The advocate., 1892-01-20

ing all residents OF the Pacific coast states
and territories in their business traDsac-
tions) at it's commercial value in gold, being
at times discounted as high as Ga cents on
the dollar.
And yet Mr.. W. is president of ma
tional bank. How would he like to dis
count note, the maker Of which ex-
pressly stated upon its face that he would
not pay 1t when due? Or how would he
like to buy bread tickets the legend
upon which read, "Not good at Ketchem
& Skinem for one loaf of breadH" Why
DO 8 he not say something about the
$60,000,000 Of demand notes of the first
Issue, which were made full legal ten
der, without any exception, and remained
at par with gold throughout the continu-
snce of the war? That was nice little
j1b of the traitorous gang of Shylocks
who coined money out of the nations
blood. The first exception made de-
nand for their gold; the second gave it
all back to them to sell again for the
money paid to the soldiers at par.
Stephen Colwell has made sdigest of the
authorities upon the subject Of the Bank
of Venice, from which l extract the fol-
lowing:
No coin was kept as specie basis of
credit, or for strengthening the nation. No
promise to pay coin was made after 1923,
for nearly 400 years. This "iat" or legal
credit was that in which all coins were ex-
pressed-the fixed standard of payment
and thus the principle money of account,
specie being for retail coin or export COM
modify and legal tender at 20 per cent. dis
count.
The premium fixed by law of 20 per cent.
over the Venerian gold ducat, 80 celebrated
for its fineness in export, was tsl superb
ority of legal money of account over the
commodity gold and over gold currency.
It was not dependent on any promise Of
convertibility or redemption in gold, as no
9 aim for any gold was acknowledged in the
national bank.
It continued for nearly 400 years with all
these extraordinary attributes, producing
no financial arrangement and no opposi-
ton; but, on the contrary, grew until it OK
ceeded the money per capita of any nation
in Europe, ancient or modern, and was the
pride of Venice, the envy of Europe.
It only fell when Napoleon conquered
Venice, when it reached an issue of exceed
ing SIG 100000 of government credit, or
money, for 100000 people, excluding de-
tendencies.
Napoleon could not and did not find q
single ducst in its vaults, as there had never
been pretense of any.
Money Is redeemed by individuals
every time 1t is USED as medium of ex-
change Of material wealth. Its redeemed
by the people, or government, every time
1t is received for dues or taxes.
Now, as to my statement that Mr.. W.
would seek in vain for gold basis prior
to 1878: The only unit of account in the
Uni ed States prior to 1873 was the silver
iollsr, and am thankful to Mr.. w. for
his admission that such was the fact. He
says:
At the founding of the United States
mint in 1892, the unit of value fixed by our
mint law was the dollar. The gold az d SUI
yer dollar each contained the following
amounts of pure metal: The gold dollar 27O
grams of gold (there were no gold dollar
pieces coined at the opening of the mint,
only eagles or $40 pieces, and half eagles or
s. pieces, but by dividing the eagle, which
contained 90 grains of GOLD kha unlna nR