The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-05-28

gold standard I'LL aftor two centuries oil
iailuro to keep gold and silver In con.
current circulation.
Did not English bankers sond Ernest
Seyd hero with money to bribc congress.
men to pass tho act Of 1873?
That has not only been said. but In
Denver 1t has boon sworn to. The fact
10 that Mr.. Scyd ID Il distinguished bi.
metallist, who wrote many books and
pamphlets In favor Of silver, and wrote
u long letior about the act OF 1873 to Mr..
Hooper, who had charge OF tho bill, In
which no urged tho continued coin.
nce OF tho silver dollar. This
letter was printed In full in the Con-
OCCASIONAL Record for August 90. 1909.
Did not Now York money dealera
procure the act OF 1897
Representatives Potter and Brooks, OF
New York, opposed tho bill, and wore
accused Of doing 30 in the interest OF
the New York bullion brokers.
Was not tho act procured surrcpti.
tiously?
1t was printed over and over again
opinions on it were solicited by the
treasury officials from many persons
who understood coinage and money
matters, and II was debated on several
occasions in Congress during two years
or moro.
But at least tho dropping Of tho silver
dollar was concealed from Congress, was
1t not2
In tho debate in the house April 0,
1872, Judge Kelley said at has become
impossible to retain an American silver
dollar in this country except In collec.
tions OF curiostes." Mr.. Hooper said
tho silver dollar has long since ceased
20 DO q coin OF circulation" aud that
tho committee had concluded that "the
gold dollar should DO declared the
money unit Mr. Stoughton said that
tho principa change proposed by the
bill was in more Clearly specifying the
gold dollar as the unit OF value.
The time has come in this country when
the gold dollar should be distinctly de.
clared to be the coin representative OF
the money unit
What evidence Ia there that gold was
the standard in fact much earlier?
In supporting the coinage bill OF 1853
Mr.. Durham said: "We have had but n
single standard for the last three or four
wears. That has been and now is gold.
We propose to let 1t remain so, and to
adapt silver to it to regulate by it."
Mr.. Shelton. Of New Jersey, said: "Gold
is tho only standard OF value BY which
all property ia now measured; it is vir.
tunlly the only currency OF the country"
Perhaps free coinage would raise the
value OF silver.
Then it would make no things easier
for the debtor, in whose behalf most Of
OF the silver agitation has been car.
ried on.
What is the difference between the
changes from gold TO silver, or silver to
gold, that have occurred in this and
other countries and the change from
gold to silver tina. would now result
from free coinage?
Just the difference between floating
down stream and going over the falls.
Docs not every one wish all the
money he can gs,?-
He wishes all tho wealth he can ge. ;
ho does not wish any more of 1t in tho
shape OF cash Than is necessary. He
cannot gel money without giving some.
thing for it; buying i. with merchau.
disc. and he will not buy any moro
money, to keep as money, than his
business requires. A farmer will not
keep more moving machines than he
absolutely needs. and he will no. keen
enough to dol all his moving at once: he
will use the same machine over and
over.
Does no, John Stuart Mill say that n
large volume OF money makes prices
high. and vice versa?
lie says tina, is so il all the money ia
specie, and no element OF credit enters
into tho transaction, and all the money
is in use all the time in making pur.
chases, md the rapidity Of tho circula.
,ion is fixed, conditions which never &C.
cur in real life. Tho quanti,a,ive theory
Of money is n barren ideaIity."
no NJ coSTTSrEpl