Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-09-25
a CONTRAST.
SfsSee Wight Teach This ouatrv Row q
Maintain Gold Reserve

80
Senator Bacon. OF Georgia. among
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
put us upon a silver uncomfortable basis
and cause us to part company with all
OF the enlightened and progressive ma
tions OF the world. However plausible,
these oojeciions may De i'm theory.
they are all completely overthrovn bv
the fact that France pursues exactly
this plan, and in years Of lis 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-
tion she paws out Hstle or no gold.
Anyone who wishes any large amount
of 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 at the option of the
<reIitors has not de AIRED France from
the company OF all the enlightened and
progressive nations of the world Ga
the contrary, she continues TO be her
self one of the recognized leaders
among the enli ghtened 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, COO 600 of gold held
by the Bank of France there is atout
$500. 600, OO0fOf gold in France out idle
the Bank of France / am speaking
here in dollars, not in francs
with this large amount of gold.
L'ror 1,
600 of silver, $500, OOO 900 of which is in
practice as we'll as in name. full legal
tender standard money This $3.50
SOO,O 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 il. 1t is
neither directly nor indirectly, 10y law
or practice, reieemable 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. 900, 600 of
primary gold coin and S70, 900 600 of
secondary silver coin. This is not cor
rect On the contrary. $3.50. OlO. 600 of
her silver is in every sense as strictly
primary standard money as is her gold
COIN. The consequence is that with a
populati of SIS, 600. 600, she has 81.
40, 600, 600 Of standard coin. all of
which is money of ultimate redemp-
ton. The $3.50. 900, 600 of silver is no
burden upon the gold. On the con-
trarv, TO its full amount it assists the
gold in bearing the burden OF moaey
ot final redemption and actually pro-
tects the gold from being drained
from the country.
The wide difference between this
and the situation in the United States
IS this: With population Of 90. 600, %
zee. we have nominally, say $3.50, OO0. coo
an gold and S5U0,OOO. 600 Of silver. This
silver, although by law legal tender
and intended rs standard money. is bv
the practice OF the government not
standard money. by the government
refusing to exercise the option TO pay
silver as well as gold to its creditors.
the silver coinage is discredited and
becomes in effect only representative
or token money. II does not to the
extent of its amount assist the gold in
bearing the burden of money OF final
payment. On the contrary, IL adds to
the burden in this regard, resting upon
the gold supply, for by tie act of dis
erediting the silver coin we are prac-
tically cpon the single gold standard,
and that in effect bears alone all She
burden. Being thus discredited and
its assistance refused and discarded,
the silver coinage of the country to
the immense extent Of $500, OOO 600 is
no more protection TO the gold in pre-
venting its being drained from the
treasury than are the notes of the ma
tional banks.
Prom this simple difference be-
tween the two countries, that in
France the government exercises the
option whether, according 10 it's con-
venience, it will pay gold or silver TO
its creditors, and that on the contrary
in the United States the government
permits its creditors TO exercise their
option whether they will demand and
receive either gold or silver, follow
the widely d ffering results and condi-
tons IN the two countries. France,
with $500, 0OO, 900 of gold and $3.50. 600.
900 of standard silver, has 81, 45O, OOO, OOC
OF coin which is standard money OF
AHdA TcOeln pllOn- Inc OnltSd states,
with nearly double the population,
having $3.50, 200, 600 of gold and $500,
600. 900 of silver, has only $3.50 OOO, ooC
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 1T 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 O.
her gold coin at home without pilinl
mp debt to enable her to do so. Til,
United States is, by a contracted anC
still further contracting volume O
standard money of final payment
Straagling the industries of the coun
try, and loading the people with al
ever-increasing debt in the vain effor
TO keep gold in the country.
1T Is most interesting and in
structive fact that the French Ave
franc piece is in current business OF
an absolute parity with gold, although
its bullion value is only so per cent O
its coin value, and although there is n
IN,