St. Paul daily globe., 1893-08-06
DOUBLE STANDARD.

One of the many perpleXing terms
that have been exploited in the Amer
ican currency discussion is the express
sion double standard" Even the most
casual ANALYSIS of its significance cam
not fail to show its ambiguity. Gram
matically and philosophically, double
standard means two distinct standards.
An apt, and, indeed, in the light of the
present financial controversy. a fitting
Illustration of double standard would be
the workings of dry goods store con-
tanning two yardstickS, the one shorter
than the other We're each thirty six
inches long. the store would, necessarily,
be running on a single standard basis.
because thirty-six inches is the legal
standard length of 4 yardstick.
The unit of currency value IN the
United States is the dollar. By the con-
stitution of the United States gov
ernment is empowered to coin it. aud
stamp upon its face its intrinsic value
as relative to all other subsidiary coins.
But nowhere in the constitution is there
to be found a provision whereby gov
ernment may coin two dollars of un-
equal value. yet uttered under the same
name to be recognized as intrinsically
equal. In other words. it cannot put q
certain number of grains of gold in one
dollar and lesser quantity in another.
Itcannot mint 412I grains of silver in
one dollar and 2064 grains i'll another
silver dollar. And yet the authority to
do this is logically implied by the term
double standard" SO freely banded
about by free silver coinage advocates
in convention assembled.
BY the commercial world it is ac-
knowledged that gold is the least fluc-
tuating in value of any coin metal in
use throughout civilized countries doing
business with each other. The United
States mintS gold dollars. Naturally,
economically and practically the gold
dollar becomes the standard of the unit
currency value of this country. This
condition is not the result of "gold
rings" "gold bugs" British influence
or "bankers' combinations" This is
charged by POpuliSts and free silver
Missionaries, but it is not true. Good.
conservative friends of silver. men who
desire to see gold and silver both util-
Ized as money, will not back up this
faIlacy. Finance, as well as commerce,
is governed by natural laws, by laws
over which individuals and even large
communities have no influence what
ever. The world with which it becomes
necessary for this country to deal COM
mercially accepts our dollar at
its proportionate worth TO other
COINS and currency values in the
world. But commercial men will never
| consent to do business on basis of two
unequal dollars with any government
| on earth. Nor is il in the power of free
| silver conventions or the congress of the
| United States to compel them TO do so.
Neither is it just that such should be
| the conditions imposed, or attempted to
be imposed. All established laws OF
! trade aud barter would be demoraliZed
all financial calculations complicated
and destroyed. The whole complex
| system is abhorrent to natural Geo.
nomic laws. So far as the currency of
| the United States is concerned, gold
and silver must always be prominent
| factors; but the double standard is a
myth. Every dollar must be as good as
! every other dollar, and one kind of a
dollar must remain the standard.
Either the gold or silver dollar must
be the currency standard, and it only
remains for this country to declare upon
which basis it proposes to do business,
| upon stable gold or fiuctuating silver
| When this question is settled bushes;
| confidence will have been restored.