The comet. [volume] (Jackson, Miss.) 1877-1882, 1879-09-06
.,,.r,.r the value Of the Counters,
~ the Editor OF the Comet

normanv and other European States in de-
,,od;ro II from the rank OF money, ana =
The consequent increased demand Tor ana
rise in the value of gold, employs very
happy illustration. India is asiiver money
connirv. and the government and people
,vsro compelled to pay their European debt
to the standard Of gold thus cha
honced. by means of the sale Of silver, res
duced one fifth in value, for gold bills on
p,rone Besides this effect, the purchas-
inc mower of silver in India was reduced
10 the extent of the depreciation. Inc
writer says it was as if party haa SAL
down to q game of cards, using counters
which had A certain value fixed at the begin
ming of the game, and at its close that Vaiue
bod been raised one fifth. The winners
would not only have the ordinary advantage
of winners, but the added increase OF Vaiue
in the counters, while the losers would no'
only sustain the ordinary loss, but loss
NOT involved in the ordinary hazards OF the
game. o-,;,it
This illustration is available to exhibit
shorolv the effect of an enforced resump~
ton of specie payments which has by one
means or another, been made to be re-
sumption on the gold standard after 'he
oovernment in the hands of the Republic
can party, had caused all business 10 pro-
coed. and all debts to be contracted on Tue
basis of a deprecated paper currency l'S
o,vn offspriua 1t has allowed the game
TO be played for very many years Will
oornters at a low value, and suddenly raises
their value in favor of the winners.
On the other hand, the Greenbackers pro-
nose. what is equally unfair, to reduce Inc
value of the counters, by the issue oi
countless millions of paper moneySwlthout
ADEQUATE means to redeem 1t; Tor we oo
not find ia any financial scheme OF tha'
party any such means provided Two
thoreond millions of Greenbacks anoat
will create, from necessity, an lrredeemaole
naner money, local currency. 1t Is Vastiy
more than our population and business re-
|
mira md it will Danish gold and silver
from the country as effectually as they are
now banished from Italy, Austria ana
Rpssia The scheme runs into fiat money
with the main principle of that money
violated. The best informed and most III
tellipent advocates of ''fat money lay II
down as n fundamental law, that the guam
+itv of such money must be limited will
some exactness to the business OF country
and far want of n measure OF this qnahtily
thav have taken the average of collptrie
ordinarily prosperous, and divided the sun
of the currency of all sorts by the popula
tiop. allowing so much per head. Flftee'
dollars per head is about the average gwen
and If will be found that We have attalne'
d yery nearly that ratio now in our currency
v This rule is subject to modification by the eA
# tent and activity of internal traffic, as dis
:, nlaved in France and some other countries
= The stability of this money depends on !"
"A inAexible adherence to the limit
ID The Greenbackers, however, propose
II, onca to nav off the Government debt b
H. means of paper money, and thus put af1o'
>. an amount of paper impossible to be n
PC doomed. and more than twice the sui
oo5o5 for the business of the country
It, Looking at tho enormous debt created.
yh State, municipal and private-durinS II
mt nrevalence of deprecated paper standar
in we oct some idea of the oppressive elect
poinp to the gold standard, exaggerated
a the demand for that coin to fill the vacuu
ice created by the displacement of silver
We The country will not go back to depr
ur ciated paper money but it has RESUME
elf and will continue the coinage of silver al
maintain it as money. We are welded
as' a metallic currency as the basis OF clrcul
led ton, and we ought to have both silver al
OF GOLD, We cannot, however, have botn u
on less their relative value shall be adjusted
ng the bullion value of the metals III the ma
lzets of the world. The over valuation
he either will drive the other away by l.
action Oh Lu6 LuIOpObh CNNS~"
mel toned. and the increased production OF
kin var that metal has sunk in value about Oh
for fifth. Whether it will recover, depends
ire restoration to the rank of money IN
a., GREAT commercial nations which have tof
his time discarded it, If the depression is to
inns nermanent it il clear that 412t grains to
but dollar will give us a silver currency only
uld for that is admitted to be the creation O.
lear dollar worth only about Sc cents, 1t Is
nan competent for any government to reli'
I'm debtors by law that they may pay
ma lar with sc cents, but it is duty to rel
ARA tie displacement of silver as money SC
ana to give gold value which it did not nj
lent before the displacement. The policy sho
be to counteract the tendency to emma
iext the value of gold in favor of creditors b
AN" recoinage of silver, regulating Its value
TO- wise regard to existing conditions, ana
ms legal tender capacity by the same c
siderations.
Say' There is much truth in what Thur
llhg Weed told the Silver Commission-that
ply' coinage of silver did not make two sta
1t is ards or the double standard Meaning
Oad proper adjustment of relative values M
one standard, and increased the volume
'o"' metallic currency.
lhe If we give unlimited legal tender cap
yer, ty to silver, we ought to adjust its valu
"eu gold on the basis of the market valu'
IAN the bullion. Otherwise, according to
nA'n known law of money, one or the other,
:, Jun the undervaued money, will cease to CT
W. late. A limited legal tender capacity
silver would enable both gold and 81
=, 10 continue to circulate together, althd
for the silver may be slightly over-yalued'
,snr. is well known, that if silver is used