The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1896-10-30
The PRICE Of GOLD.
A1gsuasns Of Sod Organs Rest sosaig
Upon aEisstateHieats.


Up0R AlfsstateHlsats.
The New York Evening Post, which
seems to be utterly incapable Of telling
the truth about any phase Of the coin
age question. published the following
question aud answer on its editorial
page on September so:
TO the Editor o. the Evening Post:
sir-What book would you recommend
70 a person wishing 10 gain a complete
knowledge OF that part CT the money ques-
ton which relates 70 the price Of g0id3"
have been unable to find any work that
attempts 20 elucidate this particular
branch Of the question, and inasmuch as
you viii not answer price Of gold queries
except ID the most peTfUnctory manner,
perhaps you can tel me where ] can get
WI. BLACK.
Bayonne, n. J., September e.
There is no book which treats Of the
price OF gold, because there Is no such
thing as a price Of gold. Gold Is itself
prise. The gold dollar Is e weight (25.S2
grains Of pure metal. with a stamp on L
to certify that 1t is what It puFports to be,
How can the price Of q gold dollar be more
self? II you want to buy American eagles
with English sovereigns, there Is q price
Tor the form Of gold which you want &c
procure. This price may be a tribe more
than the amount OF pure gold Ia the Sow
ereign. So too il you want 70 buy English
soVereigns with American eagles you may
have to pay a tTiie more than the gold
equivalent OF the two. Because bankers
and brokers quote the price Of gold bars
and OF foreign coins, q misc0nceptiOa
arises that they are quoting the price Of
gold, whereas they are merely quoting the
differences between one form OF gold and
another form. Gold bars usually bring
a tribe more than gold coin because they
are easier to handle and because they are
less liable to abrasion.-Ed. Evening POstI
Now mark how plain a tale will put
the omniscient editor Of the Evening
Post down.
At every mint aud assay Office main
tanned by the United States government
gold in every conceivable form is pur-
chased daily at the rate Of s2O.6T per
ounce.
The United States assay Office in New
York, within half q mile of the Post
building, buys more gold in the course
Of a year than all the other minis and
assay Offices taken together, and it in
variably pays the price named above for
all that it purchases.
The minis and assay officers of Inc
United States pay atprice simply end
solely because it is the price fixed by the
statute, and it never varies.
The pretense Of the Post, that it is
"the form" and not the substance Of
gold that has the price, is completely
overthrown by the practice Of the mint
authorities Of our government. Gold
coin bearing the United States mint
stamp is bought just the same as old
plate and jewelry, gold bars, retorts,
nuggets and gold dust, at the rate Of
$20.67 for every ounce Of gold in each
lot.
Theoretically, owners Of gold bullion
take it to the mint and have it coined
and the coins so made are returned to
the depOsitors, but in praetice-and the
practice is based on a distinct statutory
provision-the coins made from their
deposits are not returned to them at all,
but instead they are paid for their gold
at the price quoted above out OF a fund
set apart by act Of congress for that
purpose, and the government REIN
buTses itself for the outlay by retain
ing the coins made from these deposits.
If gold is itself price" as the Post
AYERS, why do the owners Of gold bull
lion sell it to the government for actual
money? That is what they do, as the
Post can very easily learn by inquiring
at the United States assay Office in New
York, or any other assay office or mint
maintained by the United States gov
eminent.
The further assertion made by the
Post that gold bars usually bring a
trife more than gold coin, because they
are easier handled and because they are
less liable to abrasion" has nothing at
all to do with the case, because the gov
eminent pays exactly the same price for
all the gold it buys, no matter what the
form may be.
If the government should fix a coin
age price for silver S1.2929, as bims tai
lists demand, as q matter Of course that
would Immediately become the price Of
silver everywhere, because nobody hold
ing silver in any form would part with
it for less than he could get for 1t at a
United States mint OF assay Office, and,
as matter Of course, a silver dollar
would be worth 100 cents as it is now,
just like a gold dollar, if we should re-
establish free coinage of both metals
in this country at the ratio Of sixteen to
one.-Denver Republican.