The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1893-11-29

ment, but there is one thing it cannot
dot cannot create money.
There are sone things, however,
which the government can do for the
establishment and preservation Of
sound and stable currency. In the ex-
ercise Of its constitutional authority to
''coin money and regulate the value
thereof" 1t can suspend or limit the
coinage of either metal whether it is
ascertained that the coins of the two
metals, of the same denominations are
OF equal value; or it can charge their
legal ratio so as 10 make them as nearly
equal in value as possible; or it can
maintain the parity of its coins by re-
ceiving them and their paper repre-
sentatives in payment Of all public
dues and discharge all it's own obl!ga-
tions in whatever kind Of money its
creditors may demand.
THE GOVERNMENT SHOULD NOT DIS
CRIMINArE.
The principle or rule of law that the
option as to the kind of legal tender
with which an obligation shall be dis
charged belongs to the debtor, and not
to the creditor, has nojust application in
case where the government issues its
notes to circulate as currency among
the people and, by making them legal
tender compels the people to receive
them. The private citizen ,nayv very prop
erIy avail hiuIself of the lawful right to
discharge bis private obligations, held
by voluntary creditors, in any kind Of
legalten6er money, because be has only
bis own personal interest to protect
and owes no public duty in the prem
isss.
But when the government of the
United States has undertaken to sup
ply the country with currency, and
has issued its obligations in the form
of notes to circulate among the people
in the transaction of their private bust
ness, and has received for every dollar
represented by such notes dollars
worth of the peoples services or a COL
lars worth Of the peoples property, its
honor, as well as sound policy, demands
that they shall be redeemed upon pre-
sentation in all the markets Of the
world.
No government can honorably dis
parage or depreciate its. own obliga-
,ions, and especially obligations which
it has forced its people to accept; nor
can any government honorably dis
criminate between the different kinds
of money or currency which it puts in
circulation. Whatever may be the
differences in the forms and qualities
of the currency while it remains iG cir
culation,. when the time for ultimate
redemption comes, ell must be treated
alike.
The country has recently heard a
great deal about bimetallism and a
double standard, and it is possible that
these subjects will continue to be dis
cussed to some extent in the future.
For my part, I have never been able to
understand what is meant by q double
atandard or double measure Of
value and T have Eever found any
one who could tell me-. To my mind
it seems US absurd to contend
that there should be two differen ut
standards or measures of value as it
would be to insist upon having two
yard sticks of different lengths or two
gallons of different dimensions.
fthere were two standards, or meas
ure, not equal in value, it is evident
that one Of them must be false meas
ures; and if they were Of equal value, it
is evident that, no matter what the
law might declare, there would be in
fact bEt one measure, although COM
posed of two different kinds of material.
If, for instance, the silver dollar and
the gold Idollar were of precisely the
same value, and could be so kept at ali
times, there would be, in fact, but one
standard, one unit for the measure
ment of values. Whatever that actual
standard may be as es ablished by the
lays of trade and finance, whether it
be so many grains OF fine gold or SO
many grains of fine silver, it is the
duty of government to conform TO it
in the payment of its obligations and
in all its dealings with the people.
ONLY ONE STANDARD.
It does not follow from anything /
have said that nothing shall circulate
or be recognized as money or currency
except gold or paper issued against
gold, nor that the price Of commodities
ought to be, or will be, fixed upon the
hypothesis that gold is the only money
in the world, but it does follow that no
part of our currency, whether it be isil-
yer or paper, should be permitted to