Alpena argus. [volume] (Alpena, Mich.) 1893-1909, 1893-08-02
commissions and export and i'm
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an international or worlds
measure of value" else there would
be no language in which to express
a price level.
B. That the worlds measure of
value is the weight of gold in an
English gold sovereign, namely
113 grains, which is always paid
by weight and never by count.
Presenting a check or draft at the
counter of the Bank of England,
the sum demanded will be expressed
in pounds, but there is no coin
pound. If in weighing the SOW
ereigns the even number does not
balance exactly, the short-weight
sovereign is hunted out, and
thrown aside to be recoined. This
is the worlds test or measure of
value, and proves that coinage, in
commerce, is only certificate of
weight, and adds not the slightest to
the power of the weight of metal
in coin, in paying a debt.
4. I'm countries having a silver
measure of value coin, the prices of
all articles of commerce are stated
in silver coin at the commercial
value in gold of the weight of the
silver bullion in the coin. So that,
while nominally the prices are made
in silver, fundamentally all prices
of articles of commerce the world
over, in silver countries as well as
in gold countries, are made in gold.
This is conclusively proved to be
true by the fact that, with the COM
mercial price of silver now at rs to
1 of gold, while the European and
Eastern coinage ratio is 159 to / of
gold, the premium in London on
Indian bills drawn in silver is 81 30
per cent, and the discount on silver
bills in India drawn on London in
gold is 3S per cent.
5. In all countries having both
silver and gold coinage, each legal
tender, and in which the free COIN
age of silver is not granted, where
the government buys and coins the
silver coin needed, silver is practi-
cally used for all internal exchanges,
and gold only for international ex-
changes and between banks in each
Of such countries. This use makes
gold the measure of value metal ],
while silver is still used as legal
tender money. An "all gold stand
ard" for measuring values by no
means is the equivalent to an "all
gold coinage" An "all gold stand
ard" adopted to-day by all silver
countries, at the present CONNER
cial value of silver to gold, would
not increase OF decrease the price of
a single commodity by the smallest
fraction in any place in the world,
for it would in no way add to the
present use or demand for gold.
Gold has come to be, nearly all of
it, only the money of commerce,
aud silver has come to be the cur
rency of the people. To compel
anywhere "all gold in money" only,
would be exceedingly disastrous
and unjustifiable in every aspect of
the case for any country.
Having gold standard measure
of value" does not mean the discard
ing of the use of silver to this coun-
try or to any other, any more than
it does the discarding Of nickel COIN
age or copper coinage or the use of
paper money. In fact, it is entire
ly aside from what shall be the
coin metal used for the conven-
fence of the people in buying and
selling at home, and is consistent
with maintaining silver, nickel,
copper, or paper as we now have it..
Silver money will be used in this
country and in every other for the
ordinary transactions of the people,
in conjunction with nickel, copper
and paper, for many generations
yet to come.
Therefore, the granting of free
coinage of silver in this country
means, and can mean, only one
thing, and that is, that we abandon
the "silver standard measure of
value" which in a brief period
would put us in precisely the same
commercial position, internally and
externally, as Mexico, China, and
India. Everything in this country
which the wage-worler, small farm
er, and all others buy would 60 up
in price, in attaining again the
worlds level of prices" 1922
per cent, to meet the price of every
imported thing, which must neces-
sary go up 1922 per cent, precisely
as it did during the war, when the
same necessary things that a work.
ingman bought that cost him $152
in 1850 cost him 1901 in 1855, be-
cause of the greenback, while his
wages had advanced only a fraction
of the advance in the cost of COM
modities he must buy to live.
The thing, then, incumbent upon
Congress to do, first and above all
others, is:
1. To repeal the purchase clause
Of the Silver Act Of July Ia, 1890.
2. To enact new National
Banking Act, requiring banks to
keep all their cash reserves in coin,
and allowing each bank to issue
bills to an amount equal to the
amount Of it's reserves, thus put
ting the expense and risk of all
coinage and of the maintenance Of
a coin standard of value upon the
banks, by requiring them to keep
their cash reserves in coin, instead
of taxing the people to do it by the
Oovernmapt