Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1895-07-11

4 An excellent series of articles on
Money. Banking, and Currency
have been running through Harper'a
Weekly. They were written By the
editor, Mr.. Henry y. Nelson. Mr..
Nelson summarizes, in his concluding
article, on June 10Th, the results 81
his unusually careful and critical in
vestigation. The following is part
Of his summary:
In conclusion, I will restate some
Of the propositions that I have laid
down and endeavored to sustain in
these papers. Ibegan with the propo-
sition that money is not good in itself,
but only as it easily and conveniently
procures for its possessors what they
need or desire. It saves the trouble
and expense Of barter. It represents
food, raiment, shelter, and other
necessaries of life as we'll as its luxu-
ries.
1.-THE quality that money should
possess ought to be clear to every one.
1t must be honest money. If it is
metal it must be intrinsically worth
the sum il processes. If it is paper it
must be redeemable in the amount
called for by its face. II must mean
what it says. 1t must not only ac-
tually possess these qualities, but
those who are asked to accept it in re-
turn for their products and goods must
believe that it does. In the simple
community the store-keepers orders
possessed these qualities, and they
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 10 universally recognized,
and it is necessary, therefore, for this
country, and for all countries that
carry on commerce, to accept gold as
the standard Of value. Otherwise
there must be confusion arising from
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 gold
standard.
Whatever may be said in favor Of
international bimetallism, interna-
tional bimetallism is not an imminent
question. The first question that this
country must answer is whether it
will abandon the monetary system
which prevails among the stronger
Nations Of the world, and adopt that
which prevails among the weaker Ma
tons, whether it will abandon gold
and take silver as its standard. It has
been proved that it cannot alone main
tain silver. The panic Of 1893 demon
strated this to intelligent minds. It
has also been proved that it cannot
alone maintain the price of silver
which has been falling for nearly
thirty years. The failure Of the at
tempts to do so through the acts of
1878 and 1890 is signal proof Of the
Of this country, acting alone.
10 make sixteen ounces Of silver equal
70 one ounce OF gold, when in the
markets Of the world thirty-four
ounces Of silver are equal in value to
,ne ounce Of gold. The only ground
IN which the single silver standard
could be maintained is that we act in
lependently Of Europe; but to say
hat our commercial life could be
maintained in vigorous health with
my other than the worlds monetary
standard is like sayin gthat our phys
cal and material we'll being could
20 preserved if we could and did shut
tut the benefcent light and heat OF
he sun. International commerce is
,art Of our existence. We cannot live
without it, as our farmer, who is our
principal exporter, ought to know. If
We should try to, he and the man who
ives by his personal services would
% the first to discover what it means
0 be in the hands Of the money
'roker, as they found out before when
70 paid for our greenback debauch,
nd in 1898 when Europe began to
oubt our intentions as to silver"