The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-07-18
THE PROBLEM OF BIMETALLIsM.

Commerce is barter whether the trade
interchange be between articles of con-
sumption or between articles of consump-
ton and what is GALLEY money, and all
barter is effected upon/supposed equiva-
lency. Money is ITSELF commodity, and
when money is exchanged for another
article the transaction is merely an ex-
change of commodities, although money
is always in addition thereto common
medium OF exchange, which other articles
of commerce are not. This gives money
the double function of commercial COM
modify and article for the settlement of
the difference in the value between two
other commodities exchanged, but money
does not TX values. Supply and demand
does that.
The actuating principle, which is wholly
a mental one, of every business transac-
ton is TO receive as much as is given, and
any trade exchanges are made possible
only because each party to the transaction
wants something he has not, but which he
can obtain by exchanging that which he
has for 1t. Nevertheless, there must
be one article for a common medium of
exchange which is not an article of con-
sumption so much as it is an article that
can be exchanged for any commodity
that Is to say, If one has bushel of po-
tatoes which he wishes to exchange for
their equivalent in turnips and he cannot
effect the exchange with the owner of the
turnips, he exchanges his potatoes for
their equivalent in an article which is
common and universal thing of exchange
and exchanges that for turnips.
ha Foff of r. e A.
the stability of the character and the uni
versatility OF the function of the thing he
will exchange his potatoes for and will re-
exchange for the turnips must necessarily
be unclouded by doubt, else he would not
for prudential reasons undertake to put in
motion the processes required to conduct
the several exchanges necessary to secure
the turnips. The essence of all CONNER
cial operations is contained in The desire
and purpose of the man with the potatoes
to exchange them for turnips. However
extended the qualifications may be, or
however complicated and multiplied the
intermediate transactions, they ell resolve
themselves in an effort which shall at last
convert the potatoes into turnips.
The article which is called money or
dollar is not, as we have said, q consump-
ton commodity, yet because it is inter-
changeable with every other commodity
and is accepted in settlement of balances
in trade interchange instead of merchant
able commodities IL follows that it must
possess enough stability of character and
inherent worth to make it acceptable with
out waiting for brief to be filed for or
against its fitness for the work assigned to
it. 1t must be accepted for dollar as a
matter of course and without question
when It's quantity and quality, as per
agreed standard by commerce, is guaran-
teed by the commercial nation that stamps
''dollar" upon it.
Now, this is the kind of money that is
meant by "sound money" in the Republi-
can platform. The question very natu-
rally arises here, "What material is pro-
posed to be employed in making this
sound money ?" Silver and gold being
the only metals possessing the needed
qualities for such purpose it needs no
argument to prove that by ''sound money!
the Republican party means SILVER and
gold dollars. But how shall they be is.
sued so that the owner of the potatoes will
know that the owner of the turnips will
accept whichever is rendered him (?
1t is right here that the far-reaching
craftsmanship and thorough honesty of
purpose of the Republican party comes
into conspicuous play. 1t proposes to call
together in joint conference the owner of
the potatoes. the owner of the turnips and
some of its own most distinguished econo-
mists for the purpose of agreeing upon a
basis for the interchange of the silver and
the gold dollar. the one with the other,
upon an absolute parity of worth, impor-
tance and functions basis which shall
continue and De unalterable until the par
ties in interest themselves shall agree to
alter. change or amend the basis of the
of the dollar. This is
the only true basis for q bimetaIlic cur
rency. It is the only basis for issuing two