The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-07-30
STANDARD MONEY,
why Gold Is tho best In uss-A piotn
r'a Clsnr Statement,

we cndcnvorcd to explain the elemental.
ry principle OF tho measurement, OF
Naluc, showing thnt actual value IL IuSt
aS necessary 10 measure value M actual
length Is necessary to mcanure length
~ convenient length for the purpose IL
nScd upon ns the unit and has Il name
given to II, with multiplcs and subdlyIs.
ions, and wo have our standard for
measure extension, SO we must have n
convenient unit OF nctuNl value. In. some
substance OF universal use ns Il standard
or 1t VIII be- impossible to mcayuro value
and calculate tho prlcca OF things. Our
unit OF measurement ana calculation Is
called n dollar, aud It's value Is what
93,"2 grains of pure gold Is worth In OK.
change for anything else. II Is sole
clsm to say that that amount of gold Is
worth n dollar" II Is n dollar, and Is
that by which the value OF ull other
things Is measured.
We Will nov try to explain rs plainly
n clearly as possible why It Is that
gold makes the best standard OF value
and has consequently been universally
adopted by advanced commercial and
Industrial nations, 1t ls absolutely nee.
eSsnry to have some commodity of value
Tor this purpose. md It Ia necessary TINT
II should contain In itself intr!nsically
the value II purnorts to represent, Ii Is
obviously desirable that II should con-
tain the amount OF value represented
ny the unit and the lower multiplcs, say,
IRON one 10 twenty dollars. In small
compass. II must therefore he an nrti.
Gle OF high value In comparison with
other commodities, SO that the sums
which have to be handled and trans-
ported In trade shall not be too bulky,
II must De In UNIVERSAL use and esteem
the world over and be easily TRANSPORTED
from place to place. Another impOr.
tant quality u that Il shall readily be
divided into parts representing differ
ent denominations In tho aystom OF
measurement. Coinage IL nothing but
the process of making pieces OF the
standard material representing the unit
anu Its multiplcS, with n government
stamp which conveys the guarantee
that the quantity. tineness. and value
are there. and furnishes Il safeguard
against counterfeltingin Inferior weight
or material. There is no Involvement TO
make counterfeit coin OF full value, for
their would be no profit In 1t. Neither
Is there any need OF legal tender laws to
make standard coin acceptable In pay
ment of anything.
Another quality in the material OF our
standard. which Is the most important
OF all, IL that Its value in relation TO
that OF other articles of commerce shalt
De as stable rs possible. II must be the
material possessing the other qualities
necessary or desirable in a general me-
dun OF exchange which Is the least SUBJ
Ject 10 variation. There may be no SUBJ
stance absolutely without variableness,
but. ms we must have some substance OF
intrinsic value, that Is best whose lIabIl-
ity to change Is least. II Is a general
Tact that commodities which exIs, in
comparatively small quantity. which
can be produced and brought into use
only at high cost, and which conse-
Quently have large value In small COM
pass are least subject to change In value
eau the variation In the relative
demand and supply is slight.
Now, gold has been proved by the ex-
pcrience OF ages to be OF all substances
the best adapted TO become a general
standard for the measurement OF values
1t Is universally distributed and every
where In demand for use or ornament;
II has large value In small compass and
IS easily divided and wrought into con-
Tenient forms: It Is not subject to rust
or decay, and It Is OF all articles Of NOR
chandise at all adapted for general cir.
culation that which Is the least suhtecttu
change OF value In relation to other pro-
ducts OF nature and OF human labor, A
certain quantity OF 1t being In itself the
mcasurc of value, such change as does
occur can only be noted by a comparison
OF the range OF prices through a series
OF years, but Is a demonstrable fact that
gold mas not In the present century
mango in any material degree in, its
relation OF value to other things, and
never mas there been 4 change that was
sudden or that could cause pcrceptIble
loss or gain In n year or moderate
term of years. The supply OF the last
nifty years has fully kept pace with the
demand and with the more extended use
Tor coinage and other purposes. and the
value Is lower rather than higher now
as compared with that before the dis
cofery OF deposits on this continent. In
Australia, Asia, and Africa OF the last
halt century. While commerce has OK
panded very much. so has the use OF de-
vices for cfccting It's exchanges on
credit. and the actual use of money for
payment on balances and REDEMPTION
or credit has not Increased In greater
ratio than the gold supply. Gold Ia to-
day the one safe and stable standard of
fhlue, and any nation that uses a differ
ent one Is at a disadvantage.
Iron might be used 6 a standard of
value. but 1t would take n hundred
weight or so to nike a dollar, and the
ease. cheapnesS and abundance of pro-
uuctlon would render the fluctuations In
Its value too great, even II there were
an international agreement for it's rse
ana an appropriation OF n vast quantity
Tor currency uses. 1t obviously would
not do. Copper might be used. but r II
TOOK ten pounds for n dollar and n
pound Tor every dime. 1t would evident
~ be in~convenient, and It Is likewise too
plentiful n produced under too great
q variety or conditions to be held stable
In Its value. Next to gold, silver serves
h purpose best, and II formerly served
1t better than 1t can now. Az tho
amount of gold In the dollar or unit OF
value Is very small. some article OF less
value Is needed for the smaller coin and
for fractions OF n dollar, and silver
serves that purpose well. For a long
while. when commerce was less dcyel-
oped and the supply OF both precious
metals was much smaller than now and
subject to little fiuctuation, 1t served
pretty well as Il standard. But Of late
1t has been produced In go much larger
quantity md at so much smaller cost,
that Its value has not only fallen great
ly. but has become 10 subject to iluctl-
alton as to make 1t unsafe as standard
even In coins OF the full value OF the
present gold coins. The silver In exist
Ing silver coins has gone down to little
more than half Its former value, and, of
cOurSc, To mako them tho stnnnnrl