The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-06-13

sort or coin OF this quality and leave IL
only with the other where two kinds
had been used before from time i'm
memorial. from the origin of the cred
1t system, is guilty of gross injustice.
And that equivalent policy. another
way OF doing the same thing, which
would permit only the making and use
of one sort of coined money and which
would prevent the free and further
making and use of the other sort.
where both had formerly been coined
and used as money Of final liquidation.
perpetuates and maintains a system of
bondage.
Those great artificial functions Of
coined money were not the cause OF its
primary worth and use although they
have added very largely to 1t in both
these respects. Coined money has al
ways been and yet is in itself a thing
of value. and this value is of two
kinds-a general value. derived from
the material out Of which IL is minted.
and a specific or particular value de-
termined by law. The first Is called
metallic or bullion value; the second is
known as the money worth or legal
value. The latter is always a matter
of law: the bullion value is one OF esti-
nation and opinion.
Neither of the coined metals OF the
world has the best or highes, merits
of intrinsic or inherent value. Both are
used in the arts. but II the use to
which a thing is put is to be the sole
measure of the value. iron. with its
necessary product, steel. is the most
valuable. as 1t is most useful OF all
metals. But the vast abundance OF
this useful metal denoting a supply un-
limited. has deprived IL of monetary
functions. Silver and gold. in order.
have been from the earliest times. and
yet remain the principal coin metal
among mankind. silver and gold have
been deemed and called the precious
metals. The word precious indicates
their money use and origin. 1t leads
directly to price; 1t is not only closely
related to but is connected with price,
Price is the name of that sum of mon-
ey in coin which we pay In exchange
for what we wish to purchase, and 1t
must always be in itself a thing Of
value-a material capable of easy car
riage, of other qualities suitable for
coinage, and it must have always had
relative to other commodities the quail
ity of scarcity or scantiness in supply.
For 1900 years gold and silver have
been mined. coined and used as money.
During all that time those two prec-
ious metals have been furnished, both
as to quality and as 10 cost of produc-
tion. in such a manner and amount as
not to be compared with any other
commodities. as to admit of no CONS
parisons save with each other. 1t has
already been said that the bullion
value of the coin metals was largely
matters of opinion and estimation.
THE bullion value of silver and geld.
here and elsewhere, has always rested
and rests to-day upon one single and
simple item of belief. 1t is an old be-
lief. universally credited. and IL Is
based upon the actual experience of a
hundred generations of the human
race: that is. faith and credit of man
kind in the natural and unconquerable
limitation of supply as to those ma
terials rests unshaken and undisturb-
ed as it did at the first dawn of COM
merce. as it did in the old days Of
the patriarch whose silver was current
| money with the merchant.
There has always been a difference
between the commercial value Of the
| two metals and the legal coinage val
ue. No denomination of the gold coin
| age of the United States has a bullion
value equal to the legal tender value
| thereof The whole service of these
| gold coins is made from bullion only
nine -tenths fine. II is the same with
silver coinage. the dollar and that part
| called subsidiary money. This Is
| coined under par commercially. Like
| gold coins. the alloy is one-tenth. who'll
| ly of copper. and. besides that the pro-
| portions of grains of metals used di-
| minishes with denomination of the
| coins. The half dollar has hut l92
| grains. a good deal less than half the
number of the whole dollar; the quar-
| ter dollar has only 96; the dime has
| only IS grains. According TO the test
| of the enemies of bimetalllsm. that the
| legal value of coined money must he
| the same as the commercial or bullion
value of the metal in II, nothing could
be more dishonest. According 10 this
| test and rule of coinage, there is not
an honest coin in the treasury; there
is not piece of sound money in thu
| country"
Senator Turpie was accorded round
| of applause when he finished his
speech. The following committee on
resolutions was named: Senator James
| X. Jones, Arkansas: J. II. Bankhcad.
/ a., Ia
Carolina: Senator William \. Stewart.
Nevada, Senator C.. F. Cockrill, Mis-
souri,: Charles $. Hartman. Montana.
| Senator ]. u. George. Mississippi; J. II.
| Dupree. Louisiana: J. +. Barton, Ken
lucky: Senator David Turpie. Indiana
F. NJ. Longley. Georgia; Charles $.
Thomas, Colorado: ex-Gov. l.. :. Prince.
| New Mexico: Alexander Delmar. Cali
fornia; L. c. Treadway. Virginia; 5. +.
| Watson, Texas; l.. W. Carmac. Tennes-
see: y. r. Tillman. South Carolina: j.
c. Sibley. Pennsylvania; William J.
| BRYAN. Nebraska: A. j. Warner. Ohio.
Judge ]. II. Mcdowell Of Tennessee.
was empowered to present the names
Of the populist delegates. who We're
added TO the committee on resolutions
as representatives Of the populist party.
The next speaker was Alexander Del
mar. the well-known writer on the
coinage question, and a member of the
silver commission Of 1876. Mr.. Delmar
said:
Mr.. Chairman: Amidst the conflict ~
monetary theories. doctrines and as
sumptions which divide the American
people, nay. the entire civilized world.
/ can discern but single principle
| unon which all part as unite. and that