The times. [volume] (Richmond, Va.) 1890-1903, 1893-03-26

4 water UT lChlt ds HI
| What. then, no standard OF value! ies*
none; that is to say, no arbitrary stand-
ard, compelling. like a Procrustsah peu'
everything everywhere and at an times
inexorably TO conform thereto, out local
ana temporary standards accommodating
themselves to different peoples. ana 10
the same peoples at different times ana
under different circumstan es; no arpi-
trary standard like the following pro-
posed by the United States delegates 10
the Brussels Conference:
First. The unrestricted coinage OF botn
gold and silver into money OF full DEBT
paying power.
Second. Fixing a ratio in the coinage
between the metals.
Third. The establishment OF a uni
form charge. If any. TO the public for
minting gold and silver coins"
These propositions, If adoped. "ouln
amount TO nothing. The first proposition
would settle the vexed question, provided
IL simply read: 1.-THE unrestricted coinage
OF both gold and silver into money leaV-
ing off "of full d~ebt-paying power and
entirely dissocisting coinage and cur
rency from government.
The second proposition: Fixing a ratio
In the coinage between the metals" is
equivalent to proposing that water shall
permanently flow upward-an absurdity.
The first two propositions failing. the
third, Uniform charge for mining
fails also.
The fundamental error Of all PROPOSE
lions Is that the citizen, although better
able than the government TO manage all
his other affairs, is yet utterly unable TO
manage his monetary affairs, and that
therefore government must manage them
for him. AS long as such absurdity Is
held TO be truth there can be no solution
of the monetary problem.
Another error, also fundamental, is that
government disclassifies the precious met
ais and their offspring, gold and silver
coins, as commodities and tools, ana en-
dows them with imaginary qualities. IN
til we accurately discriminate between the
precious metals as bullion and as coin
there can be no solution of the monetary
problem. AS bullion they are, as already
shown. as much commodities as any OBJ
ject possessing exchangeable value, and
their value, therefore, can no more be
permanently regulated by statute than
any other commodity is. AS coins they
are simply tools, like saws, axes, knives,
&c.-tools for facilitating the labor or
~exchange-and are therefore no more per-
manently amenable to legislation than
other tools, and to treat them otherwise
Is to introduce confusion and cause in
Jury, To throw legislative physic TO the
dogs is the only cure Of the monetary
problem.
Another error, likewise fundamental,
of single and double standard alike, Is
that permanent stability in values is
sought, as If in a world Of perpetual
instability permanent stability can be
attained. even for these semi-dfvine
tools, gold and silver coins. Daily,
much more from year 10 year, men lose
and break and die from instability, per
sonal and impersonal, and there is no
way to prevent. Yet Government seek.
or rather demand, a bond Of futurity or
Of fate guaranteeing stability, and 1t Is
because the impossible is expected or de-
manded that the monetary problem is
involved ia inextricable confusion. Gov
rnment must learn that owing TO mans
necessary ignorance, he is in great meas
ure the creature or the sport Of instabil-
ity, and that the only way TO minimize
the i'll effects of instability Is 10 leave him
perfectly free in monetary as in other
matters.
In Offering the following solution II Is
not supposed or proposed that abrupt
changes be made: radical change must
come with time, and after a long cam
paign Of education. 1t is merely designed
TO point out the only permanent solution
possible. so that the world may face in
the right direction, which after all is
llt tSStiljldl Aliiilhs ~ iaNt AAEit -
ultimately TO reach the goal, be the pro-
gress ever so slow.
The only permanent solution OF the cur
rency problem is this, anything short OF
II being mere washing the outside of
the cup and platter. Government must
wholly associate itself from coming
money. issuing substitutes therefor, reg
ulating value thereof. determining ratio.
&c, and must leave the whole question
- ~t-X- THs~
the closing of every public mint. the
abolishing OF every bureau and official
pertaining in any manner to currency.
and leaving every man free TO coin real
and to issue representative money, just
as now hetis free to make and put upon
the market all other tools and all other
commodities.
But this by no means implies that every
man will turn coine or issue notes.
Though every man will be free TO do SO.
yet few. owing TO the great expense of "A
mint and its working capital. will avail
themselves of the liberty. Just as the
manufacture of steel rails, though open
to all. is, on account Of the great cost
of plant and working capital. confined 10
a few; so the business of coming money
or issuing notes will pass TO wealthy and
able corporations, such as the Chemical
Bank. OF New York, with its colossal
surplus OF $6.S93. 400 (Official report. Sep
TENDER 80, 1892 on a capital of 100000;
or the First National Bank of New York,
with its equally colossal surplus of 81 ,O30.-
500 (Oficial report. September 30, 1892, on
q capital of $500, 900. Nobody could or
would doubt the issues. metal or paper.
Of such institutions, because everybody
would know that no temptation could
make them dishonest or even careless, be-
cause their existence would depend upon
keeping scrupulous faith with the public.
irresponsible coiners or :ssuers of notes
could not successfully compete with such
great institutions. because the public
would refuse their issues, which could not
be better. but might be worse; they would.
therefore. after a short trial disappear.
The public would be further protected by
the Jealous competition and watchfulness
of rival coiners and issuers Of notes. ever
eager to detect and expose shortcomings
and weaknesses, intentional or acciden-
tai.
The coins should simply state weight
and Aneness. and be of convenient size,
and GOOD appearance, but every mint or
coiner should be free 10 adopt any orlgl-
nal design. and any weight and hneness;
vet. AS a matter of fact, the coiners ana
rrints of each country would most probd-
hlv asslmilate their coins 10 those most
familiar 10 the p~eople-dollars ana dimes
for us: pounds. shillings and pence for
Great Britain; francs for France; marks