The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-08-07
GOLD THE REAE MEASURE OF

VALUE.
MIR. Horr-All these inquiries about the
valuation in the ratio of the past are of
little account in this debate. This one
fact is admitted by Coin and disputed
by no one. All the civilized nations of
the world have ceased the free coinage
of silver upon any ratio. Silver today
has no free coinage in any country where
gold is the standard, and only in such
countries as are using silver as the unit
and measure of value. 1t is admitted
by all, SO far as I know, that the real
measure of value in the commerce be-
tween nations is a grain of gold. All
gold coins of all nations pass, and for
that matter gold in all forms passes cur
rent and the value of such coin or piece
is determined by the number Of grains
of pure gold contained in the same with
out regard to the shape in which it may
be found. That, understand me, is in the
international balances of the world in
commercial transactions.
1.-THE balances between nations then are
all calculated on a gold basis. Silver
is used as money in all nations Of the
world, but in the civilized countries only
as a medium of exchange and not as
measure of value. It matters little how
such a state Of affairs has been estab-
lished since it is the. existing fact, hence
all this talk about what has been done in
the past about ratios, and even as to
today is of little consequence. Silver is
cheap. We both agree to that. The
great commercial nations of the world all
refuse to use it as the measure Of value.
We don't dispute about that, and hence
they are all today refusing free coinage.
No coins which are of less value than the
market values of the metals in them
would indicate are ever treated
as the measure of ultimate redemption
nor ever passed current at their face
value, except they are redeemable in
money which is worth as much coined as
uncoined Hence it is impossible to make
silver the money of redemption in a ma
ton doing business on a gold basis eX-
cept at it's commercial value in gold, and
it is useless to attempt to make gold the
money of redemption in country on
silver basis except at Its commercial
value.
"The objection to Independent bimetal-
lism is that the parity between the two
metals cannot be maintained at our ratio
of 16 to 1; that is, the gold 1928 grains in
the gold dollar will be worth more than
the silver BIN grains in the silver dol
lar. We have twice changed the quantity
of gold in the gold dollar, each time MAX
ing it less. If the comemrcial value of
1928 grains of gold is more than the COM
mercial value of 371H grains of pure sill
ver then reduced to % grains, q, 20
grains or less, if necessary, to put the two
at a ratio where the practical effect Of
free coinage, when once set to work.
ing again, will demonstrate that the ra-
ito is at it's natural point, and parity
easily obtained, reducing the gold in the
gold dollar would leave gold for more
dollars, and this would assist in estab-
fishing rising prices, as it would multi
ply the number of dollars. And then
again on page 143 he says:
"'With silver remonetized and Just
and equitable standard of values we can.
If necessary, by act of congress, reduce
the number of grains in a gold dollar till
it is the same value as the silver dollar.
(Applause.) We can legislate the pre-
MUM of our gold. (Applause.)' You
see Mr.. Harvey applauds himself when
there isn't anybody around, just as you
Who shall say that this is not an effec-
'Whe will say that this Is nat an effec-