Crittenden press. [volume] (Marion, Ky.) 1879-1907, 1895-05-16
Highest of all in Leavenng powe5Lates u S Govt Report
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silver and thus affect its value, ant
make certain legal ratio.
AS to the charge frequently made
that bimetalists favor a "double stan
dard, 1t is only necessary to say tina
they favor a return t, the coinag'
laws in force prior to 1873, whereby
we have "single standard" and tina
was silver, but permitting gold to bt
coined and circulate in every respect
on an equal basis and footing will
silver. None conversant with the
question advocate a double standard
but simply change of standard from
gold to silver, and coinage and circu'
lation of the two metals without dis
elimination against eli her.
Another gold bug slogan" is: ave
must have a stable and fixed standard
or measure of values, aud this can
only be ISSUED by the present law ma
king gold alone our primary money,
money of redemption, and forcing all
values to be measured by it.
Silver men agree that we should
have as near as possible stable mea-
sure of values, and are striving earn
estly to attain that desired condition
of affairs, but they deny that this
status can be reached or even approa-
ched by the use of gold alone as a
measure of values, and our only pri-
mary money.
In the first place it should be I'M
derstood that an absolutely stable mea
sure of values is an impossibility. The
experience of ages teaches that the
only practicable and iserviceAble mea.
sure of values, is a measure which of
itself is valuable, that is, such medi-
UNI which, if the government coming
1t should collapse, or it should ever
cease to be used as money material,
would still have value attached to
it. This being the accepted notion as
to the qualities this medium should
possess, and gold and silver each COM
ing up to the requirements, they were
both used for that purpose, mediums
of exchange for measuring values the
world over till 1873. Since then gold
alone has been the measure of values,
but before values were measured by
the combined qualities of both me-
tails.
AS before stated, it is impossible to
have an absolutely stable measure of
values, because the money metals
have values of their own, and any
thing having value, aud for which
a demand exists, Is subject to fuctua-
ton, and though the metals when
coined ceased to be commodities, yet
the value of the same even when
coined, is regulated by the value of
comm ,dities by supply and demand.
1t follows that having adopted metals
tor measures Of value, possessing val
ues peculiarly their own, and that all
these values are regulated by the laws
of supply and demand, then the value
Of these metals is likely to appreciate
or depr eciate Just as commodities do,
and therefore this character of meas
ure of values cannot be fixed and
never changing standard. While We
can not have a standard absolutely
stable, yet it should be the aim and
purpose OF enlightened statesmen to
establish a STANDARD or measure as
nearly permanent as possible; for GER.
tainly the more stable a measure a
country establishes, just in til at pro.
portion will its materialg profess be
advanced, providing of course that
the quantity of the metals composing
this measure is sufficient.
The question therefore to be settled
is, which will afford the most stable
and permanent measure Of values,
gold alone, or gold and silver comb
ned? The sum total Of our stock OF
gold and silver is about twice the val
ue of our stock of gold alone; that is,
add to our stock Of gold, which is nov
our only primary money, or money o.
redemption, our stock of silver, and
the value of the combined stock Of
redemption money will be doubled
1t is only this character Of money tina
measures values. It is apparent tina
the whole of this stock of none,
would be less liable to fuctuatior
than the half of it. Having such
supply Of money any contraction o
it by money hoarders. either by melt
ing or Withdrawing it from circulation
or any expansion OF it by any unex
pected production of either meta
would undoubtedly affect much les
the stability and permanency of tn
whole that it would the halt. We arr
suffering severely now and have bee
for years from the effects Of contrat
ted currency; half of our currenc
was contracted or withdrawn by tn
demonstration act Of 1873; at leaf
three-tourths of the remainder, th
gold Of the world, 10 boarded in th