The Argus. (Rock Island, Ill.) 1885-1886, 1886-03-04
THE UNIT OF VALUE.
ONLY ONE IN THE UNITED STATES,
AND THAT GOLD.

Secretary Manning Gives Congress His
Ideas on the silver Question-Dana on
the "Prerogative" Message-About the
Chinese-Ofhcial Items from the Capital
WASHINGTON CITY, March 4-Secretary
Manning's letter to the speaker of the house
in answer to the resolution introduced by
Bland inquiring as 20 the policy of the ad-
ministration in regard TO silver is, like the
president message TO the senate, very plain
speaking document. He says the policy of
forcing silver into circulation will precipi-
tate silver mono -inetallism, while our pol
icy should be to secure position which
would enable us to adopt true
bimetallism. This he says can never be at
tanned while we are coming silver dollars at
all under the Bland law, for which reason
be declares it a condition precedent that the
Law be Internationally repealed. So long,
he SAYS, as We coin the Bland dollar other
nations viii hope that our gold will come to
them, because of the practical establishment
of silver mono metallsm here: but il we
stop the coming, that hope will b. de
stroyed and they will then he
willing to meet the United States
in a convention TO fix relative
value between gold and silver and
adopt true bimetallism-which is the free
coinage OF gold and silver on equal terms at
fixed ratio Our coinage of the silver dol
lar, he says, will not bring about this con-
summation any more than does its coinage
by Mexico and the other nations which now
| coin it.
Secretary Manning goes on rs follows:
The law of Feb Il, 1873 section "A jR. S.
3,5lN, reads as follows: The gold coins of
the United States shall be 81 piece, which,
at the standard weight Of 2jS grains,
shall be the unit of value
Thus the gold dollar, circulating amid all
| other dollars then existing or thereafter to
| be issued, whatsoever their substance, de-
| scription or kind, shall lie the unit of
value The law is mrepealed and unmod
| flied. No other statute OF the United States
now in force refers to that Of
flee, uses the phrase, or names the
thing The function of the gold dol
| lor as the unit of value is therefore
unqualified and unquestionable. Its office as
unit of value was once shared with fifteen
times, afterward with sixteen times. its
weight of silver. It's employment in that
| behalf is now unshareI and sole Its value
| is the uuit of value, its measure is made the
only measure To that measure every other
dollar must conform while the dollars exist
and this law of congress stands. The SIM
plirity OF the language makes definition
itself difficult, Int dispute impossible
1t has made duty clear In reply,
therefore, To the summons Of the house,
mindful of the duty and ms oath, l respect
fully answer that while the law remains what
it is | shall endeavor in the future. as l
have endeayorel in the past, TO conform my
official acts 10 the letter and spirit of its
plain requirements, and to SO exercise every
discretionary power with which it is the
pleasure Of congress that my Office be YES o 1
over the contents, the outgoes, and the sur
plus of the treasury as TO maintain eve-y
other dollar OF their creation in such use
and circulation as consists with the presarv-
alton of their practical commercial parity
with the gold dollar, testing the equality
exclusively by the sole unit of value
\ deluSi0n has spread that the government
has authority to fix the amount of the PEG
pies currency, and the power and the duty.
There is no semblance of such an absurlity
in the constitution, as the power granted tC
any department or division OF this govern
ment to determine, fix, or change the
amount of money required to satisfy tn,
peoples need for an instrument of circula
ton and exchange The people of the
United States can decide how much currency
they will employ as they decide how
many pounds of beef. they will consume
daily-namely, by letting every one pro
vide his own Providing a unit of value
TO which every coin of the peoples use must
be conformed is the maintaining of Justice
Insuring that conformity by public mini
coinage is necessary. But to say how many
such units the people shall have and EN-
ploy, or how many representatives or thell
units, i no less absurd than to .ay how
many bargains they shall make and how
many exchanges.
Were our own United States notes al
paid and Cancelled were our own currency
: u consist, as | wish it might, exc u,ively o.
such gold coins, and silver for all smaller
sums, with only actual representative con
certificates 10 any amounts required, in al
denominations, from 81 upward, the UniteC
States would be able to Join in such a prep
ardton 0. a vacuum for silver II is tie
lieyed that suy h conc rte preparation woult
Itself leave little for an international agree
ment upon open mints at common ratio t.
do in order 10 raise the coined silver stock
of the world, thus provided with largel
use, t. the level of the Il ratio