The midland journal. (Rising Sun, Md.) 1885-1947, 1889-02-15
Since that time both gold and silver

in all the civilized countries until a
very recent periOl, but barbarous and
semi-civilized people have from time to
time used other material for money,
and some of them do so at the present
day. England ceased to coin silver as
legal tender money in 1915. Holland
during most Of her history used the
single silver standard. Belgium adopt
ed the silver standard in 1857 and re-
stored the double standard in 1861.
Austria and Germany suspended the
coinage Of gold in 1857 and Germany
restored it in 1871, and at the same
time demonetized silver by excluding
it from her mints. The United States
omitted the silver dollar from its list of
coins in 1878. The demonetization Of
silver by Germany and the United
States induced France, Italy, Belgium,
Holland, Switzerland, Spain, and other
European countries to first limit the
coinage of that metal and afterwards to
coin legal tender silver.
At the end of the year 1876 every
mint in Europe was closed against silver
and most disastrous results followed, as
shall hereafter show. In 1878 Con-
gress provided by law. for the purchase
aud coinage of not less than two nor
more than four million dollars worth
of silver bullion per month, and al
though the Secretary of the Treasury
has never purchased in excess of the
minimum, about 100000 900 of silver
and silver certificates are now in circu.
lation, without which this would be an
area Of universal bankruptcy. But the
United States does not, as heretofore,
recognize silver bullion as money
metal interchangeable for coin at its
mints at fixed ratio, but treats it as a
commodity to be purchased at the low-
est market price.
THE EXTENT TO WHICH GOLD AND
SILVER ARE NOW USED AS MONEY.
| Gold is the standard measure of legal
tender money in Europe, the United
States, Australia, and Canada with an
aggregate population of about AGO.
900, 900.
Asia, the islands of the Pacific,
Mexico, and South America, with an
aggregate population of not less than
100000 600, adhere to silver, and from
the habits of the people and the state
of civilization in those countries they
must continue to do SO for an indefinite
period. Africa, with an estimated pop
ulation of 26S 600, 900, still uses in
many sections variety of trinkets as
money; in other places silver, but very
little gold coin is in circulation. To
the progress of civilization IN that
country silver must be the principal
money in use. Gold is too valuable to
be used by the barbarous and semi.
barbarous people OF the dark continent.
If the United States, with Europe, ad-
heres to the gold standard less than
oue.third of the inhabitants of the
earth will recognize gold as the meas
ure Of value, while two.thirds will use
only silver.
No inconvenience resulted from the
use Of gold in some coun tries and silver
in others as long as the double standard
was maintained in the United States
and Europe. The fixed ratio between
the two metals prevented material Auc.
tuation in their relative value and pre-
served uniformity of exchange through
out the world. The value of each metal
was easily estimated in the other.
Great distractions to commerce now
exist between Europe and America and
the balance of the world by reason OF
the constant fluctuations in the relative
value of the two metals. In all COM
mercial contracts between countries
having the gold standard and those
the silver standard this fuctuation is
taken into consideration, and one party
or the other must necessarily suffer a
loss.
If the United States ever secures a
valuable foreign market for its manu-
factured commodities it must be in
Mexico, South America, Asia, or the
islands of the Pacific, where the silver
standard prevails. When the United
States withdrawa from the oold afan