The advocate., 1896-05-06
A GRIEVIOUS ERROR IN FINANCE.
The New York World says:


government stamp which gives gold coin iti
currency by making IL legal tender for its
face"
But gold coin iS not In fact either current
or legal tender "gor Its face" It is both cur.
rent and legal tender for what it is worth by
weight, no more, no less.
The ''men who write to the WOrld''
are altogether right, and the World is
altogether wrong. We do not mean to
say that the WOrId'S words, If put in
another connection, would not be par
TALLY correct, or that they would not
state q partial truth-s half truth, if
that expression is allowable. But the
World is attempting to show to the
men who write to it that the law has
In fact nothing to do with the cur
renCy value Of gold coin, that gold has
q fixed value In and Of itself, that q
certain weight of gold, whether in
coin or In bullion, has a certain value
Independently Of law, and that 1t is
this inherent or intrinsic value that
gives It It's currency value. All the
government "stamp" does, If the
World is right, is to show the weight
Of the coin and the quality Of the metal.
Here are Its words:
The law Is explicit and the custom equally
80. The law says that American "gold coin
shall be received In oil payments, when Of full
weight, according to their respective values
and when Of less than full weight, at less
values proportloned to their respective actual
weight"
That 10 to say, the governments stamp certi-
AeS the quality and genuinenssS Of the gold,
and the law compels you to take, not at its
face value, but for what 1t Is actually worth
by weight And, in fact, that is the only way
in which the government itself or banks take
gold or pay it out
II your debtor offers to pay In American ten
dollar gold pieces you are required by law to
accept them, not at $40 apiece by any means,
but for exactly what they are worth by
weight
The words Of that great paper do not
include the essential fact that the value
which Is referred to In che law is q
value hich the law itself impsrts. The
mint act Of April 1892, In providing for
the coinage Of money, names the differ
ent coins Of gold, silver and copper,
presCribes their weight and fixes their
value. We quote the words of the law
Rs they appear In section 8 Of the sct
And be it further enacted, That there shall be
from time TO time struck and coined at the
said mint coins Of gold, silver and "copper" Of
the following denominations, values and de-
scnptiOns, VIZ: Eagles, each to be OF the value
OF ten dollars or units and to contain two
hundred and forty-seyen grains and four
eighths Of q grain Of pure or two hundred and
seventy grains OF standard gold. Half eagles,
each to be the value Of five dollars and to con-
tain one hundred and twenty three grains
and Six.eighths Of . grain of pure or one hun.
dred and thirty-fVe grains Of standard gold
Quarter eagles, each to be Of the value Of two
dollars and . half dollar and to contain sixty.
one grains and seven.elghts Of grain Of pure
or sixty-seven grains and four-eighths Of q
grain Of standard gold. Dollars or units, each
to be Of the value Of q Spanish milled dollar,
80 the same 10 now current, and to contain
three hundred and ssventy-one grains and
tour-sixteenth parts Of q grain Of pure or
four hundred and sixteen grains OF standard
silver Half dollars, each to be Of half the
value Of the dollar or unit and to contain one
hundred and eighty.Avs grains and ten.
sixteenth parts Of grain Of pure or two hun
dred and eight grains Of standard silver.
Quarter dollars, each to be OF one.fourth the
value OF the dollar or unit and to contain
ninety.two = grains and thirtsen-sixteenth
parts Of grain of pure or one hundred and
four gFaina of RkAndArd silver Diamaa ZACH In