The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1893-12-02
The gold basis was the next to re-
cciye the attention of the secretary.


ceive the attention of the secretary.
Gold is the only international money, and all
trade balances are settlel 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; IL
Is So and we can not change the fact. But the
gold eagle and double eagle are not accepted At
a particular valuation in these settlements
siIapIy because the United States of America
have declared By law that they shall be legal
tender at their nominal value. but solely be-
cause the bullion contained In them, IL un-
coined, would te worth everywhere the
same amonnt This Is great and
powerful government, Tut there is one
thing Il can not dot can not create money.
There are some :hings. however. which the
government can do for the establishment and
preservation of q sound and stable currency.
In the exercise OF its constitutional authority
TO ''coin money and regulate the value there
Of" IL can suspend or limit the coinage OF
either metal whenever IL is ascertained that
the coins OF the two mt tails. Of the same de-
nomination. are OF unequal value: or IL can
change their legal ratio 20 as 10 make them as
near equal in value as possible; or ii can main
tain the parity of its coins hy receiving them
Tud their paper representatives, in payment of
all public dues ard discharge all Of its own
obligations in whatever kind of money its
creditors may demand
The principle or rule OF law that the option
as TO the kind OF legal tender with which
Obligation shall re discharged belongs to the
debtor and not to the creditor, has no Just np-
plication in q case where the government is
sues its notes to circulate as i currency among
tho people, and. ly making them legal tenders
COmpels the people to receive them The pri-
yate citizen may very properly avail himself OF
the lawful right 10 discharge his private obli-
cations 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 couDiry
with q currency. and has issued its ohliga-
t:ons 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 dollars
worth Of the peoples services or u dollars
worth OF the peoples property. its honor. as
well as sound public policy. demands that they
shall lie redeemed upon presentation in money
current In all the markets OF the world No
government can honorably disparage or de-
preciate its oW,p obligations. and especially
obligations which u has forced its own people
TO accept; nor can any government honorahly
discriminate between the different kinds OF
money or currency thich IL puts in circulation.
Whatever may Re the differences in the forms
and qualities OF the currency while IL remains
in circulation. when the time for ultimate re-
demption ZONES all must be treated alike.
The secretary expressed himself as
follows on the question of bi-metallism:
The country has receutly heard great deal