The weekly Floridian. [volume] (Tallahassee, Fla.) 1867-19??, 1886-02-11

m FAVOR 90 MArETAINfH0 THE PskxNE
sTANDARD OF VALUE
Senator Charles w. Jones, a Florida. who
soent the summer here, has moi yet returned 70
the CAPITAL He was yesterday asked bis views
on the silver question now exciting 20 mocn az
tention:
In 1878 put myself very clearly On record
In speech made In the Senate on this suDjecs,
and every word l then uttered Stand By To-
day" he said AZ have read ths recent debate
In Conrress and failed 10 6nd IN u any new
light on the silver question. The subject - one
az great importance 70 the American people,
and the interest il has aroused does MOI as'oosn
me.
1.-THE power to coin money and regulate its
yalue Ia a high sovereign governmental power
everywhere. In this country this power, which
once belonged to the States. was given up BY
them TO Congress when our Constitution was
adop ed There is one power, however, which
still belongs to the States that has very npor-
tant bearing upon the silver question The Con-
stitu,iou Of the United States declares that no
State shall make anything but gold and silver
legal tender 10 the payment Of debts Each
State In the Union to-day has the power to make
either gold or silver the legal tender f'r debts
within its limits. When the States gave up the
coming power to Coigress it was with the clear
implication that the two precious metals would
be coined in sufficient quantities and on such
reasonable conditions TO enable the people at
the respective States tn Use them legal tender
money. In April 1792, our first great coinage
law was enacted. think IL is well understood that
Mr.. Jefferson took great interest in the framing
o. this law. Ii is still upon the statute 10 X
without material change.
at provides that the coins Of the United
States shall consist Of gold and silver. | often
hear it said that have two standards 1t value
The word standard is never used in our coin
age laws except 10 indicate the weight and hne-
ness of the metal out Of which the coin IL c,yn-
posed. Coins cannot, in order tn he durable. be
made exclusively Of the precious metal. They
must have in them a certain proportion oil alloy
or base metal The silver dollar Of to-day, while
it weighs 412f grains Of standard metal, has in il
only 3714 grains Of pure silver. There is no such
thing as double standard Of vane known to
our laws. Ii is a popular but not legal or a
scientific phrase.
"It may be asked have we no standard at
all? answer that we have standard, which
was established by the law Of 1892. and has re-
manned unchanged in any material RI spect from
that day To this The law Of April. l7JS, de-
clares that The silver dollar shall be the uni Of
rnlue. You can have but one unit Of value. The
quality OF unit Of value is tb measure the value
of everything else, even the gold coins This is
clearly indicated by the act OF 1872, which, after
providing for the coinage of gold coins which il
denOmInates as eagles, half eagles, ETC., declares
they shall be of the value Of twenty and ten units
respectively. The mint relation established be-
tween the two metals ia the coins was fifteen 10
one. Fifteen ounces of pure silver was made
equal 10 one ounce of pure gold. This relation
must 10 some extent be arbitrary, although il il
the intent well as the duty of The government
to bring il as near the commercial yalae Of the
two metals as possible.
No inconvenience was felt from this frtAtsoo
until 1884, when il was found that gold Was un-
dervalued in our coinage, precisely what Is claim
x.lf tn hat Inn f,sFVrh Al hal
time that the gold in The coin was worth 50
much more in the market that il was melted
down and exported.
Some of the ablest statesmen this country
every produced were 10 public life al this time
What was the remedy proposed and adopted To
meet the evil? Did anyone ever suggest putting
additional grains of silver into the unit 10 bring
il up to the market value Of gold Never. Ey
cry statesman knew that every private and pub
lie obligation then outstanding was contracted
with reference to the existing standard of value,
4124 grains of silver to the dollar, and thus every
grain of silver aided To the dollar was much
taken from one party 10 those contracts and
given TO the other. without consideration. But
there was q remedy. The same is open now.
The gold coin, which was not then and is not
now the unit of value, was reduced over six per
cent. in value in the coin. By Mr.. Benton's bill OF
1884, to make il conform to the unit, and all
trouble ended. When the public debt was re-
funded, under authority OF the act OF July IA.
1870, provision was put into this law in the in
terest OF the bOndholders which to-day consii-
tutes contract between them and the tax payer
of the United States. That provision is that all
bonds issued under its authority, both principal
and interest, are payable in coin of the standard
value at The date OF the act Every public and
private obligation 10 day according 10 legal,
equitable and even moral standard is payable in
the unit of value the silver dollar of 4l22 grains
or its equivalent in gold. l am for maintaining
"What would be your remedy Tor the existing
dificultyg'
AZ would cut down The value of our gold in
the coin and make il CONFORM to the unit or stand
ard, would go back TO sound Democratic
principles and restore the free coinage of both
the precious metals"
But has not silver deprecated in value in re-
cent years."
II claim that il has not, but that gold has APP
preciated in the foreign markets in consequence
of the favor shown to it by foreign govern
ments."
at the principles of free coinage w're lopt-
ed for both metals would Germany and other
countries which have demoneized silver, food
America with that metal and draw out our
goldt''
THAT would be impossible. ii We should
reduce the value OF our gold coin to the silver
standard. OF course long the present
quantity OF pure gold in our c'n is worth ten
fifteen per cent. more than the silver in our
standard according To the existing ratio between
them established by law, there would be great
danger of large quantities Of foreign silver being
sent here to exchange for our gold, which could
be done at great profit. 1t is asked. what in
ducement would there he for the owners Of gold
bullion to have it coined into money if the value
of our gold coin was cut down as 10 bring
il on equality with the silver standard when
the owner of the bullion could ship il abroad
sell it in the market here at prices far in
advance of the mint valIationr My answer
to that question is that if gold cnin was cnt
down nj our minis To bring il CD equality with
our silver standard, The holders Of gold bullion
would have irniod the. nucement 10 convert
ii into coin that they have now, because it is
plain that il vnu conld get $40 gnld piece
coined at The mint for len per cent. less gold
Than you have to furnish now, great premium
would thus lie given To the holder of gold bull
lion to convert Il into coin which would pass
current rs money with the coin of former weight
and fineness. II would be u sure security
against the expectation of gold abroad, and
would give to all creditors, public and private,
the iull measure of value stipulated for in exist
ing contracts and relieve all debtors and tax
payers from the apprehension that they must
pay more than they agreed to pay"
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