The times. [volume] (Richmond, Va.) 1890-1903, 1893-11-22

! coins IL cannot augment lls sloch ol
such money 70 any extent whatever by
| overvaluing either gold or silver in its
coinage laws, nor can it diminish its stock
! ~ any extent whatever by Undertaking.
! either metal. While the number Of it's
| nominal dollars. or shllings, or francs.
may be increased or diminished. as the
case may be. the actual value Of the
| bullion or coins VIII not be changed I'm
| the least. for no act 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 must result I'm
disaste,, sooner or later.
No 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 international trade upon such basis
as the general judgment Of commercial
nations may establish. We cannot pos
sibly change this situation. and. conse-
quently. the only practical question Is,
whether II 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 ali our money GOOD
enough for use in every market where our
people trade. / believe the people of the
United States are entitled TO have for use
I'm their domestic trade just as good money
as any other people I'm the world have. and
that they are entitled TO have just as much
of il as may be necessary 10 carry on their
business regularly and profitably.
Whether It be gold or silver, or both. or
paper based upon the coins OF the two
metals. the people have a right TO demand
that Il shall be i'm fact what IL purports
10 be-a just and true measure Of value
or the representative Of Just and. true
measure Of value.
Gold the Standard
Gold Is the only international money
and all trade balances are settled I'm gold
or. which is the same thing. on a gold
basis all other forms Of currency being
adjusted TO that standard II is
useless for the advocates OF a diff
ferent system to insist that this
ought not TO be So IT is so, and
we cannot change the fact. But
the gold eagle and double eagle are not
accepted at a particular valuation I'm these
settlements simply because the United
States of America have declared by law
that they shall be legal tender az their |
nominal value but solely because the |
bullion contained in them, If uncoined, |
would be worth everywhere the same |
amount. This is a great and powerful /
Government. but there is one thing Il /
cannot dot cannot create money |
the Government can do for the estab- /
lishment and preservation Of a sound /
and stable currency. I'm the exercise Of |
its constitutional authority to "cOin /
money and regulate the value thereof /
IL 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 10 can change their legal ratio so
"a ri
I'm value as possible: or il can maintain
the parity of it's coins by receiving them
and their paper representatives I'm pay
meut Of all public dues and discharge all
its own obligations IN whatever Kind OF
money It's creditors may demand.
the principle or rule Of law that the
option as to the kind OF legal tender
with which an obligation shall be dis
charged belongs to the debtor. and not
10 the creditor. has no just application
u q case where the Government Issues
las notes 90 circulate as a currency among
the people and, by making them legal
e1der. compels the people TO receive
hem. The private citizen may very prop
.rly avail himself OF the lawful right 90
discharge his private obligations. held by
voluntary creditors. in any kind OF legal
tender money. because ne has only his
own pers nal interest to protect and owes
lo public duty in the premises. But
when the Government of this United
States has undertaken to supply the coun-
try with q currency and has issued its /
I'm the form of notes 90 cir
,ulate among the people I'm the transac-
ion OF their private business, and has
'eceived for every dollar represented by
.uch notes a dollars worth Of the people
services or a dollars worth Of the peo-
,le's property, its honor as well as sound
1c hat
le redeemed upon presentation i'm money
urrent IN all the markets of the world.
10 government can honorably disparage or
Iepreciate it's own obligations. and es
,ecielly obligations which il has forced
s people 10 accept; nor can any govern
lent honorably discriminate between the
lfferent kinds Of money OF currency which
puts in circulation. Whatever may be
he differences in the forms and qualities
Z the currency while it remains I'm cir
ulatiOn, when the time for ultimate re- q
emption comes, all must be treated ,
Ike
Didn't Understand a Double Measure. ,
The country has recently heard great I
cal about bimetallism and a double q
andard, and It is possible that these q
lbjects will continue TO be discussed 20 L
)me extent in the future. For my part, q
have never been able TO understand what Y
meant bS q OONult SldAAdIu hi NNulIt s
leasure Of value and l have never found ,
ny one who could tell me. To my D..la s
seems as absurd 10 contend that there r
lould be two different standards or g.
leasures of value as il would be 10 in r
st upon having two yardsticks OF differ S
NJ lengths or two gallons Of different q
mensions. If there were two standards, y
measures not equal in value, IL is evi- e
ant that one Of them must be false h
easure. and If they We're of equal value.
Is evident that, no matter what the d
w might declare. there would be in fact ID
lt one measure. although composed OF a
yo different kinds of material. If. for s
stance the silver dollar and the gold
lar were OF precisely the same value ana J,
uld be SO Kept at all times there would %
, in fact. but one standard one unit for n
q measurement Of values. Whatever
at actual standard may be as establish 7
by the laws OF trade and finance "
neither it be So many grains OF fine gold n
so many grains of fine silver. it Is n
e duty OF the Government 10 conform
it ia the payment Of IT'S oblil ions -
I'd in all its dealings with the people le
IL does not follow from anything l 5,
I'VE said that nothing shall circulate or O.
: recognized as money or currency ex- a
pt gold or paper issued against gold.
'r That The prices Of commodities ought
be- or will be- fixed upon the hypothe-
that gold is the only money in the
orld. but it does follow that no part A.
our currency whether 90 De silver lr T,
per, should be permitted TO depreciate IN
.an The established aul recognized of
lndard. Any financial policy which