Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1891-10-01

Inc btmocratic state touNthti'h'
held Ia Denver on the goth, emphatic
ally favors free aud unlimited coinage
of silver, and even sends greeting TO
ohio and Iowa Democrats for their
stand on the issue.
A short time ago Moreton Ffewen
published very able article In favor Of
free coinage. The Substance was re-
produced In these columns. He showed
that neither European Tor Asiaiic
silver could displace American gold.
He handled the question from do'
mcstic a. well as M international
standpoint. The objections nlsed by
senator Sherman were especially dealt
with, and unless Mr.. Frowon's figures
aud facis are shown 10 bo distorted he
seems TO have the best of the arg1'
ment.
In the October Forum there IL an
article by Edward Atkinson entitled
the "Itcal Meaning Of the Free Coin
age Agitation" Mr.. Atkinson Ia Que
Of the financial authorities u the Shor-
man school. lie says that much Of the
confusion attending the discussion Of
free silver coinage arises from the
various definitions given TO the word
"monoy." However, lie claims that
all financial philosophers will agtce
with him In saying that "coined money
is AN instrument by which the ex-
change Of services or Of products ia
facilita,cd,D aud that one kind Of
money may begood aud another bad
Then he adopts Cernuschi's definition
Of good money, which reads:
"rhat coin only lie good money Of
which tho bullion Ia worth as much after
1t Is melted as II Is In the form Of colu."
The basl. Of Mr.. Atkinsoni nfgu.
mcnt In favor ofa gold standard IA that
In discriminating between good money
and bad, the function u government
relating 10 coinage and TO legal
tender shall be entirely set asldc.
The essence Of coinage act IA
simply to Justify the weight Of
metal In each coin. The credit OF
the coin ami Of the government go to-
gether, aud should the latter Issue a
base coin II would be discrcdited. IL II
the community and not Congress that
determines good money from bad. but
II Is here tho illegal tender" phase Of
finance comes In. when government
Issues dehased currency, legal tender
law Ia required To bolster II up. Mr.
Atkinson asks;
"May 1t not prove that whenever the
flrai act Of legal tender Is traced To IT,
origin Il will bo found to have been tho
act ofa dospotlo ruler whoat hrsi dohasod
tho coin of tho realm by taking FROM IL
part Of IL. weight, aud then attempted TO
force the circulation Of the base coin by
forbidding any ciilEon to refuse TO accept
II when offered In payment Of u debt or
In liquidation Ola contract In this View
Is not the attempt to mako silver dol
lars equal to gold whoa they are not
really ~. 10y Legal tender act, fraudf"
The whole tenor of Mr.. Atkinson'e
reasoning win be found In the part Of
his article dealing with international
commerce, which he says "has al.
Justed Itself 10 the gold standard by
the measure Of the pound sterling"
This shows that the gentleman Is look
ing through British spectscle-. l. Is
because Great Britain dominates the
commerce. OF the world that the soyer'
cign, or pound sterling, caused II to be
the international standard Of adjust.
ment. This fact also accounts for Lon.
dou being "a sort Of international clear.
ing house. which Mr.. Atkinson him.
self admits. Should the United States,
adopt the free coinage Of silver,
aud extend her commerce until she
dominates that Of England then inter.
national commerce would have Ia
adjust ilself to the American silver
dollar aud gold would occupy but q
oorrelatiye place In the markets Of tn,
world.
In his article Mr.. Atkinson repeat,
the hackneyed cry that this free silver
excitement was got up by interested
min. owners who desire 10 sell silver
bullion to the government ut 90 10 30
per cent. more than It Ia worth. Thii
statement Is both trivial aud bnsolcss
The theory OF free coinage 10 In nc
essential way associated with the sal,
Of silver, therefore such u charge fall
to the ground aud only damages tn,
/ argument