The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-05-21

beed Suggested that the first use of gold and
Silver was as subsidiary money, or what we
call change. to break the unit OF some other
standard like the OK, or as what we would call
boot money, 10 make up the difference in bar
ter. There is a good deal of force in this sug-
gcstion, because we know other standards
were used after people had gold and silver,
gives further force 10 the idea. Probably in
some places silver was used in other places
gold and in still other both silver and gold.
Whatever may have been the course of their
growth to general standards we can assert one
thlnR with the greatest certainty; that they
never could become general standards unless
they were wanted for some purpose in the
whole extent OF country in which they were
adopted, and as traiiic is now international
there can be no international standards which
DO not have like value in the commercial
world, and if the demand is a general one, and
tile supply OF each varies, no Two things can
mold that equal value. need not speak OF the
difficulty, or perhaps imposSibility, of keeping
two things varying in the cost of production
and the amount produced at the same
relative price unless o fixed value can
be attached 10 them by law which is a branch
OF the subject pass for the present The idea
CT double standard is that each component
on the coinage ratio. is equal IN exchange for
other things, and II so, each component should
be eQnal 10 the other. otherwise it viii not
equally serve as a middle term by which to
compare the value of things exchanged; but
we know LlaL gOlQ anu silver n ble markets Oh
the world. and even in our domestic market.
are not equal to each other on the coinage ratio
of to l57. or to 16. satan speaking of Job
and his skin currency. says: Skin for skin,
yea, all that man hath will he give for his
life" He approves Jobs standards-skil for
skin, or as we would say, dollar is good for dol
lar: but ne says thai job has no standard TO
measure the value OF his life. II is also said
that gold has appreciated 40 per cent and that
silver has not deprecated. If this is true ii is
an argument for single standard of silver, for
any argument that shows the componentS OF a
double standard in any way do and can get apart
IS opposed 10 double one. No one claims
that gold does not change in the amount pro-
duced and theoretically there is a change in
value, yet il it is the Standard business adjusts
TO il. and it is like the motion OF the earth
which does not prevent getting fixed positions
on ii; but we could not maintain fixed posi-
ton with reference to the motion OF two planets
having different revolutions and orbits; or in
business with reference to the fluctuations OF
Two metals varying in production, use and
value. In respect to single standard the
variation OF production is easily COMPENSATED
by adjusting The volume OF the currency
for 1t IS this and not the amount of
coin in circulation which governs prices,
and in practice, except on the Pacific
coast and in the mountains, little gold is IN ac-
tual circulation and the bulk Of it is held on de-
post. People cannot think or speak in the
terms of double standard. For many years
prior TO 1873 silver was scarce compared with
gold and was at a small premium, and it was
so said. Since 1873 there has been continual
decline in silver, and the ratio of its production
has exceeded that Of gold in the same degree as
the decline in price; but the whole world, what
ever may be its standards, has said the ratio
was to l6, 20, or whatever it may have been,
and the value Of silver from ST. 20 TO IS cents per
ounce, and always using gold as the unit of the
ratio OF production and of the value. No one
tries to conceive or express some vague idea of
medium between what one may have fallen
and the other risen, thing that would be af-
fected not only by the extent of departure
IN 71rip Of
each, and silver is always at a premium or
discount. And this is correct. for when each is
at par on o ratio OF to l6, and by reason of the
greater production OF silver II is the cause OF the
departure in the ratio and price, the change
from the standard should be ascribed to il.
Beside If gold has huctuated, it has been very
little comparatively. DO rot know what is
the ratio of increase in the population and bust
ness of the world, but in 1892 the production OF
gold was 30 per cent more than IN 1873, and il is
not probable that the population of the world
has increased per cent yearly, and though the
average increase Of gold has not been per cent
during the twenty years, ii is now gaining on the
late average. The idea of any standard is in a
measure conventional and so are the terms
east and west; but so long as the commercial
world measures one thing by another we must
abide by the standard and measure by it
whether IL be movable or fixed, and it does not
help one movable standard to Join ii to an
moves but our idea OF place would not become
more definite If we tried to measure from both
the sun and comet.
While 1 think the single standard is
the logical one, it IS only part
OF the practical question. After more than
a half century of debate Europe has adopted
the single standard and our standard must be
the inter national one. At home, the ma
tionS called the Latin union. France,
Italy, Switzerland and Belgium, have a
limited double standard and II is said Spain
has also adopted il: but as their silver coinage
is limited and their foreign relations must be on
the single standard they are so classed
& few years ago Austria and Rus
STA we're the only important nations OF
Hungary have changed to TO She gold standard,
and Russia with a nominal silver standard has
really paper currency and is estimated 10
have in her whole domain only SEQ. 000, 600 in
silver while in 1891 she produced S24, 100000 in
gold, imported So. 0C00 600. exported almost none
and produces almost no silver. This shows where
Russia is tending and what is the tendency
in Europe. We cannot have double standard
in this country with a single one in Europe for
we owe large amounts to Europe payable in
gold. q I'D we do lot yet own our own carrying
our large, long loans made during the
last ten years, are payable in gold,
and row even here in Salt Lake city many loans
are 70 payable With double standard gold
Won d be at premium for reasons l will give
late :. There has been no general trial OF doub-
lie Standard in late years. Previous to the late
changes Russia. Germany. Austria and Hun
gary, Sweden, Denmark and Norway had a
single silver standard, while Great Britain,
Turkey ard Portugal had single gold stand
ard. Russia has not changed; but several of
the changes were from a single 10 another
single standard and there was change to a
double standard. The United States previous
to 1873 was by law a double standard
nation, but had so little silver it
was practically a single standard nation.
Then from 1873 TO 1878 it was single standard
nation by law and since then 1 do not know
where we rank, though it is claimed that silver
is demonetized.
I1ofo lam flaa Of cfo dc
may be well to know what is meant by single
standard. The word 'monometalism" has
been used so much that some understand that
to adopt a single standard is to exclude silver
from the currency and adopt single metallic
medium. Nothing of this kind is implied, for
silver is the natural metal for coins of small
value and gold is better adapted for the larger
coins. AS much silver can be used with a single
standard as can properly be used with double
one. It can be used up to s. without any refer
ence TO the full value OF the CON- and if it is
used in larger sums the value must in
some way be made equal TO the single
standard, and not have the preterce Of s., one
good on the standard of the world and another
worth 81 cents by the same standard and we
would apply to values one standard as we
weigh and measure by one, and not say stick
either eight inches long or twelve inches long is
one-third OF a yard. We can illustrate how
little the question of standard need affect the
amount of silver in tue currency by few ex-
amples. The silver we use in the arts and
what we now buy annually amounts to a per
cent. Of the annual production of silver in the
world. and of all our silver. amounting to
nearly 50 per CAPITA We use s. per capita in