New-York tribune., 1893-11-22

involves so many considerations not oniy oi Pupi-
policy but Of public and private honor and good iai'n'
that scarcely know how to respond to 1t on such
an occasion as this. where brevity OF statement
will be more appropriate than elaborate argument
am somewhat embarrassed. also. By the iact 'hat
am to talk TO assembage OF gentlemen "ho'
by reason of their personal experience in CONNER
cal and financial affairs. are at least in as gooo
a position ! to understand and appreciate
the value of a sound and stable currency. ana 70
foresee the Injurious effects Of departure from COR
rect financial methods
Money and its representatives constitute the TOOLS
with which the merchant and the banker perform
their parts In the numerous and complicated trans
actions necessarily occurring in the growth ana de-
velopment Of our trade at home and abroad II Is
not possible to do perfect work with Imperfect In
struments and if it is attempted the consequences
will fall upon you alone but must be felt sooner
later In every part OF the land. Confidence would
be destroyed trade would be interrupted the obli-
cations Of contracts would be violated and all the
OWLS which have invariably attended the use OF a
base fuctuating currency would a1ict. not the
commercial and financial classes only but the coun-
try At large But our commercial interests are not
confined to our own country; they extend TO every
quarter Of the globe, and eur people buy and sell
in nearly every market Of the civilized world
very large part Of farmers mechanics and other
aboring people find constant and profitable employ
ment in the production and transportation OF
commodities for sale and consumption in
other countries, and the prices Of many many
Of our most important products are ,,;.sd iAed
prices are fixed in the of countries having
gold standard or measure of value. either by ex.
keeps their silver coins equal in exchangeable value
the s Value coins % oa a trade 1as @ the
other countries during the last fiscal year was more
ssn . wss %,h ss esSp. snS Of Euos sss
whole Of Asia amounted to little over aco O'oo
and with all the countries or South America, eS.
cIudinR Rrazl which has single aOld standard, IL
was only s4S 100000 While 1t would be unfair to at
the osside sHIs word to the Of their fiscal
legislation think 1t safely be asserted that TINS
as one Of the most conspicuous and important mem
bers Of the great community Of commercial nations
we preserve a monetary system substantially. at
least. In accord with the monetary systems OF the
other principal nations.
AN INTERNATIONAL BASIS.
There can be no international legal tender with
out an international agreement but there must,
from the very necessities of the case, always be
common basis upon which bargains made and
a common currency In which balances are settled.
No one nation determine for the others what
that basis shall be or what that currency shall be.
1t may establish currency for itself and for the
use Of its own people in their domestic trade but
tho value Of that currency will be ultimately meas
ured and conclusvely fixed by the international
standard. whatever that may be. The stamp on its
coins attests their weight and fneness but 1t adds
nothing whatever to their intrinsic value and moth
ing whatever to their exchangeable value in the
markets of the world: that nations stock
Of international money always consists of It's un-
coined bullion and the bullion value OF its coins.
1t cannot augment its stock of such money 10
any extent whatever by overvalulng either gold
silver in It's coinage laws nor can 1t diminish
It's stock to extent whatever by undertaking
either metal. While the number OF its nominal
dollars. shillings. francs, may be increased or
.,.t,,~ 1f
the bullion coins will not be changed in the
least, for act Of Congress or other legislative
body. can repeal alter the laws Of trade or the
laws Of finance and every attempt TO do so must
result In disaster sooner or later
may be here at home as established by our own
laws. must either relinsuish a large part OF our
lnterns tional trade upon basis the general
of nSoss @ may establish ns
seeSepny the only 1Sssa lea question T. Shhss tn
Of money for use at home exclusively and another
kind for use abroad. or to have all eur money good
trade believe the people Of the United states are
entitled to have for In their domestic trade just
s s0Ua and ss S Rspps e 'n just S
much OF IT as may be necessary to garry on their
gold or silver. or both. or paper based upon the
coins Of the two metals tho people have rsht TO
10 bea Just and true measure OF value. or the rep
resentative Of Just and true measure OF value.
GOLD IS THE STANDARD.
Gold is the only international money and all trade
balances settled in gold. or which Is the same
thing. on a gold basis all ether forms Of currency
being adjusted to that standard. II Ia useless for
the advocates Of different system 10 insist that
this ought not to be SO; 1t IL so. and cannot
change the fact. But the gold eagle and double
eagle not accepted at particular valuation In
these settlements simply because the United States
OF America have declared by law that thsy shall be
cause the bullion contained in them II uDconed
would be worth everywhere the same amount. This
Is great and powerful Government but there IL
one thing 1t cannot dot cannot create money
There are some things however. which the Govern
ment can do for the establishment and preservation
Of a sound and stable currency. In the exercise Of
Its constitutional authority to "coin money and
regulate the value thereof" 1t can suspend or limit
the coinage Of either metal whenever It is ascer-
tained that the coins of the two metals OF the same
denomination are of unequal value; or IL can
change their legal ratio to make them as
nearly equal in value possible or II can maintain
the parity Of It's coins by receiving them and their
paper representatives in payment Of all public dues
and discharge all It's own obligations In whatever
kind Of money its creditors may demand.
The principle or rule Of law that the option az to
the kind Of legal tender with which an obligation
shall be discharged belongs to the debtor and not 10
the creditor has no just application in case where
currency among the people and, by making them
legal tender compols the people to receive them.
The private citizen may very properly avail him
self lawful right to discharge his private
obligations held by voluntary creditors. In any
kind OF legal-tender money because he has only his
duty in the premises. But when the Government OF
the United States has undertaken 10 supply the
country with currency, and has Issued It's obilga-
tions in the form of notes TO circulate among tbs
people In the transaction Of their private business
and has received for every dollar represented BY
such notes dollars worth Of the peoples services
or dollars worth OF the peoples property. us
honor as well sound public policy, demands that
they shall be redeemed upon presentation In money
current In all the markets of the world No gov
ernment can honorably disparage depreciate It's
own obligations, and especially obligations which
it has forced its people TO accept nor can any GOV
ent kinds OF money or currency whisn II puts IN
the forms and qualities OF the currency while II re-
mains in circulation, when the TINE for ultimate re.
dcmption comes all must be treated alike
NO DOUBLE MEASURE OF VALUE.