The times. [volume] (Richmond, Va.) 1890-1903, 1893-09-01
THE TIMES RICHMOND VA. FRIDAY SEPTEMBER 1893,

is IN our coin. not the coin Itself. but
the gold which is i'm It before IT is STAN
ped. IL worth as much as the colne1
metal.
Row. I put the question before them
in the presence Of the American Senate,
and / ask again. is there a Senator upon
the floor who will say as n Senator that
. piece OF standard gold. thoroughly
tested weighing as much as the eagle
can be forced upon any creditor against
his CONSENT Everyone Will answer no.
OF course.
/ place before you now a gold eagle
! ccined according to the law, Of precise
" the same weight and fineness OF the
bar have shown to you'll ask you whether
that coin can be forced upon any cred
| itor7 why" you say 1T does not need
any forcing. The law OF the land makes
that legal tender. and no one would
think OF refusing IT," Now, ask the SEN
ators why is II that the coin IS money,
and the gold bar is not?
/ put the question so plainly that the
wayfaring man, though a fool, can not
err in the anwer: What makes the coin
money and the bar a commodity The
law. and only the law. The law alone
makes money value.
MI. GalIinger 1 should like 70 ask
bar which he has exhibited to the Sen
ate?
Mr.. PETER. I thank the Senator for the
question. / had intended mentioning IT,
but forgot to do so. Among the Jewellers
this gold bar would bring $3.50.
Mr.. Gallinger. WI at IS the value OF the
coin which the Senator exhibited?
Mr.. PETER. 1t Is $1,000.
The lain purpose here is 10 make the
impression that the governments stamp
on coin adds value TO the metal
and that a piece Of gold without the
stamp is worth much less than the
same piece Of gold when rolled and
stamped as coin by the government; yet
nothing is more preposterous and alb
surd than this statement.
We have no means Of knowing what
Jewellers Mr.. PETER consulted when he
inquired the price they would pay Tor
the bar. but we know exactly what we can
sell II 10 the Jewellers for. II we went 10
one who made dentists foil or gold rings
and the bar was Of the exact purity and
nneness to suit gold rings and dentists
foil he would give us for IT the coin value
Of the bar less the cost Of the labor
necessary 10 turn it into ring or foil, and
also what he thought he ought to receive
as profit. But even then he would nave
10 nut this deduction at a very small
margin to stand any chance Of buying
the bar, because the laws PROVIDE an
easy and convenient method by which we
can turn all such bars into coins WITH
out any material loss The laws Of the
limited States provide that any owner
Of gold bullion may deposit 1t at the
limited States mint. in quantities Of not
less value than 500. When so deposited
II shall either be coined or turned into
bars with the stamp OF the government
on each bar. certifying 10 the quantity Of
pure gold In each bar, and the coins or
the bar shall be returned TO the depositor.
The only diminution that he is to suffer
IS a trifing charge to meet the actual cost
Of handling and stamping. Now the pro-
vision that the amount deposited shall
equal the value Of 800 gives small oppor-
tunity to the jeweler to gouge the seller
Of q piece worth less than 500. But If
the owner Of $50 is willing TO purchase
another fifty dollars, he can get from
the mint 800 for the two lots with no
deductions whatever but the trihlns coin
age charge.
PETER says that the creditor takes the
coin and refuses the bar because the law
makes the coin money. This is not true.
eve speak, Of course, of the creditors
voluntary action and not Of the laws
coerclon) He demands the coin because
he stipulated I'm, his contract for coin
and not for a bar. And he stipulated for
the coin because that has the govern
ment's certificate that It contains a GER
tain quantity Of gold, while the bar has
nothing to prove what it contains, and the
creditor is unable TO determine what 1t
contains. Exit PETER.