Milford chronicle., 1893-10-27
Al Bankers View Of the Monetary
Htandards.

ataaAA~AN+A
MIR. ED1ToR :-In reply to your
editorial of several weeks ago in re-
gard to the monetary standards, l
would suggest the following facts to
your readers
First-The country cannot atone
establish a silver basis. It is not
to say why, it is only nee
essary to point you to present con
ditions to see the result OF the at
tempt. A country, a bank firm, or
an individual cannot long pay out
one dollar for sixty cents and last
We thought that we were big enough
to force silver standard on the
world but found that it was mis-
cradle failure. It won't do.
Second While you arerightabout
the value of q gold dollar being
greater to-day than ever you are only
partly right. The only way to de-
ternline the value ofa gold dollar is
by the soqges of labor. ltused to be
determined by bushel of wheat, but
when the great West poured its mil
lions of bushels ofwheat on the mar
ket and by its improved harvesting
implements reduced the price So 1t
was found that that was too tiuctu-
ating a basis: and so it would be with
iron. copper, coal or lead The token
must he the most stable and unfiuc-
tuating medium we have which will
at the same time provide enough
money to pay the balance in the ex-
change and barter of the world
Gain YOU are wrong; the world IS
not necessarily bankrupt because 1t
HAS not enough money to pay for all
tbe produets that come out OF the
ground or from the factory. II you
were in business you would know
tbatit only requires about 8 per cent
of cash to run the enormous business
lofthis country. That represents the
balance or difference between the
aoods sold and the goods bought
But to return to our standard; Al
though the value of the gold dollar
lhas increased the aVqges haze also
increased The laborer has more
learning power which offsets youl
claim. You claim again that 1t Is
unfair-the gold standard. Is il
more unfair than free coinage Is
lit fair to pay your debts contracted
to me, say fifty years ago, in gold
with deprecated price Of silver
lis it fair to pay my debt OF one aol
lar with fifty or sixty cents worth o.
silver?
Then again, about the working
class, do you realize that the work
inc man is really the creditor class
The capitalist is Glloays owing HIN
money. Shall he be allowed to pay
| him in silver? You referred to the
levil that was done silver when specie
pavments were resumed. l was IL
the banking business at that time
and remember that before that time
we used to buy silver half dollars al
la discount, but when specie pay
ments we're resumed there was also
a provision made to make silver
legal tender in certain amounts ano
then the discount disappeared. The
other time you refer to after the wal
when silver was demonetized, it had
lno effect on the currency whatever
as silver was over one dollar al
4ounce and the bullion value fixed the
alue of the coin, and as there wal
81 5actically no sjlUer5i1 circulation ne
z I'M was done it then.
art is impossible~to have two stand
For of yslne any more than two
made are eaflltglfs llgE ycellency, of purity, o
eiS mel. nse q '6r a s;,thing else. Give u'
ion one basis anGS + that basis be gold
iron, steel, or Aat you will ,pro0ldec
r it is not too fnstS2Uing and that th'
, countries of the WON d who eXchang'
commodities with usS and who mus
pay or be paid in money Of som
kind. haUe the same medilcal.
r PHILADELPHIA BA mixer.