The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-11-29

by undertaking. either metal. While the
number of its nominal dollars, 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
the least for no act Of congress, or other
legislative body, can repal or alter the laws
or finance and every attempt TO do 50
must result in disaster sooner or later
mo matter. therefore. what our none
tary system may be here at home as es
tablished by our own laws, we must either
relinquish a large part of our share in the
commerce of the world or conduct our in
ternatonal trade upon such basis as the
general Judgment of commercial nations
may establish. We can not possibly
change this situation, and. consequently,
the only practical question is, whether il is
better TO establish by law an inferior kind
OF money for use at home exclusively and
another kind for use abroad. or TO have all
our money good enough for use in every
the people Of the United States are enti-
tied to have for use in their domestic trade
Just as good money as any other people in
the world have, and that they are entitled
to have just as much of it as may be neces-
sary to carry on their business regularly
and proftably. Whether it be gold or sill
yer, or both, or paper based upon the coins
OF the two metals. the people have a right
to demand that it shall be in fact what it
pHrports to be-a just and true measure
and true measure of value.
As to Gold Basis.
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 ad-
justed to that standard. 1t is useless for
the advocates of different system TO in
sist that this ought not to be so; il is so,
and we cannot change the fact But the
gold eagle and double eagle are not accepted
at a particular valuation in these settle
ments 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 con-
tanned in them, If uncoined, would be worth
everywhere the same amount. This is a
great and powerful government, but there
is one thing 1t can not dot can not create
money. There are some things, however,
which the government can do for the es-
adjustment and preservation of a sound
and stable 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 denomina-
ton, are of unequal value; or il can change
their legal ratio so to make them as
nearly equal in value as possible: or ii can
maintain the parity of its coins by receiv-
ing them and their paper represent tives
IN payment Of all public dues and dis
charge all its own obligations in whatever
kind of money its creditors may demand
The principle or rule of law that the
option as to the kind Of legal tender with
Whlch an obligation shall be discharged be-
longs to the debtor, and not to the creditor
has no just application in a case where the
government issues its notes to circulate as
a currency among the people and, by MAX
ing them legal tender, cOmpels the people
10 receive them. The private citizen NAV
very properly avail himself of the lawful
right TO discharge his private obligations.
held by voluntary creditors, in any kind of
legal tender money, because he has only
MS own personal interest to protect and
owes no public duty in the premises. But
when the government of the United States
mas Undertaken to supply the country with
"a. currency. issued lfcraf ions
In the form of notes to circulate among
the people in the transaction of their pri-
Vate BUSINESS, and has received for every
dollar represented by such notes a dollars
worth of the peoples services or a dollars
worth of the peoples property, its honor,
as well as sound public policy. demands
that they shall be redeemed upon presen-
tation in money current in all the markets
of the world No government can hon
cations, and especially obligations which it
has forced its people to accept; nor can
any government honorably discriminate
currency which 1t puts in circulation
Whatever may be the differences in the
forms and qualities of the currency while
IL remains in circulation, when the time for
ultimate redemption comes, all must be
treated alike.
The Double Standard
''The country has recently heard a great
deal about bimetallism and a double stand
ard, and il is possible that these subjects
will continue to be discussed to some ex-
tent in the future. For my part, I have
never been able to undertand what is
meant by a double standard, or double
measure of value. and 1 have never found
anyone who could tell me. To my mind il
seems as absurd to contend that there
should be two different standards of meas
ureS of value as it would be to insist upon
having two yardsticks OF different lengths
or two gallons of different dimensions If
there were two standards, or measures, not
rn1 IN Ina fG
them must be a false measure; and if they
were of equal value, il is evident that no
matter what the law might declare, there
would be in fact but one measure. although
composed of two different kinds Of ma
terial II, for instance, the silver dollar
and the gold dollar were of precisely the
times. there would be, I'm fact, but one
standard. one unit for the measurement of
values. Whatever that actual standard
may be as established by the laws of trade
and finance. whether 1t be so many grains
of fine gold or so many grains of fine sill
YER, IT is the duty Of the government to
conform to it in the payment of its obliga-
tons and in all its dealings with the peo-
pie.
said that nothing shall circulate or be re-
cognized as money or currency except gold
or paper issued against gold, nor that the
prices of commodities ought to be. or will
be fixed upon the hypothesis that gold is
the only money in the world but il does
follow that no part of our currency.
permitted to depreciate below the estab-
lished and recognized standard. ANY fnan-
cial policy which would encourage OF per-
NIT such depreciation, or create a reason
able apprehension of such depreciation
would unsettle values, and ultimately bring
almost universal bankruptcy and ruin upon
the country. II must be remembered, how
ever. that it is the function and duty OF
the legislative department to establish the
policy of the government upon this and all
other subjects, and TO clothe the executive
with the necessary authority and means
to carry il out. When the authority and
means are granted. the executive depart
ment is responsible for the manner i'm
which the law is executed, but beyond this
il has no power to act, and, consequently
no duty to perform.
Must Maintain Our Credit.
Gentlemen, the question whether the
obligations of the United States will be
paid in coin current i'm all the markets in
the world has already been settled, and il
has, in my opinion, been settled for all
time to come. 1t has been settled not by
any specific act of congress prescribing the
exact mode of payment but by the spirit
existing legislation upon the subject, and
by the deliberate judgment of the Ameri-
can people and the declared purpose of
execution of the laws The disposition and
ability of the government to maintain its
own credit at the highest possible standard,