The advocate and Topeka tribune., 1893-08-16

tains or fxes the value Of every other pro-
duct Of human industry.
Mr.. Peffer-Ts there any other product of
human industry whose value is fixed in the
lawP
Mr.. Dolph-The value Of gold is not fixed
by law. The law simply provides what
shall constitute dollar. That dollar might
be worth 25 cents of our present dollar, or
it might be worth five times the value Of
the gold dollar. The fact that gold is used
for money as well as for ornaments and in
the arts helps to maintain its value, but
that may be said as well of silver. That is
but an additional use of the metal which
helps TO fix its value.
Mr.. Pefer-I wish to ask the senator,
then, whether it is not the law that certain
number of grains Of pure gold shall be put
into certain coin, say quarter eagle, and
that it's value shall be a certain sum, say
S2 so, and whether the value Of gold is not
fixed by the law and maintained by the law.
Mr.. Dolph-No, not at all. If legal en-
actmept would give what is called money
value, if the stamp of the government or
the device Of the government upon the
metal would give it value, you might just as
well make money out Of iron and copper as
of silver or gold.
Mr.. Hawley-It is a mere enactment pro-
vlding name for 80 many grains.
Mr.. Dolph-It is a mere enactment giving
q name to 80 many grains Of gold and pro-
viding what It's functions as money shall be.
Mr.. Peffer-Then I want the senator to
answer my original question, what makes the
value of gold? What maintains its valuep
Mr.. Dolph-Its use, it's adoption to the
uses of man, the fact that it is useful for a
great many purposes, for ornaments, for
implements, or for table service, and for
coinage as money.
Mr.. Dolph then continued his re-
marks, and at their conclusion Sena-
tor PETER very sdroltly put him IN a
hole as follows:
Mr.. Peffer-In further explanation OF the
reason why I asked question Of the senR-
tor from Oregon, wish to read section 8 OF
the act Of congress approved April 2, 1872, il
being chapter 16 of the laws Of that year:
And be it further enacted, That there
shall be from time to time struck and coined
at the said mint coins Of gold, silver and
copper of the following denominations, val
ues, and descriptions, viz: Eagles, each 70
be- of the value Of ten dollars or units, and
40 contain two hundred and forty seven
grains and four elghths Of grain Of pure
or two hundred and seventy grains OF stand
ard gold. Half eagles, each to be OF the
value of Eve dollars, and to contain one
hundred and twenty-three grams and six.
eiRhths Of q grain Of pure, or one hundred
and thirty-6Ve grains OF standard gold
IOuarter eagles, each to be Of the value Of
1.-TWO dollars and half, and TO contain sixty
one grains and seVen-eighths OF grain o.
lpure, OF siXty-seVen grains and four, ,elgnthi
of a grain of standard gold. Dollars o.
units, each to be of the value OF Spanish
milled dollar as the same is now curfent
and to contain three hundred and seventy
one grains and four-siXteenth parts OF
grain of pure, or four hundred and axteel
grains Of standard silver
The remainder Of the section provides TO
the coinage of half dollars, quarter dollars
dimes, half dimes, cents, and half cents
and in each individual case the law pro
vides just as IL did as to the articles hav
already read about, how much gold, hoy
much silver, how much copper shall be pu
into each one Of the several coins, and tn
value thereof under the constitutional pro
vision authorizing congress to coin none
and to regulate the value thereof. This e1
plains the reason why dare to insist tha
the law gives value TO the metal in coin,
l do.