The Pioche weekly record. [volume] (Pioche, Nev.) 1877-1900, 1896-06-25
A CONTRAST.
srance Might Teach This Country How q
Maintain a Gold RaaarNa.

other arguments, said:
"It is said by those who favor gold
monometallism that to do so would
drive all gold out of the country, would
nut us upon a silver monometallic basis
and cause us to part company with all
OF the enlightened and progressive ma
tions of the world. However plausible
these objections may be in theory,
they are all completely overthrown by
the fact that France pursues exactly
this plan, and in years of its practical
operations there have been none Of
these results. France pays out TO her
creditors at her option either goli or
silver, and in the exercise of that on.
tion she pays out little - no goia
Anyone who wiaiis - :. .sr,e SinoA.s
of gold can only get i from the Rank
of France by paving a premium tor II
as he would buy exchange. Ihts re-
fusal to pay gold at the option of the
creditors has not debarred France from
the company of all the enlightened and
progressive nations of the world On
the contrary, she continues to be her
self one of the recognized leaders
among the enlightened 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 $500, 600, 900 of gold held
by the Bank of France there is about
S4O0, 900, 600 of gold in France outside
the Bank of France. / am speaking
here in dollars not in francs
with this large amount of gold,
France has in active circulation 81, ,0OO,-
900 Of silver, $3.50, 900, 900 of which is in
practice as we'll as in name, full legal
tender standard money. This $780,
100000 of legal tender coin is full
standard money in the fact that it is a
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, redeemable 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 $50, 00O, 900 OF
primary gold coin and $40, ,0o0 900 OF
secondary silver coin This is not cor.
rect On the contrary, $3.50, 600, 900 OF
her silver is in every sense as strictly
primary standard money as is her gold
coin. The consequence is that with q
population OF $50, 900, 900, she has 81, :.
$50, eco, 600 of standard coin, all oi
which Is money of ultimate redemp
zion. The $3.50, 900, 900 of silver is nc
burden upon the gold. On the con
trary, to its full amount il assists the
rold III bearing the burden of money
of anal redemption and actually pro-
tects the gold from being drained
fr"uG the country.
THE wide difference between this
and the situation in. the United States
Is this: With a population of 10000,
001, we have nominally, say $3.50, ,OJO, O0i
in gold and $500, 600, 900 of silver. This
silver, although by law legal tender
and intended as standard money, is by
the practice of the government moi
standard money. BY the government
refusing to exercise the option to pay
silver rs well as gold to its creditors
becomes in effect only representative
or token money. 1t does not to the
extent of its amount assist the gold il
bearing the burden of money of fina
payment. On the contrary, it adds Il
the burden in this regard, resting upor
the gold supply, for by the act of dis
crediting the silver coin we are prac
tically upon the single gold standard
and that in effect bears alone all th'
burden. Being thus discredited ant
its assistance refused and discarded
the silver coinage of the country t,
the immense extent of $500, 900, 900 i
no more protection to the gold in pre-
venting it's being drained from tn
treasury than are the notes of tho ma
tional banks.
From this simple difference be
tween the two countries, that Il
France the government exercises tn
option whether, according to its con
venience, it will pay gold or silver I
its creditors, and that on the contrar
in the United States the governmep
permits its creditors to exercise thei
option whether they will demand an
receive either gold or silver, folloy
the widely differing results and cond
tions in the two countries. France
with $500, 600, 900 Of gold and $3.50, 600
900 Of standard silver, has 81, 450, 900, 0o
of coin which is standard money c
final redemption. The United States
with nearly double the population
having $3.50, 900, 900 of gold and $500
100000 of silver, has only $3.50, 900, OF
of coin which is full standard none
. Of final redemption. France has abor
$40 per capita of coin standard none,
The United States, by PRACTICAL
limiting it to gold, in effect has abo,
nine dollars per capita of coin whic
is standard money of final paymen
France has ample money for the indu
tries Of her people, and keeps all
her gold coin at home without pilin
up debt TO enable her to do so. tt
United States Is, by q contracted ar
still further contracting volume
standard money of final paymen
strangling the industries of the cou
try, and loading the people with Q
ever-increasing debt in the vain effo
TO keep gold in the country.
ut is a most interesting and
structive fact that the French fiv
franc piece is in current business
an absolute parity with gold, althoul
its bullion value is only so per cent.
It's coin value, and although there is
law in France and no practice
france by which the silver coin
N either directly or indirectly redeei
3 able in gold, and although the Cover
ment in no manner undertakes to lxe
the silver coin on parity with L
n gold coin. Ask French financier Il
explanation of this remarkable ia
and he will tell you that it is becau