The comet. (Johnson City, Tenn.) 1884-1916, 1893-11-30

WV N1N " ielA all btlU NuuuptlcsO Vi ONubH
America, excluding Brazil, which has
a angle gold standard, it Was only
$46,000,000 While it would be unfair
to attribute this unequal distribution
OF our trade with the outside world to
the character OF their fiscal legislation
] think it may he solely asserted that
this country could not long maintain
its present position az one OF the most
conspicuous and important members
OF the great community OF commercial
nations which now control the trade
of the world, unless we preserve
monetary svetem substantially, ut
least, in accord with the monetary
system of the other principal nations
MUST BIZ ExcHANGEABLE VALUE.
"rhere can be no international legal
tender without an international agree
ment, but there must, from the very
necessities of the case, always be II
common basis upon which bargains
are made and common currency in
which balances are settled. No one
nation can determine for the others
what that basis shall be or what that
currency shall be. l. may establish
currency for itself and for the use OF
Its own people in their domestic trade,
but the value OF that currency will be
ultimately measured and conclusively
fixed by the international standard,
whatever that may be. The stamp on
it's coins attes.s their weight and
fineness, but it adds nothing what
ever to their intrinsic value, and moth
ing whatever to their exchangeable
value in the markets Of the world, so
that a nations stock 0. international
money always consists of its uncoined
bullion and the bullion value Of its
coins. 1t can not augment its stock
of such money to any extent what
ever by overvaluing either gold or sill
yer in its coinage laws, nor can it
diminish its stock to any extent what,
ever by undertaking. either metal
While the number of its nominal dol
lars, or shillings, or francs, may be
increased or diminished, as the case
may be, the actual value OF the bullion
or coins will not be changed in thu
least, for no act of Congress or othei
Legislative body can repeal or alter the
laws of trade or the laws of finance
and every attempt TO do so must re
suit in disaster sooner or later.
"No matter, therefore, what GU
. monetary system may be here at hom,
as established by our own laws, W,
, must either relinquish large part 0
. our share in the commerce of tn,
) world or conduct our internationa
trade upon such basis as the genefn
Judgment of commercial nations ina,
{ establish. We can not possibly chang
q this situation, and, consequently, TN
v only practical question is, whether j
/ is better TO establish by law an inferio
q kind of money for use at home exclus
a lively and another kind for use abroad
II or to have all our money good ,nougl
for use in every market whore GU
people trade. believe the people c
the United States are entitled t nav
for use in their domestic trade jnst a
j. good money as any other people i
- the world have, and that they ar
Il entitled to have just as much OF it q
q may he necessary to cary on thei
v business regularly and prottabl,
n Whether it be gold or silver, or b Il
# or paper based upon the coins OF h
Il two metals, the people have right I
q. demand that it shall be in fact what
4 purports to be-a just and true mea
If ure of value, or the representative
If q just and true measure Of value.
all "Gold is the only internationi
Is money, and all trade balances are SC
\ lied in gold, or, which is the san
a thing, on gold basis, all other torn
,e of currency being adjusted to thi
m standard. 1t is useless for the adv
Gates of a different system to insi
n that this ought not to be SO; it is
r. and we can not change the fact. BV
ir the gold eagle and double eagle al
al not accepted at a particular valuatic
in in these settlements simply becau
nr the United States of America have d
Of clared by law that they shall be leg
ar tender at their nominal value, but sol
ed ly because the bullion contained
,u them, if uncoined, would be Wort
er everywhere the same amount
ce CANNOT CREATE MONEY.
n "This great and powerful Cover
ITS ment, but there is one thing it cam
lis dot cannot create money. The
be is some things, however, which Il
cy government can do for the establis
nd ment and preservation OF sound al
ry stable currency. In the exercise OF ]
'ts constitutional authority, to coin mo
y; ey and regulate the value thereof,
he can suspend or limit the c,inage
in either metal when it is ascertain
ed that the coins of the two metals.
ur the same denomination are ofunequ
- - q y. 4L.a:.. L..