New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-05-24

The attempt to coin the two metals without unit
as to amount into full legaltender money anu
keep both in circulation at the same uihe mas
been made by nearly every civilized nauoh IN the
world and has failed in every one OF them III
has failed because IN every instance IL mas oeen
found impossble to establish and maintain legal
ratio corresponding at all times with the intrinsic
or commercial ratio between the two metals con-
tanned in the coins. and because whenever either
Of the metals was undervalued relatively to the
other in the coinage laws 1t was expelled from the
country. England persisted in the attsmpt ,i ior
nearly five hundred years. and. notwithstanding
the enactment of most severe penal statutes
last forced to abandon the effort and adopt the
single standad France in her emofts 10 KEEP s
dine CHANGED The Legal ra'i 6f,v times
them more than one hS sna a iss finding tha
gold was leaving ker and that in ten years her net
stopped the coinage of egal-tender silver. and for
nineteen years the attempt has been apanuoneu III
other parts OF the world have subjected their people
to great loss and expense by their benTY tbet
double standard could be maintained, but in no
case have they succeeded in keeping the CONS tO OF
very short periods. Our own country is not with
experience upon this subject and the results results
S Mnere we ese just the same as ''e' nave w
little importance to the per r.S oaRlfdd
in country depends mainly upon the vou of me ne
people in Conducting their exchanges and not at al
upon the Number OF men. women and children reSid-
n sye IN hat IS hs the
returns. It may be worth while 70 4 a. mnch
larger now~was nearly two and half times great snd
s sna Both the dayns The
year 1900 In 1890 the population OF al tne tS nro
auciion Of both gold silver tea e g, ,hs s
for every hundred inhabitants while ss q 80 al and
the II % q ey anf
mr.
Furnished by both metals during eaSn Of these
wa ascsas 81 's and 'a the
alone was $751; being ss2 Il for Sr each s c Inn an
fSe total of both metals during the last decade Of
the last century IT, therefore Inc pnoPibe Pie cold and
a all the silver annually produced in the world 100
years they would nc not SOCK Of as they
Would receive by adding the gold alone aes, an
en Of Of issse 1 and sd s has not the
worlds supply of metallic money as compare , ~1t
countries from making al great raren an
a9 oeIa MONETARY meta that in the gold
standard countries of the world the stocks OF money money
srs %aGh d hs large sOa
tries and the large silver e0p in fhe Tinted
States eye S per eaDa IN nearly nf ST. While in
iand S 81. and in China 50 g. The gold,ssndahrd
The s,ver-standard countries no gold as money
and cannot do So
CREDIT VASTLY EXTENDED.
But. gentlemen for the already stated
tytcommercial nations of the world do not no" re-
cure the same proportion of metallic money in the
transaction Of their business that they required
few centuries ago. or even one century ago Credit
has been vastly extended and the use OF paper
in the form of notes. checks and bills mas almost
entirely displaced metallic money in the daily pus
ness Of the people and as long as these forms OF
credit are kept equal in value to the metallic stand
ard the effect upon the prices OF commodities Is
precisely the as If the whole volume OF clrcu-
lation consisted Of standard coin. for, as long as
equality In their value can be maintained the pa;er
representatives Of the dollar perform exactly In.
gold dollars themselves would perform: but II tnls
purshasns power diminished and the people
h one % hs ece made by
the advocates Of free coinage. n some parts OF OF
e o reli s~e them hs BY sucs VIII enable
discharsins .ner Obligations and in support Of this
argument the most exaggerated statements are
Of farmers wase-earrers and other p1SSduc,nSs
This " e Sonass al the ratio Of
is al the ysrious kinds Of currency IN use u 5y
s to q the o s H0q Ss people Ss
simply to say ,sa, they have IT. traded
n esfh res Upon mat the
naneiai Standing Of their neghbOrs and acauaIn
property TO them without demanding immediate
payment in cash, and that in this way they have
and live in Comfortable homes. who otherwise could
NOT snv sSo Wants IT. to @
on credit to man who wants to purchase 1t. and
rao @s be punshsd out let US not
volve the whole country in confusion and disaster
and immediate the innocent and guilty alike In
order to punish the real offenders
II our people are in debt, they owe each other.
actually injured as would be apparently benefited
s y e aae o e re
and other laborng classes OF our people although
With the Whole ndebedness Of the great raroSd
and manufacturing corporations. the National and
insurance ss Companies. Building assOciaons' and
other organizations engaged in financial and com
are indebted 70 the people to the extent Of many
bSns OF dollars and While it is true tia; many
ors and creditors are not the same persons. and.
other and extinguished in that way. / deny that
there Is any such thing as distinct debtor class"
some debts. large or small. nearly every one has
also some debts owing to him; in other words, he
Is both debtor and creditor.
WHO THE CREDITORS ARE
The laboring people, a general rule. owe very
little at any time, while their employers are
always indebted to them. because wages not
paid in advance; and. besides. many OF them have
small deposits in savings and other banks. in trust
companies in building associations. and large num-
beers OF them have their lives insured for the benefit
OF their wives and children and consequently they
are creditors OF the banks and the insurance CON-
panies. The savingsbank depositors in this coun.
try last year numbered 4777.Gs7 and the wives and
children of the depositors who depended upon these
accumulated earnings for future support doubtless
numbered 100000 There were 1.9253io de-
postors in the National banks last year, and 1.724
OF Of them had deposits Of less than 5000 each
while State and private banks and loan and trust
companies held deposits Tor 1868 people. Oul
ufe-ipsurance companies. TO say nothing OF com
panies insurng property against loss by fire and
otherwise. had 756.60 policies outstanding las
year. upon which the premiums had been paid. oil
we're being paid, by the people. and the mntua
benefit and assessment companies had 3.47S.0O mem
oe-s. The building and loan associations had nearly
100000 members, ali Of whom had paid their none,