Mexico weekly ledger., 1893-11-30

value.
GOLD Is THE ONLY INTERNATIONAL
MONEY.
Gold is the only international
money, and all trade balances are
settled in gold, or, which is the same
thing, on gold basis, all other
forms OF currency being adjusted to
that standard. 1t is useless for the
advocates of a different system to
insist that this ought not to be so !;
1t Is SO, and we can not change the
tact. But the gold eagle and double
eagle are not accepted at a par
hcular valuation in these settlements
simply because the United States of
America have declared by lay that
they shall be legal tender at their
nominal value, but solely because
the bullion contained ia ti,em, If un-
coined, would be worth everywhere
the same amount. This is a great and
! powerful Government, but there is
| one thing il cannot dot cannot
| create money. There are some
things, however, which the Govern
me ut can do for the establishment
and preservation OF a sound and
stable currency. In the exercise of
its constitutional authority to "coin
money and regulate the value there
Of, it can suspend or limit the coin
age OF either metal whenever it is
ascertained that the coins Of the two
metals, Of the same denomination.
are Of unequal value ;or it can change
their legal ratio so as to make them
as nearl ly equal III value as possible
or it can maintain the parity of its
coins by receiving them and paper
representatives in payment of all
public dues and discharge all its
own obligations in whatever kind of |
money its creditors may demand |
The private citizen may very prop |
erly avail himself Of the lawful right |
to discharge his private Obligations, |
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 sup |
ply the country with a currency land
has issued its obligations in the form |
Of notes to circulate among the peo- |
pie iii the transaction Of their private |
business, and has received, for every |
dollar represented by such notes, 8 |
dollars worth of the peoples servi- |
ces or a dollars worth OF the peo,
pies property, its honor, as well az
sound public policy, demands that
they shall be redeemed upon presen
tation in money current in all the |
markets OF the world. No Govern
ment can honorably disparage or de- |
preciate its own obligations, and es |
pecially Obligations which it has fore |
ed its people to accept; nor can any
Government honorably discriminate
between the different kinds of money
or currency which it puts in circula
ton. Whatever may be the differ
ences in the form and qualities OF the
currency while it remains III circu-
lation, when the time for ultimate
redemption comes, all must be treat
ed alike.
ABOUT BIMETALLISM.
The country has recently heard |
a great deal about bimetalIism and
a double standard, ard it is posi- |
ble that these subjects will continue
to be discussed TO some extent Ill
the future. For my part, | have
never been able to understand what
it meant by double standard, or
double measure OF value, and !
have never found anyone who could
tell me.
To my mindit seems as absurd to
contend that there should be two
different standards or measures of
value as it would be to insist upon
having two yardsticks Of different
lengths or two gallons of different
dimensions. If there were two
standards, or measures, not equal
value, it is evident that one of them
must be a false measure; and il
they were Of equal value, it is evil
dent that, no matter what the law
might declare, there would be in
fact but one measure, although com
posed Of different kinds of material.
If, for instance, the silver dollar
and the gold dollar were of pre-
y 81 gsg Ri Ess8 - Il - IN hi IA =