, 1877-05-26
Coin and Gold Coin.

Missouri has followed the example of Ohio
and IlIiuols IN passing law making the sil-
yer cnins of the UnIted States n legal tender
for all debts. This action calls forth some
very severe structures from the gold advocates
Of the East, but the sturdy West does not
seem in The least disturbed thereby. The ST.
Louis Rspnaieaa, which defends the law Just
passed. admits that there is some force IN the
argument that the States making silver coin
a legal tender will be forced to receive cheap
silver In payment Tor debts, while StilI To-
quired 10 pay their debts IN gold, but eludes
II by the assumption that the sotion OF these
States will compel Congress to restore silver
TO it's former position In :hls conn-etioo,
the RepslJg6can makes very good illustration
of The manner in which the gold law works.
The United States is a debtor nation We
owe a national debt of about s.. .2G0. 600. 900,
and other bonded debts of Sls es, counties,
cities aud GOWNS enough 10 make grand
total of 81 600, 600 900. The annual interest
on this debt is S24O, ,U00, 900, payable, few
years since, in coin, silver or goid. The
nation produces both silver and gold, and
could pay The interest in either. The nation
now Is Ikened 10 d farmer who owes $1,000
ON " hich he pays yearly interest of SlOO,
with the right TO pay III grain at the market
price, This right TO pay IN grain permlts
him 10 chuuse the kind of grain he Will pay
H. One year he finds 1t to has Interest to
pay III wheat, another year iO corn, again IN
oats or barley OF rye. But after while the
CREDITOR persuadrs the dealer that it will be
more hig gh-toned for him to pay always in
one kind If grain, and assures him that all
other debtors who wish TO be rated as first
class are going To do the same. In cOnse-
queDce of this action on he part OF the foolish
debtor, the price of wheat advances relatively
to other kinds of grain, and cur farmer, and
all farmers similarly situated, have to pay
more 10 value OF wheat, measured by the
standard of other kinds OF grain, than he had
under the old Arrangement. The creditor,
however. continues to assure him that be Is a
higb-toned debtor, and that he will loan him
more money Oh The same terms whenever 4
No l security may be offered. The United
States is Ill about ;he same position as TINS
farmer We produce gold and silver Ill large
quaurities-meral5 which have Tor centuries
been the accepted measures ot values. All
the other products Of nature OF art are TURNED
into eo.n made Of one OF these two metals,
according 10 the natural standard Oh weight
and fineness and the proceeds Is money, Win
which debts may be paid or properly pur-
chased. Neither land, horses, cows, hogs,
grain. iron, cotton, wool, hemp, or anything
else which human ingenuity can produce,
except gold and silver, Is money, except II
creditor chooses to accept it as money but !
gold OF silver coin Is money, and the creator
is compelled 10 accept or foriel' elaih u
payment.
Producing both of these metals IN large
QUANTITIES. this debtor nation, WIN lour OIL
lou dollars principal and S240, ,OOO,OOo year.
Iy Interest 10 pay, is persuaded that 1t VIII
be more hIgh-toued 10 pay IN one ana tne
denrer of the two metals. 1t cannot be de-
med that this course will make gold dearer, |
A. il will rednce The amouut OF actual money |
in the world by one-ba!f, but 1t Is asserted |
that all debtors who wish to be considered |
first. class voluntarily agree TO pay ln soio- |
1t i, true the parties who make these repre- |
sentarions are the creditors OF their agents. |
bur thus circumstance Is held not 10 affect the |
Intrinsic value of their argument 1he
cnrioas part of it Is, that individuals VITO |
form part of this derOr nation should I'm |
ngine that their personal Interests as land |
holders may be improved by Il course OF ac-
uoa which, rrlegatiug one-haIf the money Of
the world 10 the rank OF merchandise, IN |
creases correspondingly the value OF the other
half as CON pared TO merchandise. These in
dividuals, OF their representatives, are de- |
mandiDg that gold be made the currency OF |
the country; that all deb's, principal aud IN
terest, be made payable IN gold, In utter ais-
regard of the self-eyldent fact that more mer
chaudise will be required to pay IA debt IN |
gold than if the debtor retained his original |
privilege OF paying in gold or SILVER.
creditor nation like England, producing |
neither gold nor silver, aud making no pre-
rentious to an otherwise Than wholly selfish |
policy, may naturally advocate any measure
that will enharcz tbs value Of what the world |
accepts n money; but that a debtor nation |
like the United States shuulc be caJulrd Iu'o |
the adoption of a similar po'icy, Is QUE OF the
uuriosities of legislation which The average |
commercial mind cauno, mprehend--t1-