The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-05-15

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coin nominal value greater than it
real value, just as is proposed by the ad
vocates of free coinage to-day. To thit
proposition Locke replied:
"'rhe increase of denomination does
or can do nothing in the case, for it is
silver by its quantity and not denomina-
ton, that is the price Of things and the
measure of commerce; and il is the
weight of silver in it, and not the name
Of the pieces that men estimate COM
modities by and exchange them for
If this be not so, where the nc ces-
sity Of our affairs abroad or ill-hus-
bandry at home, has carried away half
our treasure, and moiety of our money
has gone out of England, it is but to issue
proclamation that penny shall go for
two pence, sixpence for shilling, half
a crown for crown, etc, and immed-
lately, without any more ado, we are as
rich as before. And when half the re-
naming is gone, it is but doing the same
thing again, and raising the denomina-
ton anew, and we are where we were
and so on, whereby supposing the de-
nomination raised 15-l6ths, every man
will be as rich with an ounce of silver in
his purse as he was before when he had
sixteen ounces there, and in as great
plenty OF money, able to carry on his
trade without bartering; his silver, by
this short way of raising, being changed
into the value Of gold. This, l
guess, everybody sees can not be so, and
yet this must be so, il it be true that
raising the denomination one-fifth can
supply the want or one jot raise the value
of silver in respect Of other commodities
For il raising the denomination
can thus raise the value of coin in ex-
change for other commodities one-fifth,
by the same reason it can raise it two
fifths, and afterward three-fifIhs, and as
much further as you please So that by
this admirable continuance OF raising our
coin we shall be rich and as well able TO
support the charge of the government
and carry on our trade without bartering,
or any other inconvenience for want Of
money, with 10000 ounces of coined sill
in England, as if we had six or sixty
Millions
81 think it has thus been shown con-
clusively that the stamp OF the govern
ment can not give to a coin value be-
yond that OF the metal itself. Under the
proposed unlimited free coinage, the
government would therefore do what no
government has right to do-debase its
own coinage and compel its citizens to
receive as a dollar what in fact is only
worth half dollar. This would be
equivalent to authorizing the miner to
clip the coinage 80 per cent, an offense
for long time punishable by death ;
but in the case Of our government re-
warded by large bounty to the miner.
The result would be an attempt to circu-
late debased coin by the side OF SUI
perior coin, which, as all experience has
shown, would drive every dollar OF gold
out of circulation and reduce us to a
recommendation of silver. The effect OF
this is forcibly described by President
Andrews, OF Brown University, a warm
friend of silver. He is opposed to the
separate action OF our government on
the free coinage question and says;
"If we take up the metal alone, and
that course results as should anticipate
in the expulsion OF gold, we shall have
in the first place financial crisis worse
than ever suffered in the country. This
because we can not in long time, even
by working our mints day and night
coin silver enough to take the place
which would be vacated by gold. Prices
would surely fall. Immense numbers Of
failures would occur. Laborers would
be thrown out OF work. Altogether, q
dreadful paroxysm in our business would
be precipitated."
"This unlimited free coinage OF silver
as President Andrews foresees, would
precipitate monometallism OF silver in
a few weeks 1t is what owners OF sill
yer want, for they desire only market
for their silver at the cost Of all the PEG.
pie. Thus all experience demonstrates
that coinage of silver and gold, in unlim
tied quantities, such as free coinage
would bring, has never been known tC
bring bimetallism, for the coin OF infer
ior value invariably expels that Of great
er value. The only mode which has yet
been devised TO secure the circulation o.
both metals is by the adoption Of one oil
the other OF the metals as the standard
OF value, For, as Locke truly says, after
showing that these metals were constant
ly changing their relative values Two
metals, as gold and silver, can not be the
measure of commerce both together in
any country; because the measure o.
commerce must be perpetually the same
invariable, and keeping the same proper
ton Of value in all its parts. But so only
one metal does or can do 10 itself so sill
yer is 10 silver, and gold to gold. Al
ounce OF silver is always Of equal values
to one ounce OF silver, and an ounce o
gold to an ounce of gold. . =" But golC
and silver change their value to on,
another for suppose them 10 be in valu,
as 10 to now; perhaps next month
| A L.