Hopkinsville Kentuckian. [volume] (Hopkinsville, Ky.) 1889-1918, 1896-11-03

THE PRICE OF GOLD.
Arguments Of Gold Organs Rest Solely
Upon Misstatements.

The New York Evening Post, which
seems to be utterly incapable of tellin.
the truth about any phase Of the coin
age question, published the following
question and answer on ia cditoria
page on September 30:
! To the Editor of the Evening Post:
| Sir-What book would you recommend
| to person wishing to gain q complete
knowledge of that part of the money ques.
| ton which relates to the price of gold p
have been unable to find any work that
| attempts to elucidate this particular
branch Of the question, and inasmuch as
you will not answer price of gold" queries
except in the most perfunctory manner
perhaps you can tell me where l can get
this information, ~
W. J. BLACK.
Bayonne, N. j., September &C.
There is no book which treats of the
price of gold, because there is no such
thing as q price of gold. Gold is itself
price, The gold dollar is a weight (26 go
grains of pure metaD, with a stamp on 1t
to certify that it is what II purports to be-
How can the price of gold dollar be more
or less than dollar, more or less than IT.
self? If you want to buy American eagles
with English sovereigns there Is a price
for the form of gold which you want to
procure. This price may be trifie more
than The amount of pure gold in the SOW
ereipn- So, too, II you want to buy English
sovere1gns with American eagles you may
have to pay trifie more than the gold
equivalent of the two. Because bankers
and brokers quote the price Of gold bars
and OF foreign coins, a misconception
arises that they are quoting the price of
gold, whereas they are merely quoting the
differences between one form OF gold and
another form. Gold bars usually bring
trifie more than gold coin because they
are easier to handle and because they are
less liable to abrasion.-Ed. Evening Post
Now mark how plain a tale will put
the omniscient editor of the Evening
Post down.
At every mint and assay office main
tanned by the United States government
gold in every conceivable form is pur-
chased daily at the rate of $2o.67 per
ounce.
The United States assay Office in New
York, within half mile of the Post
building, buys more gold in the course
of year than all the other minis and
assay offices taken together and it in
variably pays the price named above for
all that it purchases.
The mints and assay officers of the
United States pay that price simply and
solely because it is the price fixed by the
statute, and it never varies.
The pretense of the Post, that it is
'the form" and not the substance of
gold that has the price, is completely
overthrown by the practice of the mint
authorities of our government. Gold
coin bearing the United States mint
stamp is bought just the same as old
plate and jewelry, gold bars, retorts,
nuggets and gold dust, at the rate of
S2O.67 for every ounce of gold in each
lot.
Theoretically, owners of gold bullion
take it to the-mint and have it coined
and the coins so made are returned TO
the depositors, but in practice-and the
practice is based on a distinct statutory
provision-the coins made from their
deposits are not returned to them at all,
but instead they are paid for their gold
at the price quoted above out of fund
set apart BY act of congress for that
purpose, and the government REIN
burses itself for the outlay by retain
ing the coins made from these deposits. |
If gold is itself price," as the Post |
AYERS, why do the owners of gold bull |
ion sell it to the government for actual
That is what they do, as the
Post can very easily learn by inquiring
1t the United States assay Office in New
7 ork, or any other assay office or mint
by the United States gov
The further assertion made by the
POST that gold bars usually bring a
rifle more than gold coin, because they
re easier handled and because they are
ess liable to abrasion" has nothing at
III to do with the case, because the gov
rnment pays exactly the same price for
II the gold it buys, no matter what tho
orm may be.
If the government should fix a coin
ge price for silver $1.2999, as bimetal.
SITS demand, as a matter of course that
'ould Immediately become the price of
liver everywhere, because nobody bold
lg silver in any form would part with
for less than he could get for it a.
nited States mint or assay office, and,
3 matter of course, a silver dollar
ould be worth 100 cents as il is now,
lst like a gold dollar, if we should re-
'tablish free coinage of both mstals
| this country at the ratio of sixteen to
1e.-Denver Republican.
WILL NOT BE DRIVEN OUT. !