The San Francisco call., 1895-10-14
ROGERS TO RIDEoUr.

AN OPEN LETTER ON THE INTERNATIONAL
MONETARY QUESTION.
Mr.. N. D. Rideout, as President of the State
Bankers ASsocidtion-SIR: The Sunday papers
issued October &, 1895, contained a resolution
as emanating from the State Bankers Associa-
ton at its meeting at Fresno. passed on the
9th, yourself being its president, which reads
as follows:
ResosUed, That this convention is unanimously
opposed TO the free and unlimited coinage of silver
on basis of 16 to any other ratio whereby the
material in silver dollar will have less COM
mercal value than its gold brother but is in favor
OF an international agreement to place silver on
parity with gold.
This resolution comes as challenge to the
sense and patriotism of every good citizen.
This sentence of ffty-eight commonplace
words, thus expressing the meaning OF our
California bankers, will be analyzed as to the
In my opinion these are irrational in
economies, erroneous in legal significance and
dangerous in their ultimate effects. Let US,
using utmost brevity, candidly examine them
under the three heads of Economics, Law and
Danger.
First-In economics "use" is the sole test of
measured by the labor involved in its produc-
ton. Therefore ''use'' and "labor' are the
factors that determine whether not men
tset aHt IA: baglVen 9aing Now IT is an undisp9ted
iact that gold dollar costs more "labor'' to
get than paper dollar. AS their uses, as
money, are identical in buying or debt-paying
iepoI 10 VIC sOie element that is TO be con-
sluered when choosing material for money
But the whole effort of society, nay, of civiliza-
uon, is TO get certain results with the least ex-
penditure of work.
Therefore to advocate the gold standard for
money, instead OF adopting a paper currency,
Is 10 ask tne government to compel its citizens
10 90 work million times multiplied in ex-
tent ana one entirely unnecessary.
Second-Aecording to the last case in the
Unlted states Supreme Court, decided March,
ioo4-Julliard VS. Greenman-to make money
Is sovereign attribute of the Government.
For an individual to issue money is crime
ana LOT q state to aim to run mint is to pass
law inhibited by the constitution. This power
over money is exclusively vested in Congress.
II can select any material for the currency and
tnen 1t can destroy its money function This
Is SHOWN In the changes effected in our coin
age laws, many times in our history of CEN
tury.
Therefore to speak of ssthe material in q sill
yer collar having a commercial value, is to
ignore the law, which alone creates money.
IL is not the material" nor its commercial
value that makes & dollar--this is the man
Date OF the law. 1t is an objectionable sin for
hnancier to blend the Commercial value" of
material selected for a currency and the
august majesty that springs from the command
OF the statute. Commercial value" arises
from the supply and demand of gold and silver
considered as metals. Monetary value arises
from the exercise of legislative power, granted
exclusively to Congress by the constitution To
unite them In harmony is impossible-im posi-
PIE 10 even the magic of a bankers organiza-
tlon Thls resolution ignores plain fact fixed
IN the sdamant OF our history. There is the