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

- - . - - - - - - = q = "a
|, doe. not what things have hal tany time tho
Iul egal.toId quality conferred upon them, whist
embodiment OF the monetary uuii,-iOr example.
silver dolu- OF he present coinage IL does MOI snow
what thiuLs nave had At any Tine Iuh leAal-ieuder
quality conferred uun tAcm ny the supreme Court ia.
only limited ega-t udcr quality conferred by Congress
-ur example. United states notes which were not made
,, r, ,r fr,r tn Fra. ,urer of m, Tinted Sta,r.
20 private persons Interest on the public debt II
Je,nd NOES. ole which, be ins wed AT the Offices
OF the United states Og elsewhere bJ law or custom are
part OF currency. but not IN
The history OF Inc monetary unit shows that from
1892 1873 tuat unit WAS embodied ny law IN ether
metal Inc arrangement Is such yS Il now cal ed 0ine-
taIlc From l-73 al now, gold has bern made by law
the solo embodiment OF our " unit OF value. But what
notable l. not mat historical IatL MOST notable
ia thc TACT bitcd from 1892 10 l~-5 III variety OF
Ills orica circumstances. sccHns after perfect
cquiy4euco IN coutemporancous and successive cOiu
einhoIim .nts OF the monetary unit
Eduya.cnce Ia tue coutempolaneous coin emboll-
mcuts u our mOut tary unit was the purpose or the
coinage laws OF 1902. lo34 1887. and 1888
Equivalence Ia the successive com emoodments OF
our monetary The purpose or the coinage laws
of 1884. 1897, 1893, 1873. aud 1875.
DurIug the dime when the J1l.25 troy grains OF me
silver continued to nc coin embodiment Of tho NONE
tary unit thoro was no appr"cablo hurtnaton IN ITS
vices and savings mol'lErd tnereoy SHs.i Ftr"tIos
IN tho guI therefore made solely Tor the purpose
rerfcct equivalence in order to retain botn metal, In use
arc only combinations added TO PROOF In tue uniformity
C7Ig.1 from 1892 to 1873. Daring the time when
1872 grams OF pure gold have been either current
or the single com embodiment OF our mphetlIy NnI
as compared with the N ass or commodities services IA"
savings measured thereby, Whatever may DC spccu'
lated, ~ IL not within tue Wiz or mal 10 uaho any none
taTy unit more stable.
THE COINAGE LAWS FROM 1892 TO 1873.
l7g2-Puro gold PAYS 37l25 pure silver; ratio
40 Equivalence the purpose aYowed IN the ceie-
brated Mint Report OF Hamilton, aud intended In the
adoption OF his ratio and recommendation by the Ill
Congress the Original shortly disclosed or
disclosed by later requirements Of gold for EngandS
resumption all be traced to defective appreca
lion of tho effect prod ueed BY the legaltender Part
cnt TO coin concurrent with commercial causes Ia the
nntre OF demand upon the rating Of either metal Is
TO be observed that tho mastery paper OF Hamilton mas
an excuse NOT shared by later documents which that
effect Is sometimes equally overlooked, ana sometimes
strained 10 cover all tho eruditles OF proPo'eu HA'
is3i.-Puro gold % 20 = 37l.25 pure silver ratio
l.l6t. Equivalence cOntcmporaneOus. equivalence
the practical object OF the change n Tue
ratio o. the two made IN 1884 An error III tho
ratio had expelled gold coin from tho country, ~ an
error in our proceeding may do now senatoI Sre
said the extinction Is complete In order nete ORE
TO tho expelled metal so as to emhOdy IN TWO
metals again the monetary uhl', ~ was ,nss az The
change the ratio, and to change IL Oy cuahSe ~ tho
grains the metal then pOs-ess"d and 70
bo attracted and coined rather than o. NV In 80 10
then coined aud In daily use fOr oe "urpusto
nrepondcrnnt conasr Ur both metals by France whose
unts then open. Ike our own 70 az CouIcis AZ
our own ratio QI5) the United states had lost their
gold circulation In domestic trade and foreign com
Tho Congress OF 1894 therefore, sought 20 roeen g1a
aud to keep gold while also re'nns S' b na0eTrS
vnt con,d retain both But their object was to retain
both aud II the commerce OF the world had had inc
same geographical limits as tne hiWs oi tnc Cu .s
states Tho satnle OF 1884 would have retained both
bat 6umetallsm is nothing II not international and
xpr liver a, the ratio OF 1892 suiced 90 eNprl gold
Overlooking the adYics. tho experience, the expert
Of Galatn, Congress- In 1894 adopted ratio
an rAr from the side the ratio OF 1792
a been on tho other side For the ratio OF ll5 the
United states substituted the ratio Of 1916 Again IA be-
fore the prepOnderant Uonages VI France ot 10 men
lion those nations of Eurnpe) whose mnts we're
then open liko our own to all oomers ~ nxoi ratio
ul56 ~ being now favorable to tho owners OF ell
yer han our new ralo l600 the United states began