St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-11-22

equal distribution of our trade with the
outside world to the character of their
FISCAL LEGISLATION,
l think it may be safely asserted that
this country could not long maintain its
present position as one of the most con-
spicuous and important members of the
great community of commercial nations
which now controls the trade of the
world, unless we preserve monetary
system substantially, at least, in &C
cord with the monetary systems of the
other principal nations.
There can be no international legal
tender without an international agree
ment, but there must, from the very ne
cesSities of the case, always be COM
mon basis upon which bargains are
made, and common currency III which
balances are settled. No one nation can
determine for the others what that basis
shall be OF what that currency shall be.
1t may establish currency for itself
and for the use of its own people in
their domestic trade. but the value of
that currency will be ultimately meas
ured and conclusively fixed by the in
ternational standard. whatever that may
be. The stamp on its coins attests their
weight and tineness, but it adds nothing
whatever to their intrinsic value, and
nothing whatever to their exchangeaDle
value i'll the markets of the world; so
that nations stock of
INTERNATIONAL MONEY
always consists of its uncoined bullion
and the bullion value of its coins. 1t
cannot augment its stock of such money
to any extent whatever by overvaluing
either gold or silver in its coinage laws,
nor can it diminish its stock to any ex-
tent whatever by undertaking either
metal. While the number of its nom
inal dollars, or shillings, or francs, may
be increased or diminished, as the case
may be, the actual value of the bullion
or coins will not be changed in the least,
for no act of congress. or other legislat-
i've body, can repeal or alter the laws of
trade or the laws of finance; and every
attempt to do SO must result i'll disaster
sooner or later.
No matter, therefore, what our mon
etary system may be here at home, as
established by our own laws, we must
either relinquish "a large part of our
share in the commerce of the world or
conduct our International trade upon
such basis as the general judgment of
commercial nations may establish. We
cannot possibly change this situation,
and. consequently, the only practical
question is, whether it Is better to estab-
liSh by law all inferior kind of money
for use at home exclusively and another
kind for use abroad, or to have all our
money good enough for use in every
market where our people trade. l be-
lIeve the people of the United States are
entitled to have for use in their domestic
trade just as good money as any other
people in the world have, and that they
are entitled to have just as much of it
as may be necessary to curry on their
business regularly and profitably.
Whether it be gold or silver. or both, or
paper based upon the coins of
THE TWO METALS,
the people have right to demand that
it shall be in fact what it purports to be
"a just and true measure of value, or
the representative of a just and true
measure of value.
Gold is the only international money,
and all trade balances are settled IN
gold, or, which is the same thing, on a
gold basis, all other forms of currency
being adjusted to that standard. 1t is
useless for the advocates of different
system to insist that this ought not to
be so; it is so, and we cannot change
the fact. But the gold eagle and double
eagle are not accepted at a particular
valuation in these settlements simply
because the United States of America
have declared by law that they shall be
legal tender at their nominal value, but
solely because the bullion conta ined in
them, if uncoined, would be worth
everywhere the same amount. This IS
great and powerful government. but
there is one thing it cannot dot can
not create money. There are some
things, however, which the government
can do for the establishment and pres
ervation of sound and stable currency.
In the exercise of its cons titutional au-
thority to "coin money and regulate the
value thereof" it can suspend or limit
the coinage of either metal whenever it
is ascertalned that the coins of the two
metals, of the same den omination, are
of unequal value; or it can change their
legal ratio so as to 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 discharging all its own obligations
in whatever kind of money its
CREDITORS MAY DEMAN D.
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 no just application
in a case where the government issues
its notes to circulate as currency
among the people and, by making them
legal tender, compelS the people to re-
ceive them. The private citizen may
very properly avail himself of the law
full right to discharge his private obliga-
tions, held by voluntary creditors, in
any kind of legal tender money, because
he has only his own personal interest to
protect and owes no public duty in the
premises. But when the government of
the United States has undertaken to
supply the country with a currency, and
has issued its obligations in the
form of notes to circulate among
the people in the transaction of their
private business. and has received for
every dollar represented by such notes
a dollars worth of the peoples services
or dollars worth of the peoples prop
erty, its honor, as well as sound public
policy. demands that they shall be re-
deemed upon presentation in money
current in all the markets of the world.
No government can honorably disparage
or depreciate its own obligations, and
especially obligations which it has
forced its people to accept; nor can any
government honorably discriminate be-
tween 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 III circulation, when
the time for ultimate redemption comes,
all must
BE TREATED ALIKE.
The country has recently heard
great deal about bimetallism and
double standard, and it is possible that
these subjects will continue to be dis