The Cook County herald. [volume] (Grand Marais, Minn.) 1893-1909, 1896-08-01
Terms, $500 a Year in Advance.
/ GRAND MARAIsMINN. AUGUST /, 1896
a ST.

i = =
they are all comp e&sly overthrown by
The fact that Frauee pursues exactly
this plan, andin years Of its 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 that OPP
1tion she pays out little or no gold.
Anyone who wishes any large amount
OF gold can only getit from the Bank
Of France by paying . premium for it
as he would buy exchange. This re-
fusal to pay gold sat. the option of the
creditors has not; de barred France from
the company Of all the enlightened and
progressive nations at the world. On
the contrary, She continues to be her
self ones of 5the recognized leaders
among Che enlightened and progressive
nations Of the world Nor does such
refusal to pay gold have any influence
to drive gold ont of the country. This
lis shown by the fact that in addition
to more than $500, 000, 200 of gold. held
by the Bank OF France there is about
$500, 900, 600 Of gold in France outside
the Bank of France. I am speaking
here in dollars, not in francs. .s4ts .ss*sx
+ with this large amount Of gold,
france has in active circulation 81 ,0oO,-
900 of silver, $3.50, 600, 600 of which is in
practice as well as in name, full legal
tender standard money. This $780,
s000,0 900 Of legal tender coin is full
4stand ard money I'M the fact that it is a
standard valueby and through its own
strength. It in no. manner depends
.upon gold payments to'sustain it. It 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. I haye seen it stated in the
gold standard publications in this
country that France has $50, 1000, 900 of
primary gold coin and $40, 100000 of
secondary silver coin. This is not cor
rect On the contrary, $3.50, 900, 900 of
hers silver is; in2 every sense as strictly
primary standard money as is her gold
coin. The ohsequence is that with a
population Of 500; 100000, she has 81
j445o , 200, 0o0 of Standard coin, all of
which is moneyo of ultimate redemp-
ton The$65o,ooo, 600 Of silver is no
burden upon the gold On the con-
trary, to its full amount it assists the
gold in bearing: the burden Of money
Of final redemption and actually pro-
tects%, the gold from being drained
from the country. *s sssys VI i
r "The wide difference between this
and the situation in the United States
is this; With 9 population of 10000
900, we have nominally, say $3.50, 900, 900
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 governments not
standard money. BY the government
refusing to exercise the option to pay
silver as well: as. gold to it's creditors,
Che silver coinage is discredited and
becomes in effect only representative
or token money. It does not to the
extentiof its amount assist the gold in
bearing the burden of moneyzof final
payment On the contrary, it adds to
the burden in this regard, resting upon
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 the
burden iBeiggssthus discredited and
its assistance refused and discarded,
the silver coinage of the country to
the immense extent of $500, 1000, 600 is
no more protection to the gold in pre-.
renting its being drained from the
treasury than are the notes of the ma
tlonal banks. -sstes'S .sz =, ~ :
+ From this simple difference be-
tween the two: countries, that in
France the government exercises the
option whether, according to its 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 differing results and condi-
lions in the two countries. France,
with $500, 600, 900 of gold and $3.50, 600,
600 ofTstandard silver, hasE$1, 450, 900, 600
pf coin which is standard money of
final redemp The United States,
with nearly double ::s.the population,
having $3.50, 200, 900 OF gold and $500,
goo, 900 Of silver, has only $3.50, 900, 600
of coin which is full standard money
pf final redemption. France hasabout
$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; aHdard 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 piling
up debt to nable her TODD so. The
United States is, by q contracted and
still further, contracting volume of
standard money of final payment,
strhngl ling the industries Of the coun-
Fry. and loading the people with an
ever-increasing debt in the vain effort
TO keep gold in the country
: It is a most interesting and in
.structige fact that the French FIVE
aran9 piece IS 10. current business on
an absolute part With gold, although
Its b,lllion lue is only SO per cent OF
ITS coin value, and al th ugh there is no
INV ia France and no practice IN
!. sf,a1aca by which the silver coin is