Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-09-25
a CONTRAST.
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other arguments, said:
1t is said by those who favor gold
recommendation that to do so would
drive all gold out of the country. would
pnt us upona silver mouometallic basis
ana cause us to part company with ail
OF the enlightened and pro yreS five ma
tons OF the world. However plausib bic
these ooJeciions may be in theory.
they are oil completely overthrown by
the fact that France pursues exact "
inns plum, and in years Of It's practical
operations there have BEEN none Of
these results France pays out to her
Creditors at her option either gold or
silver, and in the exercise of tina, op-
lion she pays out Hstle or no gold
Anyone who wishes any large amount
oil gold can only get it from the Bank
OF france by paving premium for it
as he would buy exchange. This re.
fusal to pay gold ut the option of the
creditors has not dc AIRED France from
the company of all the enlightened and
progressive nntio1S OF the world. Ga
tho contrary. she continues 10 be her.
sef one of the recognized leaders
among the emil rhtcned and progressive
nations of the world. Nor does such
refusal TO pay gold have any influence
to drive gold out of the country. This
Is shown by the fact that in addition
to more than S3Op, 900 600 of gold held
by the Bank of France there is tout
100000, 000fof gold In France out ide
the Bank of France. ] am speaking
here in dollars, not in francs.
with this large amount of gold,
France has in active circulation 81, O0O.-
600 of silver, $500, 600. 900 of which is in
practice as we'll rs in name. full legal
tender standard money This $780,
100000 of legal tender coin is full
standard money in the fact that it is IA
standard value by and through its own
strength. 1t in no manner depends
upon gold payments to sustain it 1t is
neither directly nor Indirectly, by law
or practice. releemable in gold On
the contrary it stands on an exact
equality with gold, in the hands of
either the government or the citizen.
in the payment of all debts, public or
private. have seen it stated in the
gold standard publications in this
country that France has $4,000, 600 of
primary gold coin and 1000 600 of
secondary silver coin. This is not cor
rect On the contrary. Si50, 0lO 900 of
her silver is in every sense us strictly
primary standard money rs is her gold
COIN. The consequence is that with Il
population of $4,000. 900, she has ST.
10000, 900 of standard coin, all of
which is money of ultimate rcdemp-
ton. The $3.50, 900, 600 of silver is no
burden upon the gold. On the con-
u'ary. to its full amount il assists the
gold in bearing the burden OF money
of final redemption and actually pro-
tccta the gold from being drained
from the country.
The wide difference. between this
nndthc situation in the United States
IS this: With "A population of 20, OOO,-
noe. we have nominally, say $3.50, 900. 600
III gold and S5Oo,0OO 0oO of silver. This
silver, although by law legal tender
ana intended ms standard money, is by
the practice OF the government not
standard money. by the government
refusing to exercise the option to paw
silveras we'll as gold to it's creditors,
the silver coinage is discredited and
becomes in effect only representative
or token money. 1t does not to the
extent of its amount assist the gold in
bearing the burden of money of final
payment. On the contrary, it adds to
the burden in this regard, resting upon
the goid supply, for by tie act of dis
crediting the silver coin we are prac-
tically upon the single gold standard.
ana that in effect bears alone all She
burden. Being thus discreditod and
Its assistance refused and discarded.
tho silver coinage of the country to
the immense extent of $500, 600 OOo is
no more protection to the gold in pre-
venting its being drained from the
treasury than are the notes of the ma
tionai banks
From this simple difference be-
tween the two countries, that in
France the government exercises the
option whether, according 10 its con-
venience, it will pay gold or silver to
its creditors, and that on the contrary
in the United States the government
permits it's creditors to exercise their
option whether they will demand and
receive either gold or silver, follow
the widely differing results and condi-
tions in the two countries. France.
with 10000, 900 of gold and $3.50. 900, =
900 of standard silver, has 81 ,45O, 900, 600
of coin which is standard money of
final redemption. The United States,
"itN Ecurly uOuOic the population,
having $3.50, 900, coo of gold and $500. :
100000 of silver, has only $3.50, 600, oog
OF coin which is full standard money
of final redemption. France has about
$40 per capita of coin standard money.
The United States, by practically
limiting it to gold, in effect has about
nine dollars per capita of coin which
is standard money of final payment.
France has ample money for the indus
tries of her people, and keeps all of
her gold coin at home without pilinp
mp debt to enable her to do SO. The
United States is, by contracted and
still further contracting volume of
standard money of final payment,
strangling the industries OF the coun-
try, and loading the people with an
ever-increasing debt in the vain effort
to keep gold in the country.
1T is most interesting and in
structive fact that the French Eve
franc piece is in current business on
nm absolute parity with gold, although
its bullion value is only so per cent. OF
its coin vnlue, and although there is no