Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1886-01-23
''COMETALLIsM.'

As matter of curiosity, and not express
ing any opinion concerning it, some account
of the cometallism proposition of Nicholas
Veeder, of Pittsburg, will be justified. The
idea has before this been suggested, but
not elaborated as now. Veeder, who is
practical business man, proposes to blend
the values of gold and silver coinage in
paper money, and to establish a single
standard dollar Thus, to have the law
declare that on certain date-regard be-
ing had to acknowledgement Of contracts
the holder of greenbacks and bank notes
may receive, on demand, 80 per cent. in
each of gold and silver. To give effect to
this idea he would have cometalic dol
lar, Of half value in gold and half value in
silver. He would have the outer disc of
the coin composed Of silver, and represent
ing one-half the whole value. while the
core or center should be of gold and of like
value, the latter being held to place by the
inner milling of the silver rim. Thus the
gold would occupy slight recess, and be
protected from undue abrasion 1t would
be slightly thicker than the present half
dollar, and be easily distinguishable to the
sense of feeling by the recess occupied by
the gold. A cometallic half dollar would
be similarly constructed, and about the
size of the silver quarter dollar, while the
new quarter would be slightly larger than
the present dime His cometallic dollar
would be unit always containing 100
cents, and come as near, he claims, as it is
possible for man to establish, an unvarying
standard of commercial value The smile
by which he illustrates this is that of the
compensating pendulum of a clock, in
which are two metals, one expanding up
wardly and the other in the opposite di-
rection, and by which the length of the
pendulum remains unchanged through va
rying temperatures. The claims Mr.. Wee
der makes for his coin are that it need not
be produced in great quantity; that I" it
will represent the unit of value, and en-
body and illustrate the principles intended
to underlie the entire currency He adds:
1t will not be necessary to redeem paper
Honey solely in actual coin, nor will it even be
necessary that the coin demanded for purposes
of redemption shall be all or in part cometallic.
the esse ltial principle being that all paper
money shall be redeemable one-half i'll standard
gold and one-half in standard silver which
principle Will be satisfied by redemption-one-
halfin separate gold coin and one-half in sepa-
rate silver coin. The two metals may be pro-
vided in separate bars-an old device-as well
as in separate coins, such bars and coins being
OF all useful sizes and denominations while the
cometallic dollar may be furnished for pocket
use and for general transactions and require
ments, including redemption to such extent as
the public convenience may demand. Thus the
proposed system viii harmonic perfectly as to
bars, with the ideas of l. W. Sylvester, Govern
meDt Assayer in the city of New York who is, /
think, perhaps at this time, the most prominent
advocate of their use. The holder of a bime al
tic or cometallie greenback or bank note could
rest secure in the consideration that if silver
should become cheaper, the gold which it
would call for would be relatively enhanced in
value in the same proportion; while if the gold
dollar should again become of less value than
the silver dollar. as has been the case in certain
periods in the past, he would be compensated in
the enhanced value of the silver.
The same principle, he claims, would APP
ply to the issue of coin certificates, which
should he made payable in cometaIlic coin,
or in separate gold and silver coins or bars,
constituting an equal number of dollars of
each metal. Cometallism he would apply
to the use of paper money, one gold coin
and one silver certificate, each of $50, being
used jointly for the payment Of 800, or
new certificate of dual character NAV be
issued. With this system would come the
necessity for the maintenance of equal
amounts of gold and silver in the net re-
serves. As basis for it law would be
necessary declaring that, except where
expressly stipulated, and except
ing prior contracts, all debts shall be pay
able one-half in gold and one-half in silver
coin, lawful money of the United States
These are the essential features in brief of
Mr.. Needer's idea" and concerning which
he argues at length in book which he has
issued in defense of it.