Los Angeles herald., 1891-03-18
THE STANDARD OF VALUE.
Views of a Californian on the Cur
rencv and Coinage Question.

Views of a Californian on the Cur
rency and Coinage Question.
EDITORS HERALD: There can be only
one standard or unit of value, from
which other values, by comparison, will
be computed for business. Governments
can use anything as such standard
copper, lead or grain-but it is best to
use that which is most generally ac-
cepted, and which fluctuates least. This
has been found by ages of experience to
be gold.
While gold should be the standard
unit OF value. it cannot possibly furnish
the needed volume of circulating me-
dunn for the nations. The circulating
medium must be largely representative
of the gold standard. Checks, drafts,
certificates, legal tenders, etc., are rep
resentative of the standard value, while
copper, nickel and silver are partly rep
resentative and partly intrinsic in value.
The difference between the com
mercial value of copper, nickel and sill
yer and the gold standard represents the
faith and ability of the nation to pay
the difference.
While the legal tender represents the
faith and ability of the nation to pay the
full standard value, checks, drafts, ETC.,
only represent the faith and ability of
the drawer to pay the standard value.
Great confusion and apparent differences
exist in the debates, literature and reso-
lutions OF the people, owing to the am
biguous use OF the words representing
these ideas.
The recent resolutions at Faneuil hall,
and the speeches there made, embrace,
unfortunately, this error. Quite stress
was placed upon the honest god dollar.
That the laboring man should be paid
in gold dollars, etc. Yet, strange to say,
none of the laborers are paid in honest
gold dollars. They are all paid in paper
money, representative of gold standard.
All the banks in this eastern cour try pay
in paper representative money, and not
in honest gold dollars. All the banks in
the United States have only about cents
on the dollar in gold to pay depositors.
But, they say you can always get gold
can, practically you cannot, for there
government and banks combined as
Therefore, the honest dollar is any rep
iCoCAtdtlNC OOlldI VI VhC SOlO bbduudTQ
or unit of value, The whole apparent
controversy on the financial question of
the United States may safely be asserted
to harmonize on this proposition. One
gold standard or unit of value, with
copper, nickel, silver and paper issued
by the United States representative of
the gold standard, with the faith and
ability of the nation pledged to pay the
difference for the common good of the
people when required, and sufficient
volume of it to fully meet the wants of
the people.
The coinage of silver on the above
basis would probably meet with the en-
tire approval of the nation, the govern
ment buying the silver at its market
value, paying therefor in legal tenders,
and holding it as an asset. OF course,
the only true circulating medium is the
paper legal tender Representatives of the
gold standard, with the faith and wealth
of the nation back OF it. Cannot our
eastern financlers hasten the return OF
financial prosperity by bringing their
to clearly recognize the
differences above indicated?
r. M. W1DNEY,
OF Los Angeles, Cal.
Boston, Jan. 81, 1891.
Frank x. Engler,
Piano regulator and tuner, 2O8 s. Broadway ST.
Manzanilla olives, in bulk, at Jevnes,
IJse German ilv soap 4