Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1896-05-21
4 coNTRAS<

sS 49,
France Might Teach This CouA How -
Maintain . Gold Resers
In speech in the senate f9pring
both gold and silver as standard (ney,
Senator Bacon, of Georgia, aupg,
other arguments, said:
cit is said by those who favor Roie
monometallism that to do so would
mt ms mon a silver monometallic basis
and cause ms To mart company with all
Of the enlightened and progressive ma
tions of the world. However plausible
these objections may be in theory,
they are all completely overthrown by
the fact that France pursues exactly
this plan, and in wears OF its practical
operations there have been none of
these results. France paws out to her
creditors at her option either gold or
silver, and in the exercise of that OPP
ton she paws out little or no gold.
Anyone who wishes any large amount
of gold can only get it from the Bank
of France by paving premium for it
as he would buy exchange. This re-
fusal to paw gold at the option Of the
creditors has not de barred France from
the company of all the enlightened and
progressive nations of the world. On
the contrary. she continues to be her
self one of the recognized leaders
among the enlightened and progressive
nations of the world. Nor does such
refusal to paw gold have any influence
to drive gold out of the country. This
is shown by the fact that in addition
to more than $500. oOO, 600 of gold held
by the Bank of France there is about
$500, 600 coo of gold in France outside
the Bank of France. / am speaking
here in dollars. not in francs.
.,W;tb tb;s 1arpa aoo,nt ~ rold
France has i, .ct;re t;or o. 900
non Of silver. $3.50 o0o ooo Of which il in
practice as we'll as in name. full legal
tender standard money. This $780,
600. 600 of legal tender coin is full
standard money in the faht that Il il a
standard value nv and thronph Il. own
strength. It in no manner depends
upon gold payments to sustain It. It is
neither directly nor indirectly, by law
or practice, redeemable in gold. On
the contrary it stands on an exact
equality with gold. in the hands of
either the government or the citizen,
in the payment of all debts, public or
private. 1 have seen it stated in the
gold standard publications in this
country that France has $50, ooo, 900 of
primary gold coin and $40, 900, 900 of
secondary silver coin. This is not cor
rect. On the contrary, $3.50, 600, 600 of
her silver is in every sense as strictly
primary standard money as is her gold
coin. The consequence is that with
population of $50. OOO. 900, she has ST.
$50, 600. 900 of standard coin, all of
which is money of ultimate redemp-
ton. The s65o, 900, 900 of silver is no
burden upon the gold. On the con-
trary. to its full amount it assists the
gold in bearing the burden of money
Of final redemption and actually pro-
tects the gold from being drained
from the country.
1.-THE wide difference between this
and the situation in the United States
is this: With population of 10000
900, we have nominally, say $3.50, 900, 600
in gold and $500. 600, 600 of silver. This
silver. although by law a legal tender
and intended as standard menev. is bv
the practice Of the Governments not
standard money. Rv the government
refusing to exercise the option to paw
silver as we'll as gold to it's creditors.
the silver COINAGE is discredited and
becomes in effect on1v renresentative
or token money. Ifdoes not to the
extent of its amount assist the gold in
hearing the burden Of money ~ final
navnen+ On tha contrarv T. add. 70
~. burden in this regard FASTING uron
the gold supply. for bv tie act of dis
creditino the silver cola we are prac-
t;ca11v mon the single gold standard
and that in effect hears alone ali the
burden Reinr TINS discredited and
it's assistance refused and discarded
Tho silver co;naga of the country -
the immense extant of $500 oo0 ooo i
M more medication m the rold IN rra.
venting its being drained from the
treasury than are the notes of the ma
tiona1 hanks
"From this s;mnle difference be.
tuean the two countries that in
France the government exercises the
o,,t;nn wha4her accord;nr ~ it, con.
ranienco t. will nav cold or silver n
it's creditors. and that on the contrary
in the United States the government
permits its creditors to exercise their
option whether thew will demand and
receive either pold or silver. follow
the widely differing results and condi-
lions in the two countries. France,
with $500 600. 600 of gold and $3.50. co.,
900 of standard silver, has 81, $50. 600, 600
of coin which is standard money Of
IT.. Tr-:<.5 c4.x..