Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-05-25

The objection that Is relied upon to
defeat free coinage is the assertion
that tho United States must oonforff
10 the money systems Of England, Ger
many and other gold standard coun-
tries because they are purchasers OF
our products. 1t Is claimed that gold
Is n universal currency, and hence we
are forced by the inexorable laws OF
trade to adopt it ns a sole standard.
This is the beginning and the cud of
the argument for monometalllsm.
Let Secretary Carlisle answer It.
We quote from his Memphis speech.
THAT the coinage Of the metals does
not now add anything to their actual
value In the commercial world a con-
clusivcly proved by the facts that In
All the great transactions between the
people OF different countries the coins
are accepted only at their bullion
value, determined by their actual
weight and nucncss, and that bullion
itself IL Htlll used IN making payments,
Just aH II was thousands OF years ago.
Whatever effect legislation upon the
ratios IN connection with legal tender
laws may have had upon the use of
the two metals In the payment OF
Nutece1ent debts It has never had the
slightest effect upon the actual or rela-
tive values OF tho two metals in ma
tlonul or international trade. For
many centuries, even after the COM
merce of the world had grown to
enormous proportions, the propriety OF
making any given quantity of bullion
/ or any particular coin, n legal tender
was not even suggested, and up to
/ the present tlmc there ls no legal tender
In international trade,
Whether payments arc made In
gold or silver coins or In gold or sill
yer bullion, actual Intrinsic value de-
termines tho amount or quantity to
/ be delivered, no matter what may be
I the legal tender laws OF the different
countries, and no matter though they
may have the Same or different ratios
Of value between the metals within
! their respective limits. II Ia
an axiom In trade that the prices of
eNportable products are liked In the
foreign market where the surplus Is
cold, and are fxed in the currency of
that country according to It's nominal
value there, II sold in England, for
! Illustration, the prices are fixed and
paid In pounds, shilliugs and pence
and not In dollars and cents, and, con-
sequcntly, II makes no difference to the
l foreign purchaser what kind of cur
/ rency the producer has at home. The
7
/ use In the producing country does not
affect the price OF tho article abroad
to any extent whatever. for the pur-
chaser there trades IN his own market
and uses his own currency in measure
ing values"
The goldbug orator who has been
loudly proelaimlng tho prestige abroad
OF the American eagle may well take
nS2se, lie secuted the suggestion OF
bimotalls,s that, like silver. the yellow
coin goes TO the scales In making In
ternatlonal settlements, II Is handled
there as pork. lard or cotton.
Secretary Carlisle is right. There is
no international money, And Baron
Rothsohild was right when he said at
the Brussels conference there could be
no International money.
1t perhaps did not occur to Secretary
Carlisle that he had overstatcd his
case. Having admitted so much, IT
would now puzzle him so explain
wherein there is any reason to consult
foreign exchanges in providing for a
local currency. We do not expect to
coin silver dollar for the world. We
do not coin gold dollar Tor the world.
unoonseiously, &c must havo been,
the secretary revealed the milk in the
coeoanut In this apparently chance re-
mark;
ryrhe legal-tender laws AFFECT the
debt-pnying power Of the coin itself IN
the country where the laws prevail"