Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-08-24

these societies are coming and registering,
and it is expected that the attendance will be
quite large.
THE SILVER QUESTION.
Col. Daniels' Criticism of Mr.. Edward At
kinson's Financial Arguments
Saturday afternoon the economic section re-
sumed the discussion of the silver question,
the papers of Mr.. Atkinson and Mr.. Peters be-
ing before it.
Mr.. Hale Of New York had introduced reso-
luton against free coinage, which he called up
and supported in his remarks.
Col. Z. Daniels of Virginia spoke at length
upon Mr.. Atkinsons paper. He said that the
public reputation of the writer made it most
important that his teachings should be correct.
The money question is becoming dominant. 1t
is dividing parties and organizing new ones.
The President has announced n policy. and Mr..
Foster, the financial secretary at the social re-
ception of this body, bad Endorsed ii in his
speech. This section is not to be controlled by
great names nor official influence. Our sole work
is to seek for truth and, having found it. to
stand for it as the heroes and martyrs of sci
ence have in all ages. We cannot admit here
popular methods of argument or strife merely
for mastery.
LUIS Is not QeDatlng cluD nor pOlltlcal
caucus. We must confine ourselves to the facts
Of observation and history, to the rules Of
science in making deductions and to severe
accuracy of definition in the of terms. We
must avoid appeals to the selfshness of classes
and the prejudices which belong outside the
circle Of scientific research. The greatest need
of men is the true scientific spirit. Here we
should show a shining example in the treat
ment of all questions.
Now, my criticism Of Mr.. Atkinson's paper is
made in no spirit OF controversy.
FIRE COINAGE ABSURD.
As an original proposition 1 consider free
coinage absurd. To take the bullion from the
miner and coin it for men into legal tender
standard dollars at public expense is just as
absurd as to grind the farmers wheat into
fine -four and stamp upon each barrel the weight
and quality for him free. Only the clearly
proved public need can justify either.
But this paper under cover of discussing
free coinage contains numerous errors common
to the old school of economists, but long since
exploded Money is defined by the writer to
be coined metal. All else is assumed to be bad
money. Coinage is said to be the stamping of
discs Of metal Of definite weight and firmness,
and he sees nothing beyond. But coin means
to stamp, and all history and experience prove
that paper or other material may be stamped
by stable government OF the denominations
of legal money and effect exchanges precisely
has decided that the power exists in Congress
to coin at will whatever is most convenient
Mr.. Spencer and Mr.. Basteat both define
coin as certificate given for a service
rendered. He who receives it is entitled to re-
cover from society an equivalent service
wherever debts are to be paid or anything is
offered for sale. This is a scientific definition
Of money, and science and common sense
always agree. Mr.. Atkinson holds that good
money consists only of coins containing given
- s. s. IL
not correct The certificate which enables
one to recover equivalent service, if issued by
the government and make legal tender, is pre-
cisely Of the same quality as money whether
made of gold. silver or paper. The gold. the
silver, the paper stock are buried IN the coin
age and lost absolutely to the world as commod-
tiles. The legal-tender power has replaced
them. Each dollar pays the same amount of
debt. So Mr.. Atkinson attacks that power in his
paper with spirit if not bitterness Indeed he
intimates broadly that it was of low BIRTH that
it originated in the desire to defraud creditors
by compelling acceptance of something not in
the contract. Experience shows that there
must be some standard Of payment to settle all
controversy as to accounts and where judg-
ments are rendered.
LEGAL TENDER NECESSITY.
So all civilized countries have adopted legal
tender as q necessity. 1t is not subversion Of
private rights as no man need sell his property
to another on credit. 1t has been of vast SER
vice in the advance Of society and the growth
of liberty and natural prosperity. The writer
suggests that the states may protect themselves
from the legal tender by standard of their
own. Is not this sheer nullification and not
more likely Of success than previous attempts.
He says they can make the dollar mean 80
many grains of pure gold But the dollar does
not mean that. Dollar is the name OF the unit
OF our money. We have the names dollars
Dimes cents, mills. mere names. existing prior
to our coinage. These are the money OF &C.
count-abstract or legal money. We coin
tickets, for uso in trade, OF gold, sill
yer or other material. and affx the
names. The mill We have never coined, but it
is all the same as much a part of our monetary
system as the dollar. 1t may be very common
to overlook these distinctions in popular talk
about money, but for us it is not permitted.
We must hold to the anchor Of fact and the
method and spirit Of science unmoved by clash
ing interests and such terms the measure
OF value" used here show a cautiousness as to
definition that would not be tolerated in any
section on physical science. There can be no
standard nor measure Of value, as every one
will see on reflection. There may be q stand
ard Of payment either by law or contract No
product of labor can be . fixed standard. Gold
oscillates in price every day. Prof. Jevons
shows that in thirty years it changed las per
cent, and says there is not decade that il does
not change at least 10 per cent. Yet the writer
assumes popular deluslon as fact and
seriously proposes this ever-changing element
as scientific basis for permanent system Of
money.
1t il to DO regretted that Mr.. Atkinson should
denounce as moral delinquents those who disa-
gree with him on coinage. He cites the mine
owners who want to get their product coined
free and the debtors who want cheap money to
pay debts as . very selfish and discreditsbls
class. Why did he not remember to aid the
class who want debts paid in money Of larger
purchasing power2 Are there not those who
desire money to be scarce and dear that they
may realize more income upon their vast credits2
THIS would be only fair play. But We a. stu
dents Of monetary questions have nothing to
do with either class. Between all class interests
We must hold Q level balance. We must test
every theory by that, whether it aligns with our
interest or not. Any attempt to bolster up q
class or party interest must be put down here.
The resolution il wholly out Of place here.
It's passage would scandAiixe this section and
bring 1t into disrepute - mere caucus OF town
meeting.
After some further discussion The resolution
1niA - hnhlA