The times. [volume] (Richmond, Va.) 1890-1903, 1895-05-24
FOR HONEST MONEY.
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In each piece. Zach metal had a distinct
value OF its own. and when u was used
an trade neither the buyer ror seller
troubled himself about the ratio between
n and the other metal. The laws OF trade
fixed and regulated the actual and rcla-
tive values Of both metals IN the pur-
chase ald sale OF other commodities, just
a. they do NOW. They had been used
rs money several centuries before any
government undertook. by royal procla-
nation or statute law. 10 establish n
ratio between them. and when this char
acicr Of legislation was first begun. the
public authorities ala not attempt 70 cs-
tabiish new values or new ratios. but ac-
ccrfca those already fixed by the laws
OF trade and the custom Of merchants.
Coins were made. not for the purpose
Of attempting 10 Hdd anything TO the
intrinsic or cNchanEcablc value Of the
metal contained in them but for tho pur-
pose ~ 1ttcsting by public authority.
its weight and purity. thus avoiding ,he
DELAY and uncertainty resulting from the
practice Of Weighing each piece as II
passed from one 10 another. That the
coinage Of the metals does not now add
gnything 20 their actual value i'm the
commercial world. Is conclusivoly proved
by the facts that. IN all the great trans
actions between the people Of different
countries the coins are accepted only al
their bullion value. determined by their
actual weight and fncnesc. and that
bullion itself Is still used IN making pay
mcnts. Just as 80 WAS thousands Of years
the ratios. I'm connection with lcgal-fen-
der laws. may have had upon the use OF
the two metals IN the payment OF ante
cclent debts. IL has never had the slight
est effect upon the actual or relative
values Of the two metals I'm national or
international trade. For many centuries
even after the commerce Of the world
had grown 20 enormous proportions. the
picpricty Of making any given quantity
OF bullion. or any particular coin. a legal
tender was not even suggested. and up
20 the present time there is no lcgTl
tender I'm international trade. Whether
payments are made IN gold or silver
coins. or I'm gold or silver bulliOn. actual
intrinsic value determines the amount or
quantity 10 Doe delivered, no matter what
may DC the lcgal-tcndcr laws Of the diff
fcrcnt cOuntrirs. and no matter though
they may have the same or different
ratios Of value between the metals with
in their respective limits. The law Of
France for instance, places higher
value upon silver relatively 10 gold than
IS placed upon 10 boy the laws Of the
United States. the French ratio being
Is pounds of our silver. coined or un-
coined. We're sent 10 that country 90 be-
used I'm the payment of "a debt or I'm the
purchase of commodities il would not
d. accepted at the ratio Of - - 10 /. or
It the ratio of l6 TO ] as compared to
gold, hut Only at .he ratio of about y
10 !. which shows that neither our ratio
nor the French ratio has any effect what
ever uTCn tho value OF purchasing power
OF tEe metal itself. Coinage is free In
Mexico. ana the dollar. which is fun legal
tender contains 3GH grains OF pure sill
yer. while our dollar contains only 81 25
grains of pure silver. yet Mexican silver
dollars are sent into the United Stltcs
end other parts of the world and sold at
The price of the bullion contained i'm
them, which is about One-half their NOM
iral or legal value in their own country.
The legal-tcndcr laws affect the debt
paying power Of the coin itself I'M the
country where the laws prevail. but the
laws establishing ratio DO not affect the
value of the metal contained in the coins
either at home or abroad. because il is
the metal that fixes the value of the
coin. and not the coin that fixes th,
value of the metal
THE DOUBLE STANDARD.
1t is contonded boy larce number OF
the advocates of free coinage PERHAPS "a
policy would Dee. not 10 abolish the pres
cnt STANDARD of value and substitute the
single silver standard i'm its place but
that 10 would establish what they call
bimetalllsm and "a double standard con-
TESS my inability 10 understand what is
really meant hy double standard or
measure of value. the idea is inconpre
hensibe TO my mind because ] cannot
conceive how 10 is possible 60 have twC
different legal and authoritative meas
ures Of the same Ning in use al the same
time. as. for Instance. pound WEIGHING,
sixteen ounces and "A pound Weighing
eight ounces. OF only haif as much. ana
both declared by law 20 De- legal pounds
! agree entirely with Gca. Jackson's Secre-
ta'y of the Treasury. who said "fhe
proposition that there can Dee but one
standard. i'm fact. Is self-cv!dcnt." The
Pr position 10 establish and maintain two
different measures Of value fo bc in use
AT the sumo timc ana TO Dee applied L.
tho same things at the same time. I'm
bodies a physical ana metaphysical alb
surditN. and this Is SO evident that the
ahlcst thinkers and writer's upon the
subject have been at last forced 90 dbdi-
don 3D.
The Secretary quoted from Francis 4
Walker Co show that there could be no
alternative standard ana circulation
Continuing, hc said. ln order 90 elimi-
nate an Irrelevant matter and simpifr
the argument. allow me 10 state exactly
what the proposition TOW pending before
tie people is. 10 is proposed that the
United States without the cooperation or
assistance of any other government. shall !
provide 10y law that all the silver bullion.
og foreign silver coins. that may De pre-
scented at the minis by individuals or cor |
pDratons. foreign or domestic shall Doc |
cCMed. al She public expense. into silver |
dollars at the ratio of IL 10 with gold
that is. that sixteen ponds of SILVER shall
be- considered equal in value 10 one pound
of gold. and the wcishts of the coins shall
DE adjusted accordingly and that the /
coins so made at the public expense shall
be delivered 10 the owners of the bull /
lion. or foreign silver coins, as the case
lay De- and al the people of the United /
States. but nobody else Shall be- compelled |
by law TO receive them ass dollars of fun /
value, in the payment of debts due 30
q ,m from their own fellow-ctizens and !
from the citizens or subjects Of other !
countries. Ii is not proposed that the /
citizens or subjects of other coun- !
tries. with whom our people trade. /
shall hc compelled 10 receive these silver |
dollars boa their transactions with as. be- /
cause that can Do. lone only hy interna /
.ional agre mcnt. and our impatient free. /
coinagc friends declare their determine |
ton 10 proceed az once INDEPENDENTLY o. |
all other governments. All who are iu- /