New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-22
THE AMALGAN COIN WILL NOT DO.

To the Editor OF The Tri bune
Sir In The Tribune OF this date IS n letter written
BY the Hon. Alonzo T. Cornell advocating an " Am"n
can union standard con.' The theory advanced Is
that by a union Of the two metals. gold and silver
into one coin. based upon the present value OF the
two metals their relations would become so har
monizcd and unified that their relative values WIZ
continue without tendency to become unbalanced
II mistake not some such remedy suggested
TO the late monetary conference at Brussels. 1t seem
10 he taken for granted by the writer that then
we would have a coin and money standard Of unstable
yalue. This. however. IS overcome by the sup
posed advantage that would accrue TO the people oil
the United STATES bt having this embarrassing queS
ton settled for ourselves. and that the new coin
would answer every purpose Of domestic use TINS
will not do. our money must not only be That hui
1t must he good the best money Of any country
The claim that when silver dcpreciates gold APP
preciaes. and therefore coin or standard maze DN
the union of the two metals based upon the prestnl
ratio Of value would always have the same purchasing
value. IS unsornd and untcnabe. The Government
cannot undertake TO guarantee that such dollar
would purchase, other conditions being equal, as
much -four for the lsborng man as 1t would now
should silver fall TO one-haf its present value such
coin would have purchasing value eqna only 10
OF the silver In IT, and that value would De dctDr
mined by a gold standard fixed by foreign power powers:
IL would still be impossible to escape the dll1TutN
of having standard with huctuang intrinsic value
Therefore If Mr.. Corncs scheme DE further Carried
necessity would slill remain of stamping a lie on
each certificate, with the added disadvantage Oh
having nothing OF intrinsic value deposited In thc
Treasury for the purpose Of rodceming II.
The price Of products Is largely determined ny
foreign markets. which regulated 10y money, III"
basis OF which Is single standard OF intrinsic value
The fact that silver producing states. II SILVER Is
demonetzed NAV find their greatest industries pros
trated while be deplored. the same the prostrat
ing Of any Of own industries should not receive
any serious consideration In settling the question before
the Nation II for that reason the Government should
continue TO issue dehascd coin. the same argument
would force the Government to make profitable the
working OF the partially worked iron mines OF Penn
sylvana New-.Iersey and those OF the southern and
other States. which. under the present order OF
things cannot be worked at a profit.
I'll re certainly has never vet been br0ught 1orth
proposition whereby bmealliSm could he made pract
cal and safe and there will be, long as the
majority OF the leading Powers OF the world have q
single gold standard. History and experience tell
Us that this Government must shape its money policy
To a sound basis. and that basis must be single
standard recognized standard OF value by All
the great Powers OF the world All other great Power
have adopted gold the standard unit Of value, and
unless we can convince them to adopt some other
single standard Of value which be demonstrated
TO be better than gold. must either adopt the gold
standard 60 ont OF business. L. y. JOHNSON
New-YOrk, July 10, 1893.