New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-03-18
The Metropolitan Telephone & Telegraph Company
l8 CORTLANDT ST.

States. IL is SOmething or the same value
%. % grains OF pure gold. Mr. McTntre forge;s
that the term dollar" meant nothing in this
country until the substance out Of which it
should he constituted and the quantity Of that
substance had been named. Before his sample is
worth fig for his purpose he must define OF
what the dollar shall consist. The moment that
is done his sample would absolutely have no
meaning at all or. at any rate. no meaning diff
ferent from that OF our present paper money
Under the correct theory to money there is
no difficulty Of this kind. | believe that the unit
Of value in any monetary system must always of
necessity be stated in a certain fixed amount Of
some substance which is the product of human
labor. And l believe that all paper money is Of
necessity promise to pay certain amount Of
that same substance. Consequently the great
function OF money, which is to measure values
is easily applied to every commercial transaction
because the number Of units contained In the
amount named in the transaction readily fixes the
entire value of the commodity transferred in the
transaction.
WHAT a DOLLAR" MEANS
Here is the trouble with the entire greenback
crew: Because have been using the term
dollar for a century. until people have come
to express ali values in that term. they take it
for granted that the word has a definite meaning
in and of itself. without any reference to any sub
starce and quality thereof. of which it must no
composed Such. however, is not the case. The
word dollar. originally arbitrary term,
meant nothing in this country until the statutes
defined of what it should consist.
When spoken of measure ~ value the term
dollar" to-day used in the United states means
simply 1922 grains OF pure gold. 1t has meant
that for nearly sixty years in this country.
ANY one who will examine the reports Of
moneyed transactions in the United States dur
ing the last sixty years will find that silver has
always been quoted as being above par be
low par" lat par" Is not that fact Of itself
conclusive proof that the silver dollar
the measure Of value during those years? The
measure OF value is always exactly at par In
the very nature Of things it never be any
thing else.
Gold will never be quoted at premium in this
country until We employ some other substance as
the measure Of value. So long maintain
the gold standard. that metal must he at par
with itself. 1t can be said to he above par
below par" only when compared with other
substance as the measure IF value The fact
that we are using the gold measure is the real
thing about which the advocates Of free-sver
coinage complain A grain Of pure gold il really
the unit Of value throughout the civilized world
They insist that by the coinage laws OF this coun-
try IS grains Of pure silver may be forced into
use also as a measure, and that it should be
legally substituted for the grain Of gold. at the
option Of any one either person or Nation. pay
ing debts They tell US that such coinage law
will so operate that everywhere sixteen grains OF
silver will again equal in value grain Of gold.
They insist that with such law the value If a
grain Of gold Will be very much reduced and that
the value of a grain of silver will be somewhat
increased, so that the value Of sixteen grains Of
silver will be the grain Of gold, and
tina. such values will remain the same 50 long as
such coinage laws remain in force. They tell us
in that way a double standard OF value would be
established. but that there would be in reality
but one measure OF value because the two meas
ures would be Identical in value.
DON'T SAY POOH"
Now beg Of Mr. McIntire to re-eXamine his
theory az to fat paper money. Under his plan
what will he have for the measure of value? In
other words. what will ne have the term dol
lar mean? ! hope he will not pooh-pooh this
question. l assure him that until he can give an
intelligent answer TO that one question, his kind
Of paper money will never be accepted by prac-
teal business Good money must always
mean something I know what a silver dollar
means; the law states OF what II shall be COM
posed. I know VIVA, a gold dollar means; the
gold that il shall contain. / know what green |
back dollar means; II is promise of the Gov
eminent to pay on demand one dollar in coin |
Our Government is to-day redeeming greenbacks
in gold dollars. SO long as 1t continues to do
that know they Will be worth as much as the !
coin into which they can be readily converted |
The ablest silver men understand this question |
fully None Of them have ever for moment
claimed that paper money could be good money
unless il were payable in something They pro- |
test against the single gold measure or Value |
They seek double standard. They demand that |
silver shall be treated as the money of final re- |
demption. But they nowhere claim the POSSIBLE |
i,v Of paper money being issued without being
based upon something. They see the need OF /
some substance. something tangible which shall
no used az the measure OF values Indeed, Is not |
that the very essence OF all real money?
repeat nv former question. What will these
fla, money men have as measure OF value?
asser, once more that such "A measure must OF
necessity consist Of some definite quantity of the
products Of human labor; Of some substance
which has become valuable because 1t represents
an amount OF human toll. reterate my former
statement that all paper money must be a prom
Use to pay a certain fixed amount OF some SUD
stance. the value of which can be ascertdined
by the use Of such measure, ana that no living
man can draw a paper note winch snail mean
anything unless il shall contain terms when
recognize some substance ana the quantity
thereof in which sucn note is to be PAD ana the
value II which can be ascerta!ned by the use OF
the measure OF value common III me country
where such note is given. l. makes no difference
whether ii DO the note OF an Individual OF "I
nation The Law ia universal ana appieS 1"
every species Of obligations when can ne S'd'"d
upon paper. Until some GreehDacRer answers '''iN
one point it will be hardly proper for hlh L" ac-
,,ise me Of lodging the question. There Is moth
ing to dodg" Because man can Su''''i !"