The times. [volume] (Richmond, Va.) 1890-1903, 1895-03-02
A powerful ARTICLE.

A POW1Ktt III AE1tttE.
We copy below, from the New YORK
journal Of Commerce, an editorial article
of that paper on the possibility OF
double standard at this time. and we
adopt it as an editorial of our own We
CERTAINLY could not improve upon it. and
the probability is. we oh )uld fall far
short of its luminous discussion OF the
subject IL we should attempt Independent
treatment of it, If any man will read
this article and hold on afterwards to
the opinion that IT is possible now TO
have the two standards of value-the
gold dollar and the silver dollar--we do
not envy him the quality of which that
thing that he calls his mind is made.
The article is as follows:
The DOUBLE STANDARD"
In monetary discussions, the term
double standard" is used with a great
deal of looseness. Such a thing as
double, or duplicated, standard is con-
ceivable; but 1t is essential to such a con-
ception that, in every sense material to
the case, the two things. or standards
shall he the counterpart of. each other.
-~Ssseh ,aaa1fry'~,ioes <SsooffA ist, then .
duplication of standard would be self
contradiction and an impossibiity; for If
either one were to be consid efed a stand
ard. then. ipso facto, the other must
cease to be such. In the absence Of
eouaH.y~In those qualities that consti-
tute the essence of the standard. the two
members of the twin standard eat each
other up, and no standard remains. In
order that the two shall equally measure
values, they must be equal 20 one an
other: which. in the case supposed,
they are not
1t is the fundamental quality of a
money standard that 1t shall be in the
least possible degree subject to influences
that may vary its intrinsic or commodity
value Absoluteness of stability may be
unobtainable in the selection of stand
ard but so far as liability TO change may
exist its effect is to exclude an alterna-
tive standard. unless the second one will
certainly fiuctuate evenly with the other
coordinate This latter condition is
scarcely even supposedly possible.
Conceding this reasoning, how does the
case stand when the problem. is-to lock
gold and silver together so that they
shall constitute a joint standard? The
question is not 80 much whether they are
of equal value bulk for bulk; as whether
they are equal and cOntemporaneous in
their oscillations of value. As to gold,
II will hardly be disputed in any quarter
that in respect TO stability, ii ranks
foremost among the entire range of COM
modites. So far as respects silver, for a
period of nearly 200 years previous to
1870. that metal maintained a remarkable
uniformity OF value as compared with
gold. Within that period. the relative
value ranged between i4.l4 weights OF
silver bullion to / of gold bullion in l7Go,
and 1875 in 1913. and the average for the
whole period may be estimated TO have
been close upon 1875 to /. Silver there
fore has had broad historical record
in favor of high degree of stability of
value. With such record OF uniformity
II was not surprising that the Latin
nations deemed 1t reasonably safe TO fix
upon IL a uniform International valuation
OF Is l-2 TO /, and to award 10 it unre-
stricted conversion into coin OH that
ratio. The uniformity of experience might
well seem sufficient warrant for their
unrestrained admission Of the metal into
their circulation. and their mutual en-
gagement TO accept each others coin
within their respective realms. III its
parity with gold had been kept so COM
paratively even without the Intervention
OF legal regulation, il seemed allowable
10 base upon that uniformity important
treaty engagements; for there appeared
70 be strong reason for supp osing that
this relative equality between the two
commodities might be based upon per-
manent natural conditions. 1t must be
conceded that, If this record had been
maintained up to the present time, the
plea for bimetallism. or the double
standard. would stand upon very differ
ent ground from what 1: now occupies.
But stroke of nature has suddenly
upset these long Interchangeable condi-
lions. and what might seem a rational
policy twenty-five years ago would to-day
be madness. From l8i9 to 1870. the
words annual production of silver rose
from $4,000 to 100000, and averaged
SH.60o,ooo for the whole period. the
growth Of output bcing about equivalent
10 the Increase in population and being.
in that important sense. normal. In 1871,
however. ths production began to show