New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-12-09

and the hugo accumulation of the precious metals by
mankind IN all time - Circumstance of the last import.
ahcr II al the ecOno are right la computing the
total wealth of The world, stored, saved and consuming,
20 be 0f less yalIe at auy moment than five times the
worlds grass income for the one prev Ious year
II the facts o. our own monetary situation have heel
correctly ascestained and stated above then 1t is now
obvious that gold and silver may without
prcn Gce 20 their high rank monetary theories be
aside ri theories practically napplicabe, the
present moment for the guidance OF the United
SILVER mOnOmetssm. though current In India and
Nic0 has few advocates among us, and, any rate
is imadmissibc. Gold monomctalsn has SOule able aG-
yocites among us but. at any rate IS nadmissibe. We
IN the presence of 55000O00O fill tender dollars OF
of god and 215 OOO,OO0 full tender silver dollars, the
latter number now practically rreducble
"A netallst3 OF boGh scnooS condemn all EFFORTS by
laws to manufacture leca-tender equivalent Of any
nations monetary unit out or the paper record OF a
promise To- pa' that nnlt 1t here i'es To ALLURE TO
that episode IN our history before showing what the
procedure OF the Congress OF the UHte states has been
IN making orr monetary unit reside IN com formerly OF
Two metals lltterlY in one mota and the relation o!
tue bmct1lc theory ami practice thereto and 10 our
immediate problem the silver dollar coinage Indeed
tho disparity between the two t25j lOU=lOO 80 in
July, 1864 when Congress tried To compel their equal
up'n the eSitcnder laws OF February %, 1862. July
II, 1852 March B. 1868. and the law Of May 81 1878
though cannot myself believe the voters OF tue several
states Will ever decide that their Federal Government
holds as sovereign power to issue and reissue Treas
ury notes and make them legal tender in pIym'nt o.
private debts as 1t has 10 coin money and borrow IT,
THE MONETARY UNIT OF THE UNITED STATES.
complete history Of tho United states coinage laws
would include many unImportant well important
details Reference is here made only to those parts
which in every principal coinage law have prescribed
c!thor single unit OF value, what weight OF fine gold
should be equal to what weight Of fine silver I'm the
monetary unit and it, mlltplcs that the least I'M
perfect equivalence, the utmost attainable stability
therein might he had and every exchange product
or service. pass under convenient ana just standard
and measure OF value A table given page "a is
an analysis OF the history of the United States mode
tary unit including every that has dealt
with the unit from 1889 until now Setting ASIDE the
oxigenccS nd the Of the perioi when paper
expelled cOln that hstoryi5 record or proud integrity
OF uniform good faith
Congress has established justice. and maintained
1t In a chef article and instrument OF justice.
the monetary unit. The good faith debating
change is demOnstrablc. Marked by from
the first act To the last OF them f. without
1894 changing tho ratio, when Congress omitted to be
guided by its abest living adviser the most eminent
OF my predecessors I'm this Office, Albert GallaH the
friend and Of Jefferson and Madison their counsel
Or IN finance, the originator OF the Ways aud Means
Committee during three Presidential terms Secretary
the Treasury and the originator OF It's present system
AMI best traditions.
II will first be COMPONENT tn indicate what the table
does not show II makes account Of subsidiary COIN
agethlt Is the coinage Of silver FOR small change dis
paIaged and full tender. Such facts and metric
changes In them irrelevant to the monetary unit IL
makes account OF allows but deals only with the
weights OF pure gold and silver These alloys have
changed are decimal, OF minor importance and lrrel-
II makes OF the trade dollar, the his
tory of which here would be confusing and Irrelevant
IL ,kcs account OF the deductions from full legal
otherwise It makes no account OF changes from grs
tuitOus to compensated coinage which, though capable
OF great Importance, not actually having been may be
neglected.