Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1894-05-09
For the SPECTATOR.
The Money Problem Comes to
Plague the Nations and Des-
frox Tho OnonIo

Plague the Nations and OeS-
troy the People.
Since the dawn of history by common con
sent there has been recognized in silver ant
gold a superior adaptation and fitness 70
money metals and their uses have been con
current, not only in the individual nations
but in the settlement of balances in trade be
tween them, and the contributions as the re
suits of wars between them, yet, in all tn,
centuries, confronted by the obvious propriety
and necessity of establishing universally &C
cepted relation of values between silver anc
gold, there has been a failure to establish will
| the force of international law an agreed rela
| ton, or common unit of measure, in The
the relation of the metals, and yet so far il
the unit of measure; but, constrained by
| business intercourse to meet parity and ex
change on special terms. Theorists have dis
cussed of late what they believe to be the true
| doctrine of money, but their dogmas are al
most as variant as the positions from which
| they view the subject and the resultant pecu-
mary advantage underlying. The patient and
careful study of the money (spece) question
Importance. In the discussion at the Inter-
national Conference in 1878 at Paris, it was
generally conceded that the financial dis
turbance stringency and condition of ex-
pectancy" resulted chiefly from the effort
then in progress in Europe, to establish, on
the part of some, gold standard, and in the
Latin Union, to avert the injuries which
In ataI
business England as early as 1866 passed an
act inviting, whatsoever person or persons,
native or foreign alien or stranger to bring
any foreign coin, plate or bullion of gold or
silver in mass, molten, or alleged, or any sort
of manufacture of gold or silver, into his
Majesty's mint to be there melted down and
coined into current coins of this kingdom
with all convenient speed, without any de-
falcation, diminution or charge for the assay
ing, coinage, or waste in coinage" &C. And
for the further encouragement and assurance
of such as shall bring any gold or silver into
his Majestys said mint or minis to be coined
That no confiscation, forfeiture, seizure, at
tachment, stop or restraint whatsoever shall
be made in the said mint or minis of any gold
or silver brought in to be coined for or by
reason of any lmbargo breach of the peace,
letters of marque or reprisal, or war with any
foreign nation or upon any account or pre-
tense whatever" &c. This act of Parliament
had a limitation of five years to run, but it
was extended from time to time until by act
of 176S free coinage was made perpetual
Subsequent restrictions for correction of
abuses and prescribing limitations were
enacted, until finally England adopted the
single gold standard, having become the great
money center of the world and mistress of
the SEAS which gave her an influence and
power to impress her theories gradually upon
the surrounding debtor and dependent States.
Her vast possessions IN the East, where the
population is numbered by the hundreds of
millions and are using silver as the standard
of values enabled her to conduct most ex-
tensive and profitable trade in silver as it be-
came deprecated in the West, through her
example and pressure. Her exactions of
payments in gold at an enhanced value, has
brought into line many of the smaller ma
lions of Europe, and caused the remaining
double standard countries to suspend the
coinage Of silver and occupy "a condition of
expectancy"-of doubt whether to return to
the double standard or to permanently adopt
the gold basis The discussions in the Paris
International Conference show that the
learned Political Economists were at their
wits, end to decide what to recommend to re-
lieve the business world from the distressing
dilemma in which it has been involved by
departing from practical experience and rely
ing on theories OF science alone. 1t was said
by Mr. Grosehen, of England, that ''the
American proposal for a universal double
standard seemed impossible of realization,
veritable Utopia, but the theory of universal
gold standard was equally Utopian, and in
deed involved a false Utopia. 1t was better
for the world at large that the two metals
should continue in circulation than that one
should be universally substituted by the
other