The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-11-22

| these prices are fixed in the markets of coun
| tries having a gold standard or measure Of
/ value either by EXPRESS provision Of law or by
| "A public policy VIII n keeps their silver coins
| equal in exchangeable value to the gold coins
! at the legally established ratio. The value of
! our trade with the people of other countries
| during the last fiscal year was more than 81
| fOJO5OUOO. and more than 9llOOUipOO OF TINS
/ was with the people of Europe, while with the
! whole of Asia it amounted to a little over
! OOOO0,00O and with all the countries of South
! America, excluding Brazil, which has single
! gold standard, it was only 46OOO,OO0. While it
| would he unfair to attribute this unequal dis
! trlbutlon OF our trade With the outside
! world to the character OF their fiscal legiSla-
! ton, l think it may be safely asserted that
! this country could not long maintain It's pres
| ent position as one OF the most conspicuous
| and important members Of the great com
| mun1ty of commercial nations which now con
! trolls the trade of the world, unless we pre-
| serve monetary system substantially at
! least, in accord with the monetary systems Of
! the other principal nations.
| MUST BE AN INTERNATIONAL AGREEMENT.
There can be no International legal tender
! without IN international agreement, but
! there 4 t, from the very necessities of the
| case. always be 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 1t
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 conclusiyely fixed
by the international standard. whatever that
may be. The stamp on its coins atteSts their
weight and fineueSS, but ii adds nothing what
ever to their intrinsic value, and
nothing whatever to their exchanReable
value in the markets of the world; 50 that
nation stock of international money always
consists of its uncOined bullion and the bull
lion value OF It's coins. 1t cannot augment It's
stock of such money to anv extent whatever
by Overvaluing either gold or silver in its
coinage laws, nor can it diminish It's stock to
any extent whatever 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 viii not be
changed in the least for no a3t of congress. or
other legislative Body, can repeal or alter the
laws of trade or the laws Of finance; and every
attempt to do so mus: result in disaster sooner
OF later
! system may be here at home as established
by our own laws, we must either relinquish a
large partof our share IN the commerce of the
| world, or conduct our International trade upon
! such basis as the general judgment of con-
mercial nations may establish. We cannot
| possibly change this situation, and, conse-
| quently, the only practical question is,
| whether it is better to establish by law an in
| feriOr kind OF money for use at home eXclu-
sively. and another kind for use abroad. or to
have all our money good enough for use in
every market where our people trade. l believe
the people of the United States are entitled
to have for use in their domestic trade just as
good money as any other people in the world
have, and that they are emitted TO nave Just
as much of il may be necessary to carry on
their business regularly and prOtitably.
| Whether it be gold or silver, or both, or paper
| base upon the coins Of the two metals. the
people have right to demand that it shall be
in fact what it purports to be-a just and true
measure OF value, or the representative of
just and true measure OF value.
GOLD 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 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 it is so, and we can not chan 70
the fact But the gold eagle and double eagle
are not accepted at particular valuation in
these settlements simply because the United
States of America have declared by law that
they shall be legal tender at their nominal
value. but solely because the bullion contained
in them. II uncOlned, would be worth every
where the same amount. This is q great
and powerful government, but there is one
thing il can not dot can not create money.
| There are some things. however, which the
government can do for the establishment and
preservation OF q sound and able currency.
In the exercise of its constitutional authority
to coin money and regulate the value
thereof" it can suspend or limit the coinage
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 nearly equal in value as possible; or it can
maintain the parity of its coins by receiving
them and their paper representatives in pay
ment of all public dues and discharge all its
own obligations in whatever kind of money
its creditors may demand
NO GOVERNMENT CAN HONORABLY DISPAR-
AGE ITS OWN OBLIGATIONS.
The principle or rIle OF law that the option
as to the kind of legal tender with which an
obligation shall be discharged belongs to the
debtor and not to the creditor, has no just
application in case where the government
issues its notes to circulate as currency
among the people. anf. by making them legal
tender compels the people to receive them.
| The private citizen may very properly avail
himself Of the lawful right to discharge his
private oblil ions, held by voluntary cred
itors in any Lind o; legal tender money, be
cause he has only his own personal interests
to protect and owes no public duty In the
premises But when the government Of the
United States has undertaken to supply the
country with a currency, and has issued It's
obligations in the form of notes
to circulate among the people in the trans
actions of their private business, and has
received for every dollar represented ny suc h
notes dollars worth of the people s services
or dollars worth Of the people property.
its honor. as well as sound public policy,
demands that they shall be redeemed upon
presentation in money current in all the mar
kets of the world. No government can hon
orabIy disparage or depreciate its own obi
cations and especially obligations which IL
has forced its people to accept; nor can any
government hOnOraDly dlScrm mate between
the QlfielGuL xmas OF money or currency
which it puts in circulation Whatever may
lie the differences in the forms and qualities OF
the currency while it remains in circulation.
when the time for ultimate redemption
comes all must be treated alike.
DON'T KNOW WHAT Is MEANT BY DOUBLE
STANDARD.
The country has recently heard a great deal
about bimetallism and double standard.
and it is possible that these subjects VIII con-
t1nue to be discussed to some extent in the
future For my part, ] have never been able
to understand what is meant by q double
standard or double measure OF value. and
have never found anyone who could tell me;
~ NV mind il seems as absurd to contend
that there should be two different standards
or measures or value as it would be to insist
upor having two yardsticks of different
lengths or two gallons Of different
dimensions II there were two
standards. or measures. not equal in
value it is evident that one OF them must be
a false meas IRE; and if they we're of equal
value it is evident that, no matter what the
law might declare there would be in fact but
one measure, although composed OF two df-