The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1895-07-12

which the laws of all civilized nations
place upon the functions of executive
officers with respect to issuing bonds or
mourning debts or obligations on behalf
OF their country. They know that the
duties of those officers in connection with
loans are specified in the laws by which
the loans are authorized to be effected.
Hence these loans are examined US with
amental microscope to see that no doubt
exists rs to tho authority of the officer
who executes the securities, and as to all
other particulars concerning payment Of
the obligation If they did not observe
on the bond the plain printed statement
that 1T was payable in tho standard coin
OF the United States of July II, 1870,
they must have been blind indeed.
have never heard denial by any
one having knowledge Of the legislation
under which the bonds were issued that
1t is the legal right of tho United States
to pay those bonds in either gold or sill
yer coin 1t is said that ut tho time of
the negotiation of the bonds silver mon
ey was out OF use in this country. The
sufficient answer to that is TINT gold
was equally out of use It is said that
the bonds wcro sold to citizens or sub
jects of countries in which silver was
not recognized as money. This was GER
tainly not true of Germany, in which
country early and considerable sales
were made
Germany was on the silver standard
until December, 1871, and had cnsid-
erabie silver i'll its coin for long time
after that Besides, our bonds were not
either by their terms or by implication,
payable in foreign countries or in the
money Of those countries They were
payable within the United States, and
1t was distinctly affirmed on their face
that they were payable in dollars Of tho
United States. II the citizens or subjects
OF foreign countries who bought such
bonds did not understand what dollar
of the United States meant, they could
not have had tho slightest difficulty In
ascertaining, and Of course they did rs
certain.
The Fall OF Prices-A "Prcmium- Which
Producers Have to Pny.
When the number of dollars in a coun-
try Is from any cause reduced, there is
a tendency to fall in the prices of
commodities. If, then man be en-
gagged i'll productive operations in this
country, and if by reason Of the outward
flow of gold to meet foreign payments
fall takes place in the prices of the
products of his labor, compelling him
TO accept less for those products than he
otherwise would receive, he suffers a
loss which. though not called pre-
MUM. - Is Ill tenor and effect premium
ON gold. So far as he is concerned he is
so much the poorer by reason of the out
flow of the money Of the country
Why bubble about names? In order
that payment may DO entitled to be
called premium, and to involve the
serious consequences attributed TO a
premium. is it necessary that 1t shall
be paid by n particular person? If a
farmer, planter or manufacturer in this
country is compelled to pay 81 90 through
the medium of products, the prices of
which have been to that extent reduced
owing to the maintenance of tho gold
standard. what but tho nero name is
the difference between that man S pay
ment and the payment of tho banker or
broker who disburses 800 MS u differ
ence in exchange and on his books en-
ters the amount as n Premium" If an
American farmer, halter or shoemaker
has to give more of the products of his
labor for gold, what divinity doth hedge
around the American banker or broker
which entities him to call his occasional
payment premium, while. the con-
slant and persistent payments of the
producers are called u mere fall in
price,"
If farm products fall 10 per cent bv
reason OF tho sending out of gold, if the
product of the shoemaker 5 labor is sim
llarly reduced, US we'll as that of men
engaged in all other industries, is not
that 10 per cent Il premium on gold:
And if not, does it differ in anything
but the name? Being loss caused by
the gold standard, does it not have all
the effect of Il premium? Is it not in ma
tnrc and substance II premium? Yet the
importer says, and our financiers and
statesmen all unite in saying, that so
long as it is the producer who is suffer
ing the loss everything is all right, and
that it is only when it becomes the turn
OF the importer or the money broker to
pay that the times are ont of Joint. 4"
So long as the producing classes do the
paying it attracts no attention. but as
soon rs the broker or importer has to
pay great vail is heard
The masses Of the people take nonote
OF changes i'll the value of money, but
the banking and creditor interests are
keen to observe all such changes. When
ever variation of value appears be-
tween two forms Of money, they select
the form which commands the greatest
amount Of property, and loudly proclaim
that to tie the best" money and the