Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-08-14

d
OF the foregoing statement. there can be
no doubt as to our du,y under existing
c.rcums, ances. The slight injuries to
the few from the remoGe, ization of sill
yer viii be more than Offset by the ben
efts 10 the many. and preservation of all
from ultimate financial ruin.
1--WE MUST HAVE MONEY WHICH
Is GOOD EVERYWHERE IN THE
WORLD.
This proposition is absolutely without
merit. The gold coin Of a country ceas-
es to be money as soon IS il passes BE-
yond the borders Of that country.
Among other people it is commodity,
nothing more. lit IS treated as money,
it IS only in those cases in which the
trade be, ween the two countries is 50
active that The money thus taken can
at once be returned in payment OF bal
ances. Tbs refers, OF course, to money
not, by law or treaty. given recognition
in O,Aer countries. Money Of any kind
which is beyond a doubt good here is,
as money. just as good in q foreign
State as any other kind, issued by us,
would be; for it S there taken not with
/ regard to its substance, but with view
TO It's purchasing power and debc-Daying
| quality here. This is limited to money
{aken by tale. In settling international
! balances gold is generally employed, but
not by tale, IS money. 1t is weighted
and taken a. price per ounce, as
| commodity. II thus appears that we
are under no necessity o, inquiring
what kind Of money foreigners approve.
( If they take our money at all, it S be
cause K is good here where they expect
to use il
When we consider too, that our for
/ eign trade amounts to not more than
Onc-fiftc,h of the volume Oh domestic
( transactions, il is clearly absurd 10
J make The requirements of foreign COM
mtrce the controlling factor IN the
money problem. But it is not true that
we need a gold currency for foreign
1 dealings. The greater part Of our i'm
ports are paid for by our exports. When
/ the balance Is against this country the
importer must pay in gold. If we have
/ a sold currency he buys gold with
/ gCOds-f0r money is bought with goods
IS truly as goods are bought with
| money-aud pays his debt by an export
| Of gold This gold Is exported as COM
/ modify. /, j. again setting Of exports
| against imports. Il we have no gold
! currency, ne buys gold. as before, and
Inc ne, result is the s. ne. The eco
nomic law laid down by Ricardo. and
now everywhere accepted, that tie pre-
cious metals are distributed among the
nalons according TO their respective
! wealth. each getting its distributiye
/ STARE. controls IN either case. II We are
/ abe 70 E-ep sold here as currency. II
would be here did we not use it as cur
rcncv. Having the means TO purchase
/ Il. we could command it as needed.
/ That Jhe use Of gold as money does
not serve to keep gold in a country is
clear from recent experience. For sew
eral years past the gold standard ma
| lions have been engaged in a constant
I struggle to keep jheir gold from being
drawn off. We certainly havelno rea-
son to suppose that coming gold keeps
/ It. on our shores. Already we have IN
/ three years increased our national debt
| $500 coo 900 in order TO keep this favor
/ Cd metal with us. Were we using both
gold and silver as full standard money!
we should NOT have this difficulty Any
| temporary scarcity Of gold would have
been made up by a supply Of silver. The
J great Bank of France, which has twice
came to the relief of the Bank Of Eng
land by a loan Of gold, has no trouble
of this kind. IL redeems il bills in eth
err gold or silver. at It's option, and one
metal thus protects the other. Yet the
panic which. we are assured, would fol-
| low such q use Of silver here, has never
appeared there. We are by far the r-cA-
est nation on earth, and shall at all
times have cur share Of gold and silver,
whether used as money or not
T. should be noted, moreover, that b.
me-allism does not prevent The use OF
gold in foreign trade. II adds silver to
/ ne currency so that gold may be the
more easily spared for export as need
Cd
That a sold currency IS not necessary
I'm foreign trade IS shown by our eXpe-
r,ence from 1852 to 1879. when We were
on Darer basis. We were never more
prosperous. and no difficulty was found
in settling foreign balances. Germany
was on q silver basis from 1851 to 1878,
and Holland from 1S47 to 1875. yet both
carried on an extensive and highly pros
porous foreign trade. Russia is nomin-
ally on a silver basis, but has paper
carrencv. vet he Bank of Russia had in
Apr,I 1895. the enormous sum of E7S.-
125.Oo0 or 100000 in gold in It's
vaults. The proposition under discus
sion finds no support in economics. Pro-
lessor Jevors says: Cold is not really
.4reouisite except for making in,erna.ion-
n nayments, and the stock need not be