in the year 1875. The statistics OF It's an
nua production characterized by the same seadhess
that distinguishes its place in the clrculatlOn
THE STOCK AND PRODUCTION OF GOLD.
Turning to gold find that the annual production has
varied enormously. II S130OO,OO0 year in 1901,
fell to perhaps not $5000O00 in 1929, rose to
SIS2 600 1852 fell to $107 900 in 1868, rose
IN ~ 40 600 600 i'm SOD and fell 10 S97 800 600 in 1875,
ana with downward tendency. And yet this widely
iuctuating, ruinously unsteady metal is what the edg-
InSs OF political economy, the charaiahs OF ni3hetal!
conventions and the numerous dupes or LOlubardsl
would divorce from its natural complement silver anu
have for a standard OF value. As well have the rack
for measure. 1t has often served that purpose, only
the thing il measured not value but human en-
itSeIf is eapabie of measuring 900 900 year
in 1901, S5,000000 III 1929 S1S2OOO,OO0 IN lSo2'
s9 500 in S75 AwOnderful measure OF value indeed
Inc annual supply of gold has reached Its elimination
The supplies OF gold falling of The river beds OF
California and Australia have been washed the surface
gold has been secured the quartz mines nave meas
uraby used up the paying ore; the waerine has been
touched, and below II are only those snphnres whch
as vet have been successfully treated Beware for
egn influence! Beware the example of England! Be
ware Engand's fatal blunder OF 1910 beware Ihe
rulnous effects thst ei9ss 9P2q 1s es a s7S
commenced Aow 1873. They may lie IN the shrink
age Of god-bat gold which the cOnsdercd act of 1873
made the sole measure OF values ana Tue sole lDer Vi
fortunes in the United states. .
doubled from 1913 TO 1867. If gold had been the sole
standard Of values prices would have doubled III the
same period aud with such great and sudden enhance
ment of prices the worth of all vested interests me rea
of all contracts the entire distribution oil wealth.
would have been seriously affected The widow ahd the
orphan, left with comfortable competence IN ISIS,
might have had to ele out scanty living IN 1867; the
lessor OF s4s might have cen glad to abandon ms prop
ery rather pay the and charges OF lsG1 the
rich would have become uEdeseyedy poor and the poor
undeseryedy rich. Why We should nave contributed as
did contribute by the suspension act OF lSbS ana thc
decentralization Of 1878 TO triple the specie prices OF
every Nllhk w -
Japan and the East Indies, wholly SURPRISES the under
standing TO plain minds 1t seems to have been
When it is answered in effect that while England and
her subservent nitaors on the Continent OF Europe ana
for the payment of debts that metal has nevertheless
been allowed to remain In the form VI base com Tor rac
ona currency small change Ii seems to have been
forgotten that base token money can only circulate 10
a small amount. subsidiary coinage is not what -
wanted What needed is that silver shall be accorded
the rank in which gold has been maintained the
world it's universal distribution and appreciation its
ample and steady supply its twinbirt ITS utily ana
adaptabihty ands worm az measure OF value ehtte IT,
With double standard, wisely liked all The moderately
large payments would be made in gold and all the
smaller silver just for moderately large guam
titles OF liquids the oaken hogshoad IS employed ana Tor
smaller the tin gallon BY forciby interdlctng OAK
You might compel hogsbeads 10 be measured 10y the tin
gallon Just by iDtedctmg tin you might force gallons
to be measured by the oakeg hogshead What Is de
its rank in the currency SO that whenever ten
ton TO gold 1t may for the tme possess iat same IN
fuence modifying OF value that has been
always jealousy accorded to 1t when l. became inc
deaTer.
VALUE TO AMERICA OF THE DOUBLE STANDARD.
Having shown that the fluctuations in gold arc Que
chiefly placer mining, and that gold Is at present
British product-Brish possessions in 1879 having con
trbuted $G000O,OO0 to our $26,000.0OO-the Senator
proceeded urge that the policy of the double standard
was even sounder America alone than for the world at
large claimed that the objection TO gold as the sole
standard Of value obtains additional force at time like
the present when its annual supply is diminishing every
year. Its distribution throughout the word IL narrow
ing and its production at the mercy OF the arms ana
legislation Of single powerful nation and class hostile
10 growth ana prosperity OF republican coInnuni-
ties Another bsc consideration Is the STOCK OF precious
metals possession of the world IL is this stock which
measures prices Nearly ODehaf of IT consists OF silver
To demonetze this malt viii reduce all prices one half
and every country in the world, except those
which may refuse to take part III such demOnctzanon
The debtor class-always the poorer cass-had no no
ce act OF 1873 that it proposed change OF the
standard OF values The decentralization OF the silver
dollar them unexpected star III the dark u-
seen until late TO be avoided What right therefore,
would creditor class have TO object 10 the rebabta
ton and restoration OF the double Standard In any
event the creditors the few and the debtors the
| GIou fha a loaiElatOu. v.