Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-06-07

the labOrer, VIII Duy IOI MIN lO-uuJ'
and will always buy for him at his
home or in any other place 10 which he
may carry or send it. the labor OF others
equal in value with his own labor,
which he gave for the money he re
eeived. This is the only form of
standard money that honesty and IN
telligence can permit TO be used.
without delving too deeply into the
rudiments OF economies, it will be
enough to remind YOU that money
main uses are threafold as follows:
"First-As a medium OF exchange.
"Second-As a measure Of value.
"Third-As q basis for credit trans
actions.
Taking these in order. it is evident
that a medium Of exchange must be
universally acceptable, and have HXlty
OF value. In these days, when no
country can live to itself alone; when
swift vessels traverse every sea; when
electric cables girdle the earth and the
ultimate destiny Of a nation depends
1pon its success as a competitor for tho
trade of the world, none can afford to
make payments in any money thaC
lacks pernanence Of value, in any me
dunn of exchange. which is not ac-
ceptable to the majority Of govern
m6nts.
STABILITY A REQUISITE.
again. when trade has intricate
ramiGcations heretofore undreamed OF
in their extent the simplicity and use
fitness Of money cannot fail TO be serl-
ously reduced, If it be such as TO lack
stability as a measure Of value.
"Of all these considerations, the most
important is found in regarding the
functions OF money as a standard OF
deferred payments; when civilization
has brought trade TO 50 nigh state
that actual money only figures III D per
cent. of the transactions in our prih-
cipal cities, while the remaining 80 per
cent. is conducted or complex system
of credits. it is mGnifestly indisDutable
that the basis of these deferred pay
ments should be something universally
wanted, and something whose VaIue IS
as nearly as possible imnutaDle.
you, who are bankers know well
the inconvenience and expense attend
ing risk. You know that to promise Is
human to fulfill divine You know
the difficulties arising from considera-
tons of the promiser's willingness and
probable ability TO meet his obligations
when they mature. You can, therefore,
fully appreciate the tremendous ag-
gravation of these difficulties which
would result from the introducJlon-as
third factor of uncertainty-of
question as to the value at the date OF
= g., Ia
is TO be met. You can readily realize
that. supposing payment We're promised
i'm wheat. such an element OF gambling
would enter into the transaction as
would hamper credit, destroy conf
dence. and threaten to strangle trade
entirely.
Great though these United States
are. and still more glorious though we
believe our destiny 10 be, we cannot, III
these DAYS of intimate cO-relati0ns,
stand alone and bid defiance to all our
competitors in the race for commercial
supremacy
Warfare, whether commercial or
military. is a costly evil to be avoided
at all hazards, and never to be under
taken unless with the conviction that
the battle is waged for the right.
"Wc. who almost swear by the sa-
cred irviolability of free contract, can
hardly-without folly and dishonor-
even think OF reversing ourselves and
posing as a model Of Inconsistency by
attempting a financial policy which
would render null and void the con
tracts made i'm the past in all freedom
and good faith. We should, in so do
ing or attempting, forfeit our claim
alike 10 common deceEcy and common
sense.
The ethics Of morality teach the de-
STABILITY of honesty; the practices OF
commerce prove the short-siShtedness
of any policy attempting TO dispense
with it.
with the knowledge that we now
have q money which possesses world
wide acceptability, it would be the
acme of folly to risk an experiment so
hazardous that all the experience Of the
past. forecasts it's failure in the future.
Yet there are those who seriously
and with all s0lomniiy, propose that we
should do this thing
For. what else i'll meant by the free
coinage Of silver at ratio Of IS to /,
when it's bullion. market or intrinsic
value in relation to gold is much more
nearly 30 to /? tt cannot be grayely
questioned that this means simply put
ting this country directly upon a silver
basis. 1t means the reputation Of
half the counTy's Indebtedness, for
does it not propose to pay with fifty
cents. what was borrowed as dollar?
Ii means the dishOnoring of this ma
ton by it's own act, and the deprecia-
ton of its credit accordingly. For who
would trust q second time the man who
asked and received a pound Of is
ounces when he was buying, and in
sisted i'm considering pound Of only
eight ounces when it became time to
make his payment?
This so-calledd free coinage of sill
yer 6t q ratio of 10 10 1 would so ami
hilate confidence as TO cause the utmost
stagna,ion of trade and such a depth
| of suffering as no man can depict.
"Such might not be the immediate
result but the Nemesis of so great a
piece of idi0cy. or knavery-it is diff
cult 10 determine which name would
better apply to it-could not be long
| deferred.
And for what is all this proposed?
Originally. solely that the silver
producers might reap a harvest by OBJ
laining twice as much for their produce
/ as 10 is worth.
Would they do so? Nominallv. and
at first. yes: ultimately and really. no:
/ because the attempt 70 pass so cents
as a dollar would, in the long run,
merely mean that the price of all COM