New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-24
THE REAL VALUE OF COIN.
1T rs FIXED BY THE VALUE OF THE BULL.
ION IN 1T. NOT BY LAWS.
To the Editor Of The Tribune.

stamps and marks upon each particular piece pass
for nothing no matter in what mint 1t is coined
II 81 100000 or 100000 are paid In any great
centre OF trade say London or Paris the money Is
never counted but weighed and taken at nxed
price per pound A bar Of gold OF standard weight
and fneness Is lust as valuable like weight OF
coins from the mint The gold coins or the EnSlsn
mint are treated precisely the same In the BANK OK
England as are the coins OF the United states
France or any other country. Weight ana nneness
are the supreme tests. Marks Of value placed on
the coins by the different countries are Of no mo-
nent Silver is treated in the same way coined
silver has no value over bar silver in the channels
OF trade in the world A considerable amount OF
silver in every country has a fictitious value pe-
cause IT Is the only metal that II Is practicaoie 10
coin into small enough pieces for the small every
day transactions OF the people OF each country
Some gold nations carry more silver and some less
in this way in proportion 10 population Inc ST.
yer advocates constantly ignore the bullion Vaue
of coined silver dollars and talk about them as II
BY some potent mysterious power the Government
could by melting and forming the bullion into com
with marks on 1t. interjcct some new value ln'o
The silver This IS a great and mysterious feat for
a Government 10 perform.
Somebody will certainly try 70 find out the uIu-
mate factor in this great event. To solve the proo-
lem we would suggest that the owner or ne" CIV
gold piece and Of ten new silver dollars put 'ne
gold niece IN a crucible and melt II down then put
them down and look for the result He VIII mo
that his gold will still be worth SO In the markets
of the world. but his silver Will be worth Only -
Curious result, An interesting thing mas happeneu
from a scientific point OF view. athoush rather
startling from financial point Of view NO value
gone out of one metal by melting 1t. ana - gone
ont Of the other by the same process. The curious
inquirer will ask what IS the virtue that mas gone
out OF one metal and not out Of the other Dy He''
ing them down He will be likely 10 conclude tnat
the lost s. in the silver IS a pretty elusive SUD-
stance rather "gassy' for banking purposes VI ~
use In dealings in the markets Of the world.
Our experirnenter is out s. now by his operations
We can suppose that he now applies to Mr. Bryan to
know what he shall do Mr. Bryan would proDaoiy
say That is easy remedy. when we get free com
age; take your gold and silver back TO the mint ana
have il recoined. Bullion value has nothing TO 90
uritb the value Of money" Upon remintng the
gold and silver a wonderful result again appears.
The gold comes Just SO and the silver comes out
apparently just SO It is rather puzzng 10 mo out
how II has happened that the gold mas passed
through the fire twice without change OF value,
u,hie the silver was reduced to It's bullion value of
e. b, fire and raised again SO by coming it, There
can be but one solution OF this riddle II is IN the
inherent power Of the Congress Of the United states
They can pass an act and force into piece OF silver
worth 80 cents in gold value equal 10 100 cents IN
gold II does not look reasonable. but Mr.. Bryan
said he believed" that would be the result Is not
that enough for any reasonable man?
Yes Congress must have the power TO take
commodity that has only a commercial value by
weight in the markets Of the world and by It's own
fiat double its value At least, such seems TO be
the only reasonable conclusion from the silver ad-
vocates premises.
I'm, here comes another question. Why all this
bother about ls to I? II Congress is omnipotent 70
fix value regardless Of bullion value. why not ma sc
itStol? Il seems Just as easy 10 stamp the guam
tity Of silver in a half-doar with the stamp OF one
dollar. and 50 make IT dollar. The same inherent
power that go halfway can surely take the
next step and 90 all the way BY this step we can
double our silver money az one bound.
OF course the ideas Of the old World that all
bullion value found out would bother us for time
in the markets Of the world where the surplus cot
ton and wheat are 70 be sold This little matter
does not seem to trouble the silver advocates
All this trouble about gold standard OF value IN
coin according to the silver advocates. seems 20
nave In the idea that farm products are too
low. chiefly the great staples OF cotton ana "gea,
81 Congress- m increase values in another way by
fixing a new standard Of measure? Make half a
pound. This would apparently double the products
of those staples The only trouble the producers
would meet when they appeared in the foreign mar
foreign purchasers would insist upon applying the
same rule they do TO gold and silver, and weigh ne
stuff. That little difficulty ought not 10 baffe the
Tie mistake our free-sver advocates make Is in
mstakins the function Of Government IN TIE sc.
and trusted AGENT 70 weigh and mark eacn Gee OF
coin and certify TO its weight and hneness AFTER
that its value IS determined in he marts OF trace
II is true that Congress can deciie what shall be
shall be lega-tender will be egsl-tender. There IS
a wide difference between value for legal tender
and value IN trade one is compulsory by law Tor a
the consensus OF opinion Of mankind n trade II
is by the latter standard that real value IL hNsd
To illustrate: Suppose We finally 60 upon a silver
basis The Law would still stand that o)th metals
equal But II gold should 70 premium ~ say
lpI per cent how long would 1t lake for everybody
20 know that gold Vas worth more iAan si.yer' IN
spite Of the act Of Congress? Turn The question as
you Will. actual value cannot be created by act OF
Congress. There is law above md oHy0nd tha1
try all of whose coins conform 70 This supreme
Compulsory free coinage means the adoption OF
silver as the unit OF measure OF az values II me
honest they would so 10 the people with he issue
stated in rs true form. To put 1t blin.ly and
plainly so THAI common people 'an understand,
they would say our purpose is 10 .dopt sill er
standard. Every advanced civilized nation has
abandoned silver as a standard because II has
been tried and found wanting in hat Essential q l
standard. hxty OF value. In commerce Il has been
found to have the same fault that rub2e- mas tor
and the West have been clamorous FOR a foreign |
they will nave to come the hated gold standard
in those markets whatever this Government may
do
The largest experience and the most advanced |
thought have decided that there IL no other stand, /
Weighed and viii be received al lust il bullion |
value not a farthing more. Congress IS pvwcrless /
10 decree II otherwise. 50 far as ne outsde world
i concerned. We can gain nothing ont or :.ee-sn- /
yer coinage The scales will detect and throw out /
every false estimate and mark we may PAT upon /
silver We shall step down from our proud posi- |
ton as one Of the foremost nations OF the globe
Upon ourselves the blow VIII be felt most severely.
The first 70 feel it's effect Will be the aborins man
None will escape. To vote for coinpuls Dry Zee /
coinage Is 70 vote for financial chaos. with All the
losses and suffering involved in that condition OF
things ~,
A word Of exhortat!on 10 my countrymen Pen
der long and deeply before you take this wlld ieap
into financial chaos A lifetime Of regrets will net
atone FOR such a mistake. Don't .hink Tor IN IN |
slant that IL IS matter OF small moment aOw you
vote The spark that flies into the magozinc ) /
small but the destructive explosion is u menGOus
Dallying with silver for twenty-three ye5rs Has |
brought Us 70 the brink Of ruin.
The Bland law compelling the coinage or silver
VS. he entering wedge Of all our silver troubles.