The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-06-13

an article is sold and delivered n the
price paid and received, this is a finally
but creates the need that some measure
shall be enacted by the public providing
for the payment of the private notes and
of the redemption of the public note in
Credit.
This need is not a natural one. 1t is al
together artificial and it is caused by the
thing which IS called credit. Credit
That creature of legislation; that product
of the statutes. Credit, the promise OF
today, the cash of tomorrow, looking 10
the power of the government for the col
lection and enforcement of its oDLga-
lions. cannot gainsay the right OF tne
same power 10 enact what sort and what
quantity of coined money shall be pald,
and shall be received in discharge ana
liquidation of the same. Such is the legal
tender quality, ana though II IS hlSnIy
artificial, yet ii is doubtless one OF tue
most valuable functions Of coined money.
He who would deprive one sort OF com
Of this quality, and leaves II only Win
the other, where two kinds mao oeen
used before from time immemorlal-1rom
the origin of the credit SYSTEMS guilty
of gross injustice. And that equivalent
policy, another way of doing the same
thing, which would permit only the max
ing and use of one sort OF coined money,
and which would prevent the Tree ana
further making and use OF the other;
where both a formerly peeh colheu
and used as moneys of final liquidation,
perpetuates and maintains a system OF
bondage.
The Values.
Those great artificial functions of
coined money were not the cause OIL It's
primary worth and use, although they
have aided very largely to ii in both
these respects. Coined money has al
ways been and yet is in itself a thlng OF
value, and this value is of two klnus-a
general value derived from the material
out of which it is minted, and a speciflc
or particular value determined by law
The first is called the metallic or bullion
value; the second is known as the money
worth or legal value. The laIter IS al
ways a matter of law; the bullion Value
is one of estimation and opinion: NeiIner
of the coined metals OF the world mas the
best or highest merits of intrinsic or IN
herent value. Both are used in the arts;
but If the uses to which a thlng Is puts
to be a sole Measure of the VaIue, IRON:
with its necessary product, STEEL Is me
most valuable. as it is the most useful
of all metals. But the vast abundance OF
this useful metal denoting a supply IN
limited, has deprived it OF monetary Iunc-
Silver and gold, in order. have been
from the earliest times, and yet remain
the principal coin metal among
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; II Is nos
only closely related to but Is connected
with price. Price is the name or that
sum of money in coin which we ray IN
exchange for what we wish 10 PuIcnaSe,
1lu L lLnS lLok -
thing of Value-a material capable OF
easy carriage, of other qualities suitable
for coinage-and it must have always nao
relative to other commodities the quar-
" of scarcity or ScantineSS In supply.
For 1000 years, gold and silver nave Deen
mined, coined and used as money. Dur
ing all that time those two precious
metals have been furnished, both as TO
quality and as TO cost of production IN
manner and amount as not 70 De
compared with any other commodities, as
-, admit of no ROmnAT1SOn SdNG WILL
each other. 1t has already been peen sald
that the bullion value of the coin metals
was largely matters or OPINION anu esu-
NATION.
bullion Value.
The bullion value Of gold and silver,
acre aud elsewhere, has always rested,
and rests today, upon the conception,
ore opinion, upon one single anu
simple item of belief. 1t is an ola peilel'
universally credited, based upon the &c
mal experience of 100 generations OF 1ne
human race. 1t is this: That as u1ere
has been in the ages past, SO mere wiz
in the years to come, no discovery OA
either of such metals which, as TO guam
1Ity or as TO expense oil producing shdLI
them comparable in value with any
other materials suitable Tor the use o.
mankind as money. The faith ana creolI
of mankind in the natural ana uncon-
limitation of supply as 10 nose
ed, as it did at the first dawn OF con-
merce. as it did in the old Jays OIL lne
patriarch whose silver was current
with the merchant
cold and Alloy.
There has always been a difference be
tween the commercial value OF Ine w.
and the legal coinage value. rms
characteristic OF difference attaches W
both. No denomination Of the Golo COIN
age OF the United states mas a puIiH MD
value equal to the legal tender value
thereof. The gold dollar is not WndI II
purport to be. The whole series OF these
gold coins is made from bullion only nine
fine. / dc not go into the reasons
Tor this- state the fact. The whole or Inc
gold coinage is tthed-it is placed unoer
izar bullion value of the 5u~bStracCoh o.
one-tenth-this is why these coins OUTSIDE
CT our own country pass only by Welgnt,
not by count The missing TENN Is MAdl
called alloy. This alloy IS not goid dt
aIl-it is a miXtuIe of cope anu slItSI,
only one-tenth of silver and nlne-tenthS
conner. OF course, This alloy reduces
the commercial value as metal or the
spoken of because a very curious
claim made by the advocates OF gold
monometaIlists, that a piece or money
bnllion may less Ihan It's
value is unSound n is ulshones|
silver Coinage.
II is tho same with the silver coinage,
The dollar and the part called subsidiary
money. This is coined under par com
mercially. Like the gold coins, nv ahoy
Is One-tenth. wholly OF copper, anu oe-
aides that the proportion of grains or
49, 1sed diminishes with the denomi-
nation of the coins. The half dollar mas
but 1872 grains, q good deal less man mar
he number of the whole dollar; the quar-
rer dollar has only 80 grains; the dime
only IS grainS-tke holder or ten
dimes has only $50 grains, yet ne can
get halves, or quarters or the Who're 1oI
dimes, Notwithstanding the cost
Drice OF the metal in them IS lar below
is lawful value The nickel passes 1or
cents-the bullion value OF the metal
Thich mpos it is not half the legal
II The cent coined by the United
states. made OF 80 parts OF copper ana
i've parts of tin and zinc, is worth as
METAL no. more than one-thlrd It's lawluI
,r legal value, which Is the ohe-huhuIeulh
part OF q dollar.
StilI We have no other coin than this.
All our balances, when settled IN coin, are
in Il. The largest payment are
in the aIloyed golo ana Sn6 SnTtl
dollar with its group of fractional parts
subsidiary coinage performs the
of money, passed. pdld anu re-
.eived as coin of ultimate Is
his an honest condition OF finance ana
According to the test of enemies of BIZ
netaiism. that the legal value Oh colneu
must be the same as the CONNER
,iaI or bullion value of the metal IN 1t,
7ofhing could be more dishonest Accord
10 that test there is not and cannot
he an honest dollar of either silver or
soId. nor any honest part or 1racuon OF
ne same: as for the nickel 1t Is Vller
the dime, and the honest penny IS
)anished forever.
According to this same test and rule OF
coinage. there is not an honest COIN IN
ne treasury, there is not a piece OIL souhu
safe money in the country.
Senator Turpie was accorded another
OF applause when ne finished his
SNs convention then completed its per-
manent organization by the election by