Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1882-06-15
Chickering's of Bullionists.

Inc American sentry.
From the arrogant manner in which
the advocates of metallic moneys con-
denim those who differ from them,
people unfamiliar with the subject,
would be apt TO infer that there was
perfect accord in the camp of the hard
money advocates. This, however, is
far from being the case. For long
time the opponents of paper money
have waged war with one another as
to whether standard money shall be
restricted to gold, or whether silver
shall not also be included; the mono
metallists sustaining the former, and
the bimetalllsts the latter arrange
ment.
The bitter animosity that exists be-
tween the above mentioned parties
may be seen in an article headed
"What is Money?' which was written
by Lord Sherbrooke IA mono metallist)
and published in the Nineteenth
Century for April last. In it he
quotes the following question from
the address of the governor of the
Bank of England at the India House,
which is worthy attention as it en-
tirely refutes the idea set forth by
Senator James G.. Blaine and others
that the exchangeable values of gold
and silver were conferred on them by
the Deity:
The question we have TO deal with Is not
so complicated as some people suppose.
l. is simply this: CIn silver he eliminated
frOD use as currency in Europe and
America without enormously increasing
the value of gold and depreciating that OF
silver? IL Is not speculative theOl y
which we enuuciate when we say that the
Withdrawal of tny portion Of the active
currency of the country must enhance the
we add eXchangeable va lie of what re-
mains in proportion 10 TIE amount with
drawn.
The governor of the Bank of Eng
land herein exposes the secret reason
why the worlds money is limited to
the metals. In a country like Ger
many, where gold is the money STAN
dard, the cornering of that metal not
only enhances the exchangeable value
of gold, but also deprecia the value
of national wealth existing in all o.her
forms. What is said of gold applies to
silver also, when that metal is the sole
money standard. A singular proof of
the truth of this statement, as regards
both gold and silver, may be found in
a late work on finance written 10y Baron
William Won Kardoff Wabnitz. In it
we find the following paragraph;
1 Mr.. Thomas Barring, one Of the heads of
the house of Barring Bros & Co bore wit
ness that in London Ahere gold is the
money standard. during the financial
crisis Of 1871, it was not p sSible t. borrow
n guinea ON E6l0N sterling IL silver. On
the other hand it is an authentic fact that
| in Calcutta where siver is the money
Standud the pOssess0r Of 1000 sterling
| in gold com during the commercial crisis
of 1854, was obliged TO declare himself in
solvent, Because he found it impossible, on
that amount Of gold, to raise sin Gle silver
rupee.
Such are the evil effects produced by
the monopoliz,tion of gold or silver in
countries where only one of those met
ais was the money standard. Where
both are admitted, of course it would
be more difficult to raise money pan.
ic, for it would be far easier to monop-
Olize one than two currencies.
To Nationals, who are true paper
money advocates, the battle between
the mono metallists and the bi-metal.
lists, though highly important, is a
secondary matter, They know that so
long as metallic money is the sole full
legal tender money of nations, as at
present, periodical panics will he Great.
ed by interested money changers, labor
paralyzed, the production of wealth ar
rested, and national progress retarded.
The only remedy here is for congress
to issue a medium of exchange for the
use of our people that cannot be sue
cessfully monopolzad, one resting not
on the metals, but on the entire wealth
of the nation and on the industry, in.
genuity and integrity of our people.