The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-08-09
SILVER AND GOLD.

Wh1Sh lAolCdUC UudU lUS WOIk, IL ~ OOCc
any, may become famous landmark
in economic history. The controversy
over the use of silver money is one of
the most important movements of this
latter portion of the Nineteenth century;
and this controversy seems to be reach
ing now eliminating point.
A brief review of the field will illus
trate this better than any arguments.
Twenty-Five years ago silver was IA
vored money metal, on an equal or supe-
rior footing with gold, in every great
European nation but one, in the vast en-
pires of Asia, and in all America. To-
day silver is reduced to subsidiary posi-
ton in every European state OF import
ance that is on specie basis; it is
menaced for the first time in India, its
stronghold of centuries; and here in
the United States, the long battle in it's
behalf seems to be approaching crisis,
which is likely to terminate in favor of
its ancient associate and present rival,
gold.
The significance of this crisis may be
appreciated when it is remembered that
silver has been honored as a money
metal since the days when Joseph was
sold to the Midianite merchantmen by
his brothers for twenty pieces of silver.
Like all questions of great Importance,
this matter affects everyone; and there
fore all should interest themselves in it.
Congress will debate the question at
= 1oIa toe, hot o11o
by the country. In following the dis
cussion the reader who ordinarily does
not give much attention to such sub
jects will very likely be puzzled to know
the exact meaning of the terms used.
Many phases of the great subject are
not clear even to the wise men. To the
ordin airy citizen the whole subject must
be impenetrable without the explanation
of few elementary facts The Press
will aim to make the explanation in
this and succeeding editorials
The reader will understand easily why
gold and silver have been the favorite
money of civilized man. The cost of
producing them-an essential element
in determining value-has been quite
uniform year after year. They are less
bulky than iron or copper. They may
be divided without decreasing the value
of the parts, as cannot be done with the
diamond or ruby. Moth and rust cor
rupt them less than they do other metals;
and fire does not destroy them. There
fore men have for unnum bered centuries,
probably since Abraham was rich in
cattle, in silver and in gold," made
them money,-the article which most
of mankind, in spite of the theories of
a minority, have insisted should be
intrinsically worth swhat it purported
to be worth on it's face.
But silver and gold both may be used
as money, and yet be far from standing
in that relation of equality, one to anoth-
er, that is found in the Genesis state
ment of Abraham's assets Silver and
gold circulate side by side in Europe,
vet we are told that silver has been
demonetized there and degraded, while
gold has been exalted. Silver is almost
the only precious money metal we see in
this country, yet we hear continual
shrieks from the West that silver is being
kept out of its birthright.
What then are the obscure relations
that must exist in order that gold and
silver may sit together on the throne of
monetary power? They are relations
which lie at the foundation of the SUBJ
ject, and are the elementary facts
which the reader must understand before
he can hope to follow the debates of Con-
gress. The nations early found it more
convenient to have their gold and silver
stamped with the value upon each piece.
1t is true that the merchants of China
yet weigh their silver, but the custom
is peculiar to them. 1t being deter
mined by usage that gold and silver
pieces should be stamped with their
values, very soon the sovereign became
the agent for doing the stamping "The
image and superscription of Caesar" be-
came the indicator of value and the
guaranty of genuineness. So it hap
pened that when a subject had gold or
silver which he wished to have coined
into money he took it to the royal mint,
and there had it struck into coins, the
mint sometimes taking per centage or
"seignorage," for doing the work, as the
miller takes his toll. So it happened
that whoever had gold or silver virtually
had money, because at small cost he
could have his store converted into
money. This is the free coinage" of
gold and silver. When the nations of
Europe "demonetized silver" one Of the
means employed was the decree that no
longer could the owner of silver carry
it to the mint and have it coined into
money. Thus whoever has silver does
not necessarily have money. He has
a commodity simply. But whoever has
gold has money, for his bullion may be
coined at any time into the money of
the nation. There is free coinage of gold
in Europe and in the United States; but
not of silver. The meaning of 81 free coin
agen should be fixed firmly in
mind because it is a fundamental fact.
Accordingly as nations ordain the coin
age of gold and silver and give them legal
H.. o,ol;fv tbny ora called "mono-