, 1877-12-04

HEKCULAklON EU1EEH6us
Theeo tables by no means fully represent tho
txtcnt Of tho fluctuations In the lcEal standard
sf value during tic last sixteen years. Tho
variations cannot be counted BY The number of
have been numerous every day slneo tho date Of
suspenson and can only be numbered by tens
Of thousands. TIC Importers and other whole
sale dealers have often found, during tho last
profitable to haye bought and sold guld than
tle commodities belonging TO their legitimate
trndc. II. In tho Interval, tho price Of gold had
risen, the Importation was received nt
a!oss !! haa fallen tae @ profit on the the .s ssle
derived from tho sale Of tho goods. The teh-
.stncy oE such fluctuations IL either to bankrupt
Ur 10 dctnoralize oil pcrsous. engaged iii Or
1usiness oi avery Kind becomes simply gan,o
of chance, based upon tho oYcF-chnngnG value
or weight Of u false but legallzsl standard, and
many pcrsons iu crcEy portion Of tho country
III specuEasIon.. bringing failure and Disgrace
upon, themselves and losscs upon those who
II tho weight Of oil tho produce which has
been purchased tu tho last sixteen years had
been determine! by standard pound whlcs,
var!cs in weight from sfI to st1teen ounces, or
II tho measure Of all fabrics had been asccr-
talned By d yard-stick, the length Of which
teen 10 thlrty-st1 inches, the evil resulting from
tho use OF such raise and varying standards OF
weight and measure could not be greater than
that which followed tho use, durlng tho eans
been tho paper dollar. Not many years aro It
required 100 large and hcayy weights to bal
anco 100 buhhets Of wheat. To-day, by tho nd
yanca in mechanical eelencc, tivo.pounl weight
whilo tue actual ute Oh the pound weight Is con-
fined to tho small transactions VI tue retail
trade. It would now DO tmprnc.icubtc to weigh
tho pi oducts Of the country with the o!d.lash-
sSued az 5.'anses an but tae Weight Of carloads
quickly aud accurately determined In pounds
upon o modern platlortn-scalc, every one Of
which Is exactly sixteen ounces ayo'r1apols.
country 9Th , sh'sh to pay for : onstwsntIs!h M M
{ho mach!nery Of tho bank, With its system u
checks, and bills d exchange, aud clearing
afs'ss 81 %sh u" Il for a al Il aSsF: 92s,' s
standard dollar Of twenty -iyo and oigLt-tentls
H1alus Of gold nlne-tenths tine.
MEANING Or RKsuMpTtOn.
Resumption does not mean tho actual uso
and handling of the gold dollar in every
transaction. Cola and currency arc but tho
small change used In the retail trade. Baulz
checks and bills OF exchange nre tho instru-
s9na nr5 snmnoyen y ~ i rSs ,sG.a f
for carloads Of coal, aud fus houses anI lands
Resumption means only that the dollar repre-
ssutcd ln the bank-eheck shall BE- equivalent to
tWult1'Afd AHA kEHIu8 VI E0ll, a.
shu pounl represented upon, thu beam Of tho
platiorm-scale shall be equivalent to sixteen
ounces avolrdupola. II ineuns that tho mill
Ions and bltluns Of business Transactions VI q
stnglc year ahatl each be measured by q l1etl
and true, and not by ductuatlng mud talae
standard OF value,
Congress, on March IS, 1900, passed an MT IN
which "the United States pledges Its faith 10
make provision At The earliest p[ast!gahle IT.
xotes III coiu," snd on Jan. II. 1878, q day
WAS hxed for that purpose. The paper dollar Ii
now worth 97,S ceuts In gold and represents u
weight Ut abUut twenty-five gralns of that
metal. Il has Increased In IT. representative
value and weight ~ per cent during the last
ten years, nlofe ihan ~ per cent during The past
two years, aud neafly s per cent within tho last
sL1 months, and there IL no apparent good
reason why II should not soon l'esolne OF tho
full standard value, when both tho paper and
the gold dollar will be Ill cqual measure Of
value Tor tho rich and pour alike.
The Government aud the tauks Of tho couu-
t.y suspended spceie payment. on Dec. .,
1861, aud 1t u believed that this National Banks
will cordially unite with the Government In
restoring the trus standarl u yalue whenever
tLs uctS ot Congress referred to slall iaye bsen
carried into effect