Delaware gazette and state journal., 1896-07-23
rus pass COINAGE cArEoHIsM.
Plain Answers TO Important Questions on
This subject.

=
Piain Answers TO Important Questions on
This Subject.
New York Evening Post
@. What is money! A. Any common
medium of exchange which is accepted
as payment in itself.
Q. What is representative money?
A. Any common medium Of exchange
which promises to pay money.
q. What is meant by primary money!
A. This is new phrase introduced to
confuse people by suggesting that there
10 also secondary money.
q What is money of final redemp-
tionY A. This is another late addition
TO the American language implying
that tnere are several different kinds of
money. There is only one kind OF
money in this country. Thore are
several different kinds of representa-
tive money.
@. Give examples of each. A. Gold |
coin is money. Everything else that /
circulates whether Of metal or Of
paper, is representative money.
@. Is silver coin representative
money! A. 1t ia.
Q. In what way does tho government
promise to redeem its silver coinsY A.
BY the act of Congress of June 9th.
1870, ii promises to redeem all coins
smaller than 81 when presented in
sums not less than $40. BY the act of
February 2Sth, 1873, the Government
promises to receive silver dollars at par
in all payments TO itaelf BY the act of
July 10Th, 1890. it declares ii to be the
policy of the government to keep the
two metals ut parity with each other.
BY two different acts tie Secretary of
the Treasury Is authorized to purchase
coin and TO issue the obligations Of the
| United States therefor.
q. What is the Indispensable quality
| and tirst requisite of money? A. That
it should be universally acceptable.
q. Is there any kind Of money uni ,
versally acceptable but gold? A. There
| 10 not
O. Would not silver be equally
acceptable IL ii were equally legal ten
| derY A. Silver dollars arc legal tender.
| Give any man the option of taking 100
of these pieces or l0 gold pieces of $40
| zach and he will choose the latter.
Therefore they are not equally accept- /!
able.
| 20. Is the difference in weight the
only reason why gold is more accept
'abe than silverY A. That is not the
| only reason now, but it was the main
| III not they only reason whom civilized
nation made their choice between the
| two.
l. %. What reasons exist now that did
not exist then? A. A variation of so
| per cent has taken place in the value Of
| tho two metals, In addition to being
1 ~ times as heavy, silver has lost ones
| half of its value during the interval.
Q. Are there any other reasons why
silver is not equally acceptable With
/ "A A
amount of silver and also of nickel
| and copper is used us a medium Of
exchange it in now commodity in
| the markets of the world subject to the
Same fluctuations as other commodi-
ties. People do not like to use a.
fluctuating commodity as money, and
will not If they can get anything
better.
@. Have you mentioned all the rea-
sons why gold is acceptable as money
and silver is not? A. The most
decisive reason is that the civilized
world has adjusted itself to the gold
standard during long period of time. /
All business is bottomed on it. 1t is
an accomplished fact coeXtensiVe with
the commercial world. To change to!
another standard would be literally
turning the commercial world upside
down.
Q. Can such O change be produced2
A. Absolutely impossible. In 2 con-
ceiyable case one country may turn
itself upside down, but that feat would
not make gold less acceptable or silver
more SO, even in that country. Accept
ableness is a state of tho human mind
which laws cannot change.
q. ls the preference for gold uni
versaly A. 1t is universal among civil
lized men. Even the silver advocates
In the United States prefer gold in
their business affairs, that is, every
whore except on the stump Senator
Stewart of Nevada, makes his mort
cages payable in gold. When he was
reproved for this bad example, he said
that he merely followed the univorsa
custom on the pacific coast, where he
lives. So We have his authority for the
statement that in tho section of the
Union where the demand for silver is
most vociferous everybody prefers gold
in his private business.
q. Can you give any other examples2
A. Tho Territory of Arizona brought a
bill before Congress two or three years
ago, asking authority to issue bonds
payable specifically in gold. on the
ground that the money would be bor-i
rowed ut considerably lower rate of
interest than il they were payable in.
dollars without specifying the kind Of
dollars. Tho State OF Utah is nego-
tiating specific gold loan now for tho
same reason. Yet both Arizona and
Utah are politically for silver.
q. What do these acts signifyY A.
Two things; First, that gold is PREFER
able to silver in the general estimation
of mankind; second, that payment in
gold is an advantage to borrowers.