The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-08-25

dollar then otherwise than now. tina,
is, by giving labor or some other ccm-
modify in exchange for II.
GOLD CERTIFiCATE, a receipt by the
government of the United States for no,
less than $40 worth of gold coli. I'd or un-
| coined. deposited in the treasury and re-
| turnable on demand in exchange for the
receipt. These receipts are not nom.-
! nally legal tender, but the government
has made them practically so by accept
ing them for payment of duties on i'm
ports. None are issued when the gold in
the treasury falls below 5000 900.
GOLD RESERVE, s100, 100000 gold coin
| or bullion held in the treasury to main
tain specie payments and the parity of all
legal tender American currency with
gold.
GRESHAM'S LAW. When both metals
are legal tender and have equal privi-
lege at the mints, the cheaper will drive
the dearer out OF circulation. The law is
| al Old as currency, hut was not named
| until after formulated by Sir Thomas
Gresham 800 years ago. Aug. IS, 1888 in
the house of representatives, William j.
Bryan said: I'VE established bimctal-
lie standard in 1892 but silver, being over
valued by our ratio of l5 to ], stayed
with us and gold went abroad, where
We should not open the mints to free and
unlimited coinage of silver at 16 TO l, as
Mr.. Bryan advocates, the ratio would
be still more favorable to silver. We
| should lose our gold.
LEGAL TENDER, currency which a
government permits debtor to offer and
compels n creditor to receive.
MINT, a place where money is coined.
The, name comes from Juno Moreta,
Juno the adviser, adjoining whose tenn
pie on the Capitolire hill the Roman mint
was.
MONEY, a thing universally recognized
as having intrinsic value and used as a
measure of value OF other things; also a
commodity.
PARITY, equality of purchasing power
or debt-paying power.
PECUNIARY, referring to money.
RATIO, the rate at which gold meas
ures the values of other metals. Today
one ounce of gold measures-that Is, will
buy--nearly thirty-two ounces of silver.
The ratio is, therefore, to 49, Gold Is al
ways the l.
SEAGNIORAGE. the charge for stamp
ing money. When coinage Is free there is
no seignorage.
SILVER CERTIFICATE, treasury re-
ceipt for silver dollars actually deposited.
The receipts are not nominally legal ten
der, but are practically so, being accept
ed by the government for customs. taxes
and other public dues, being thus kept at
par with gold, the gold equivalence to be
lost If we abandon the existing gold
standard. They will then represent only
the intrinsic value of the pure silver in
the silver dollar and will fluctuate in pur-
chasing power according to the market
demand for silver bullion. That is, in
stead of being worth, as they are now.
100 cents to the dollar, they will be worth
80 cents, more or less, to the dollar.
SIXTEEN TO |, the demand Of owners
Of uncolned silver that the government
give them the equivalent Of an ounce Of
gold for sixteen ounces of silver. although
they cannot get the equivalent of an ounce
of gold from any other source for less
than about 50 ounces Of silver.
STANDARD, that by which something
is measured. Standard of value that by
which value is measured. Gold is the
universal money standard Of value be-
cause 1t is not only held by mankind the
most precious of money metals but be-
cause all other kinds Of money are rated
according to their equivalent in It.
SUBSIDIARY COIN. small pieces of
money metal having only limited legal
tender power.
TALE, the thing told on the face of the
coin-its declared value
TOKEN MONEY, coins lawfully cur
rent for more than their real value.
TROY WEIGHT. twelve ounces to the
pound, supposed to have taken its name
from the goldsmiths Of Troyes, a town
of France, southeast of Paris.
UNIVERSAL STANDARD OF VALUE,
gold, because all other commodities in the
world are measured by their relation to
it. Eighty per cent. of the worlds busi-
ness is done on the gold standard of value.
Even in silver standard countries, where
gold is not seen, prices are fixed by the
gold standard, and the silver money
fiuctuates in value according to its rela-
ton to gold.