Pike County press. (Milford, Pa.) 1895-1925, 1896-08-28

! the present commercial value OF sil-
yer is SO cents per ounce. One hund-
red ounces, costing 500, would coin
$129.29. The seigniorage, or gain
of the government would therefore
be about $50. Under free coinage
this profit would go to the indiYi-
dual owners of the bullion.
Gold Reserve.-Gold held by the
Treasury for redemption of paper
money. The aim is to keep this
fund up TO 100000, 900.
Gold Standard-Gold the ultimate
measure of monetary value.
Silver Standard-Silver the ulti-
mate measure of monetary value.
Silver Standard Countries-Boli-
via, Central America, China, Column
bia, Ecuador, India, Japan, Mexico,
Peru, Russia, Tripoh.
Value of Gold in Various Coun-
tries-The Hon M. L. Muhleman, of
the United States Sub Treasury,
New York, says the grain of gold is
of the same value in the civilized
world it is " the international stan.
dard even silver is now measured
by it alone in international transac-
tiOns."
Value of Silver in Various Coun-
tries-It is not uniform as gold. The
most prevalent standard is the Mex
lean dollar, which contains 377.17
grains of pure silver, nearly six
grains more than our dollar As
silver changes constantly in value
so does the Mexican dollar It's pur-
chasing value in this country,
though containing more silver than
our own silver dollar ; is but little
more than so cents, because our
own silveris maintained at parity
with gold.
Parity of Gold and Silver.-Equal-
ity of purchasing power. AS the
bullion in a silver dollar is worth so
much less, commercially, than the
gold in a gold dollar, silver money
and silver certificates would be at
a discount if it were not known that
the Government is pledged to main
tain them at parity with gold and
receive them for all public dues. If
necessary it would do this by re-
deeming them in gold.
Legal Tender. - Lawful money !;
money which may be offered in pay
ment of debts. Gold is the only alb.
solute legal tender in the United
States.
Silver dollars, greenbacks and
treasury notes, and fractional silver
coins in amounts of $40 and less, are
legal tender except where other
wise stipulated in the contract.
Gold certificates, silver certificates,
currency certificates and National
bank notes are not a legal tender, but
are receivable for public dues, ex-
cept the latter, which are not reoeiv-
able for custom.
Bimetalism. - Unlimited coinage
of both gold and silver into legal
tender coins.
National Observation-Disclosures
coinage of both gold and silver with
out reference to other nations.
International Bimetallism. - The
unlimited coinage of both gold and
silver, in az reement with other ma
tions.
Decentralization Act of 1S73.-Of-
ton called the ''crime" of '73. The
act by which Congress stopped the
coinage of silver dollars, chiefly be-
cause the bullion value of the sill
yer was then worth 3L cents more
than the gold dollar, and silver dol
lars were not in circulation.
Sound Money--Standard money
no deprecated dollars.
Fiat Money - The doctrine that
the Government can make paper,
leather or any other material into
money by simply putting its stamps
upon it, without reference to its re-
demption in coin.
Initiation - Abnormally large is
sue of paper money or deprecated
coin.
Expansion - Natural increase of
the volume of money in circulation.
Observation-Disclosures, from any
cause, of the amount of money in
circulation.
Gresham's Law-That when two
kinds Of money are issued ,one of less
value than the other, the poorer
money will tend to drive the better
money out of use. It will be either
boarded or exported. Sir Thomas
Gresham was Chancellor of the Eng
lish Exchequer under Queen Eliza
beth.
Silver Barons = Men who have
large interests in silver mines, and
would be benefited by free coinage
of silver.
Gold-bugs Those who support
the gold standard, particularly the
money lenders of the East.