The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-30

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who will patiently and inpartialIy rsa,
the record facts attending the enactmen
OF that law and fail to see that II was on,
OF the most natural possible pieces Of
legislation growing out OF the condition.
Of things with which Congress was con.
fronted, judges OF evidence in a way In
comprehensive to us. We. therefore, pass
that point by. but deem II quite in place
to give here a brief account Of the move
ment that the world has been steadily
making towards the decentralization OF sill
yer and the establishment OF the single
gold standard. and in doing this we shall
make free use Of Mr.. Leech's admirable
article In the August Forum.
This movement has been n movement
In evolution. II is the result OF the ,ane
impulse which makes the snake shed his
shin-he has no longer a use for It. II
| commenced by the act of the English
Parliament passed m 1876 adopting The
gold standard. for the reason as stated
in the act chat great Inconvenience
has arisen from both those precious
metals being concurrently the standard
measure Of value and equivalent for prop
eity.' With the exception OF England all
Europe used silver as a standard of value
forty years ago. But the same 'fn,on-
venience" which impelled England to-ds-
card 1t In 1876 had been actually felt
everywhere else. so that when the wise
men who constructed the German EN-
pire In 1S71-'73 came TO deal with the
subject. they said It was a good time
to cut the whole thing UP by the roots.
SO they called in all silver coins, melted |
them up and sold them and enacted that |
gold, and gold only, should be the money |
OF the new empire they were founding |
Germany lost 100000 OF hard cash by |
the transaction, but she thought she had
founded herself on solid rock at a most
reasonable cost.
In 1874 France. Italy, Belgium, Switzer-
land and Greece, comprising the Latin
Union, decided 10 limit the coinage OF
the five franc pieces Ohe only silver
coins Of full debt paying power, and
after further limitations in subsequent
years these states closed their minis in
1873 TO the coinage Of full legal tender
silver coins and have not reopened them
since, which was a practical adoption OF
he gold standard. In 1872 Norway, Swe-
len and Denmark promptly followed the
example OF Germany. In 1915 Holland
lid the same thing. In 1876 Russia pro-
libted the coinage OF silver except such
IS was necessary for the Chinese trade,
md in 1879 AustrlaHungary closed her !
hints TO the coinage of silver for indi-
'iduals. and more recently she has legally !
dopted the single gold standard, using :
liver for subsidiary or token coins only. I
This impulse Of the world towards the p
ingle gold standard had made itself felt
nd known here in 1873, and the passage
our act was at once in accordance =
18th our own financial antecedents and
n answer TO that impulse. as any fair :.
linded man who will read the records :,
i'll see for himself. .,
The case then comes down 10 this. :,
ldge Hughes whole argument is built !,
pom the proposition that the worlds act q
decentralization and ours afterwards, VI,
as built upon England's malign machi- 70
atoms TO destroy the rest Of mankind "a
r her own benefit, and If this be lot 60
ue his whole case fails. Passing by the re
ray of evidence TO the contrary, we ca
y that not ten times her physical ba
,wer, steered BIZ ten thousand Machi-
els and Napoleons, could have forced lie.
is action upon the nations which have TT
luntary adopted It, IL their interests tn
d pointed to the opposite way. and, DO
tn this remark, we leave the case to the po
ry. col