Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1895-07-17
WHAT Is HONEST MoSLY:

-
An excellent series Of articles on
"Moaey, Banking, and Currency"
have been running through Harper,
Weekly. They were written by tho
editor, Mr.. Henry Z. Nelson. NJ.
Nelson summarizes, in his concluding
article, on June 18th, the results Of
his unusually careful anil critical in.
v~estigation. The following is a part
of his summary:
"In conclusion. | viii r~estate some
OF the propositions tina. / have laid
down aud cndeayored to sustain 10
these papers. Ibegan with the propo.
sition that money is not cool ID itself,
but only as it easily and conveniently
procures for its possessors what they
neel or desire. 1t saves the trouble
and expense OF barter. 1t represents
food. raiment, shelter, and other
necessaries of life as well as its luxl-
rles.
''The quality that money should
possess ought to be clear to every one.
It must be honest money. II it is
metal il must be intrinsically worth
the sum it processes. Ii 1t Is paper It
must be ~redeemable in the amount
called for by its face. 1t must mean
what il saws. II must not only ac.
tualIy possess these qualities, bu.
those who are asked 10 acceptit In re-
turn for their products and goods mus,
believe that it does. In the simple
community the store-keeper's orders
possessed these qualities, aul tiey
passed as money. SO bank paper
passes in the country IN which the
bank is situated, whose people believe
that the bank is sound. But IN inter
national commerce gold is the only
money that is universally recognized,
aud it is necessary, therefore for tins
country, aud for all countries that
carry on commerce, TO accept gold as
,he standard Of value. Otherwise
there must be confusion arising IRON
fluctuations in exchange, which would
be largely due to fluctuations IN the
price OF any other metal than gold
that became the standard OF value Of
the country departing from the goli
standard.
"Whatever may be sail in favor OF
international bimetallism. interas.
tional bimetallism is not m imminent
question. The first question thatthis
country must answer Is whether 1t
will abandon the monetary system
which prevails among the stronger
Nations of the world, aud adopt that
which prevails among the weaker Ma
tions, whether it will abandon cold
aud take silver rs its standar l. Tins
been proved that it cannot alone miia'
ain silver. The panic OF 1873 demon
strated this TO intelligent minds It
has also been proved that 1t cannot
alone maintain the price OF silver
which has been falling for nearly
thirty years. The failure OF the at
tennis to do so through the acts OF
1878 and 1899 is a signal proof OF the
inability Of this country, acting alone,
10 make sixteen ounces OF silver elual
10 one -uuce Of gold, when IN the
markets of the world thirty-folr
ounces of silve: are equal in value TO
one ounce of gold. The only ground
On which the single silver STANDARD
could be maintained is that We act IN
iependently of Europe; but 70 sag
that orr commercial life coull D.,
maintained in vigorous health with
any other than the worlds monetary
standard is like sayin gthat oar phys
zeal and material well being colll
be preserved ii we could AMI dill shat
ont the benelicent light aud heat OF
the sun. international commerce i
part of our existence. We cannot I've
without it, as our farmer, WHO y 9H
principal exporter, ought to knoFA
we should try to, he aud the maa Wl9
lives by his pc sonal services w1Il
be tue first to iii cover what 1t meas
to be in the hanls OF the money
broker, rs they fond o 1t before wlel
we paid for our greenbl ck debtlel'
aud in 1893 when Europe begin 70
doubt our intentions As to silver