The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-08-11

sons why England should adopt TIT
double standard. From that speech
the following is presented:
We ask of a legal tender that il
be stable measure of value; tina
it be permanent and fair register
of amount of Indebtedness; that, il
debts are contracted in terms Of
given standard currency at the date
when they mature, neither debtor mol
creditor shall find that he has to pay
or be paid on principles different
from those in operation when the
debt was contracted.
have heard it state d that tn 0se
who 90 in for a double standard de-
sire au inhat currency and by a
process of imitation artiticlally to
raise prices. am not concerned
to deny that. Possibly in the west
ern states of America there may be
a body of opinion Of some import
ance on which this criticism may
truly be passed. But | most EN-.
phatically assert that it is not true
of any body Of opinion in this
country. We desire that we should
find the most suitable measure of
value practicable and possible,
though l have no hesitation now in
asserting that if you cannot attain
this absolutely theoretical perfec-
ton it is better for the community
at large that the standard should be
iepreciating rather than appre ciat-
ing. Standard stability is the ideal,
but if it cannot be reached the
worst alternative of all is that your
standard should be a steadily appre-
eating one.
If that proposition be granted,
lsk whether you think it probable,
n even possible, tina! general sin
Gle gold standard should satisfy
mis- requirement of stability, or at
III events satisfy it as much as a
louble standard. Assuming a dou-
lie standard possible, do you not
hink that the requirement of sta.
'ility would be better attained by
than by the maintenance of
lngle gold standard?
CAUSES OF INSTABILITY.
What are the causes which inter
ere with the stability of a stand
I'd?
The first cause undoubtedly is the
Iteration of the conditions under
which the metal is produced. New
iscoverles, exhaustion of mines,
ew processes, new inventions, all
re influences which either augment
r diminish the supply of gold in
he world, and must ultimately have
he effect of altering that standard.
you have a double standard, if :.
on can count for your standard Of
alue not merely upon the gold sup
ly, but upon it plus the silver sup
ly, it is evident that any oscilla-
on or cause of change is dlmiu-
he'd, because it is spread over a
'lder area.
The second great cause OF varia.
ons in the value of a standard
rises from the pressure put upon it
Y the growth of commerce. Donu.
Ition and transactions. If the
orld is to grow in population and
)mmerce, each increment of
opulation, each augmentation of
'mmerce throws a greater strain
pom the standard by when the
'ansactions of the community are
4easured. If this strain is thrown
pom a gold-plus-silver standard any
wen change will produce much
ss variation in value than if con-
ned to either gold alone or to
liver alone.
The third cause of variation |
Ike TO be legislation. There are
me people who appear to believe
lat we are in the van Of commerce,
ecause we were the great uphold.
g Of the single gold standard, yet
lere Is not man in the city of
ondon at this moment who would
ot look with horror and apprehen.
on at every other nation following
good an example. Let Germany,
ldia and the United States try
Did currency, and a tremor seizes
'ery one of our commercial mag.
'tes' They look forward, in the