New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-02-09
BEMET4LLIC MONEY.

Mr.. George Walker has rendered another
service TO economic science by admirable translation
of a paper entitled " Bi-Aictac Money, by Ehlle NC
Iaveleye Professor Of Political Economy III the one
sy of Iie2e, Belgium. The paper Is very suoEe anu
closely reasoned argument in favor OF mterhaohai W.
meiais and Mr. Walker it ranks with the pest
productions of ~ Cerunschi that subject Al the out
set it reviews with unusual care ana lan
ness the arguments of the abiest "ha
most DISTINGUISHED partisans OF the single Standard
and even those who dissent from the Professor VIII ao
nit that his statement Of opposing arguments Is sne"
larry complete and focIbe. Concedng then, that SOUND
objections can be made TO either system; mat III Will
monetary systems it is with mankind and Win hu-
man affairs: none of them perfect he examines
first that Of Locke that standard cannot De cOhpoe'u
of two metals each OF which is subject TO VARIATIONS
H., urges with NM Wolowsh and Cerunsehi,
that the use OF the word standard Is dccep
tive; that any monetary measure constantly
changes its value, whereas standards oil lehg,h OF
weight do vary. Here he might have added ta as
value means only the relation between certain Objects
nothing can measure values which does not vary lie
urges that the best measure OF values is that
which varies least that bmeallic system. giving
to the debtor POWER pay in the metal OF lowest value
TENDS maintain the assumed relation between the t"o
not to the degree render IL interchangeable, but 10 re-
iuce its huctuatons, as compensated pendulum
made OF see and copper, is less subject 10 expansion
tni- point sustained by quotations from many writers oil
hich authority, is very clear and strong.
Upon another point in the discussion the novelty OF
the views advanced will challenge attention, and tue
translator evidently considers them open 10 critcsi
After showing that a characterization OF silver, reducing
the coin in use by one1lf would tend 10 produce
a general fall prices, and its gene al Use would tend To
produce rise Of prices fal III tue value OF money,
ne contends that the fell in value Of money operates
to tho advantage OF the debtor, and that It is therefore
corporations and individuals. The slow. regular an
uatcd and strictly c.al decline in the value OF money
las therefore eject of propor0nacly reducing old
debts He urges that 1t 1aSOrs production by caus-
ing decline The rate OF interest aad this opinion lie
supports with elaborate reasoning and citations. FL
nay, he surveys the present situation, and especially
the strange perturhaons caused 10y the attempt OF Ger
many to cease using silver. and maintains that Its
general characterization is utterly impossible and,
IL possible, could be accomplished only by
disorders and disasters such have not
been witnessed; that the continued difference be-
tween nations in monetary systems is main cause Of
existing difficulties in the working OF the bi-metac sy
tenn and that the conclusion should be agreement by
al countries of common assumed relation between the
two metals. This paper will be sharply criticised wei
as warmly admired but who read t will fail 10
thank Mr. Walker for transating il, and for the care,
fidelity and intelligence with which his work has been
performed.