The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-06-05

Should the commodity desired be gold
itself, the situation is in no sense alter
cd. The principle is the same. Even
gold coin is but commodity in every
country except that whose stamp it
bears.
Where, as in Europe, Q number Of
small countries lie close together and
the plane of living Of the people Of all
such countries is about the same, espe-
cially il travel between them is very
general, the utility of what may be
termed an international money is much
more obvious than under other and di-
rcctly opposite conditions.
The Position of the United states.
Where country is of continental pro-
portions and separated by thousands Of
miles of broad ocean from another coun-
try possessing a certain character Of
money; where also the manners and Gus
toms of the people altogether differ, and
the level Of life for the masses is much
higher where, instead Of 1000, 900 or
5000, 900, or even 10000, 900 or SO,-
900, 900, of inhabitants, the country has
10000, 900; where, too, Il country is in
no way dependent upon other countries
for the supply Of its needs, but has with
in itself every element necessary to the
supply of all the wants of its people, but,
above all, where the spirit of freedom
and independence prevails to a degree
unknown elsewbere-there = no neees-
sity whatever for a money system cor
responding with that of any other coun-
try, On the contrary, when the situation
comes to be carefully analysed, many
reasons will appear why it would be bet
ter for such country not to have a finan
cial system to correspond with that Of
other countries.
If money be necessary at all, it is nee
essary all the time Whatever the vol
ume Of money may be, that quantity is
needed every day and every hour of the
day. There is no circumstance of bust
ness or season of the year in which it is
not necessary that the volume should be
steady. The equities of all contracts de-
pend upon it. In transactions requiring
deferred payment, justice is impossible
unless the money volume increases with
increase of population and demand. 1t
is as unwise, therefore, for the people of a
country TO permit their money to be TAX
en- away in any material quantity as it
would be to permit the agricultural i'm
plements employed i'll the country to be
taken away when they were needed for
the operations Of northumberland it
would be more Objectionable and injuri-
Gus to- take the money than the agricul-
tural implements, because the season de-
handing the use Of agricultural implo
ments is short, while the season for
money is the entire year-and every day
of the year.
The advocates of the gold standard
lay great stress upon the fact that 50
per cent, as they call it, of the business
of the world is transacted now with
checks, drafts, notes and bills of eX-
change. Ninety five per cent of the bust
ness they regard, and rightfully regard,
as a very large percentage, but when we
show that 90 per cent of our business is
domestic business, is business between
our own people themselves, and not be-
tween our own people and foreigners,
then the per cent done with foreigners
becomes of enormous Importance, while
the 90 per cent done between our own
people is a matter of no consequence
whatever!
Suppose Contracts Were Made Not In
Terms Of Money, but Wheat.
Suppose the people Of the United
States in all their dealings, foreign and
domestic, should make their contracts
for payment not in dollars, but in pounds
of wheat Suppose the foreigners insist
ed that in these transactions the Ameri-
cans should use the system of scales and
weights that were used abroad. And
suppose we found after awhile that ac-
cording to the foreign system the specific
gravity of the pound weight was con-
stantly and wrongfully increasing. Sup
pose that upon this discovery objection
was made by many Americans to max
ing payment according to this foreign
standard What would be thought Of
other Americans who should noisily in
sist that payment should be made to
these foreigners according to the pound
which was constantly increasing in
weight, although they knew or could
readily ascertain that this increase Of
weight was surreptitious, clandestine
and fraudulent!
Suppose the payments to have been
made, however, according to the inter-
probation placed upon the contract by
these noisy Americans, many Of whom
regarded themselves as citizens of the
world rather than Of the United States,
and that all foreigners declined to enter
into further obligations except upon the
understanding that Americans making
| foreign contracts should use these for
eign scales and weights Very well.
What injustice could there be in letting
such of our citizens as insisted ON max
ing foreign contracts ON those terms
carry out their contracts according to
their agreement, letting each man indi-
vidually pay his indebtedness to the for
eigner according to the terms and under
standing of the contract and according
to the scales and weights of the foreign
country?
| But what objection could there be to
| permitting all the remainder of the peo-
| pie Of the United States conducting their
| business among themselves according to
the scales and weights which were the
standard in the United States-scales
and we'ohts nv which exact Justice may
THH HTART