New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-02-27

G5 era kPsdom 1s ss i2sSS "a Il Cola Cola
There is no single silver standard country in the
Mexico has 81 % and Russia has s. 40: these two
nations fair representatives of the silver nations
In 1883 the market value of silver 81 80 ounce
ths highest price ss eyer an ounce being
cents an ounce less than in 1888; the worlds pro-
duson for that @ Goas ap nrce In r0a
81 1924 ounce, being 34 cents less than IN 1893 ana
m %arR hs' 6Tse IN %a
ounce being Ga cents an ounce less than in is'S ana
1 nnm %e' ss5cSSo Its to market price ISIS
81 244 being i2 cents less than IN 1889 the % So n
oo It's market price in 1850 was 81 Az being
than in s the worlds H oJ that a year s
was 9sl5 cents ounce, being 56ia cents an ounce
than ia ronnS 9 mi TeFai @
in 1894 about 6S2 cents an ounce being q cents
S vi sss in h 4Gna @ sne
This great in the worlds production OF sill.
pfG iCT me of Af Both god nd silver with
prospective increase for the future render IT. aoso
this Nation alone. ratio of value to gold OF l6
to add materially to the market value OF silver
COINAGE CREATES NO VALUE.
Reopenng the minis to free and unrestricted coin
age Of silver would not create a single purchaser
| for IT, The owners of the bullion brought TO the
| minis would be the of the money coined
therefrom Coinage Itself only stamps upon the coin
| Its denomination which is in reality only the same
thing stamping on it the weight and fneness OF
the metal of which it is coined. That Is all that
law do except to fix the amount Of Indebtedness
which the denomination of the coin would pay within
the jurisdiction Of the law. Law makes and fixes It's
denominati on and deb-paying value. Its commercial
whb Is "Sea 10y me the me ees Of monny for
debtpayng are so much less than It's uses for trade
than its debt paying value it will fall to its COM
mercial value for any purpose after the debts are
a 10 ~
market value. For all creditors before creating
they KNOW "nal Inc 1eo' S Sn ee pa n
greater to meet the difference whatever It may be-
in the commercial value and the debt-paying value
of the legal-tender TO be received.
With free coinage the owner of silver bullion would
market jusa as he does now. the other to take 1t
%o %n sna ut Of dsos S ns
9n 10 b mis- hS If he had an e the
paying it would pass at its denominat ional value to
a person within the jurisdiction Of the law. under
ness would be It's commercial value, that is the
market Price Of the metal out Of which len it may be
ellect that could by law change these conditions Of
Since Abraham paid Ephron for the Cave of Mac
palah four hundred shekes OF, silver, current
has dealt in eates not in G
tlons; and that will continue TO be the case
sire of the human heart and the love Of money is no
longer an incentive to action In this earliest bust
have any account it was money current with the
merchant. From that time to this the merchant that
changed. determines what money shall he current by
it. in trade for commodities or in payment for prop
cry po ac Sc Tho :,,,er do,,ars ~ ~, r,e
cate which represents 1t. coined and paid out
the Government has received one hundred cents. no
what the market value of silver may have BEEN '
Hence Its pledge in business mes fairness to keep silver
our minis to the free and unrestricted coinage of
silver at the old ratio OF 16 to would. of necessity
| hon
TO coin on It's own account, and individuals would
Of their own bullion and whatever profit or adj
,Sdt there might be IN the coinage would be
ment could not, therefore stand responsible for the
money thus coined, and 1t would 90 forth as in all
without any redeemer except its own intrinsic value
USE OF CREDIT INSTRUMENTS.
If it would not be advisable for this Nation to
adopt either Of the foregoing plans in It's none
tary affairs. then the only alternative in case OF
no agreement among the nations. would be a
single gold standard in our money unit with silver
circulating subsidiary coin. Whether that
would be advisable and could be done success
fully would depend. first upon whether there Is
gold enough in the world for the worlds business
should all nations adopt 1t the standard in
their money of ultimate redemption. and whether
in case that should be done. there is reasonable
probability that the future annual production OF
gold would be sufficient Tor any increase there
might be in the worlds business. To ascertain
whether such result would be possible there
with. and upon which ultimate success would Largely
If not wholly. depend.
Reliable statistics show that of all the business
transactions Of the people Of commercial nations
as now TRANSACTED not to exceed per cent Of the
tual money. The other 80 per cent are made with
bank bills, bills Of exchange checks drafts let
ters of credit and certificates OF various kinds
well il not better. for the transaciion Of business
II i is at all times convertible at the will Of the
hnl va int
commercial value commonly called intrinsic
TO illustrate: 1000 persons owe each to the other
S. The first one has 81 deposited in the bank
IT to his creditor. who takes, IT II he believes it
w psS dos the nd So the
one to the other until It again reaches the drawer
ness has been discharged. and rot dollar in
actual money has been used in doing 1t. This
lions. by which business is done what Is called
credit But ddS could , not be done at all without
Tltma5e redemPton , nor without confidence that
dollar itself would have to be used in each trans
discharge 5000 Of ndebt sdness yet the 'e check
II might be assed hp WouS moi nov nay
% the Tv hSdir received Ss for it s. in com%sia
one debtor So, FOR another But without the conf
the check
Sered Would s rS Sef creditor to whom " should be
every other one. The same would be true with
the purchaser pure, Of commodities, No one would
faith and confidence that the 81 Of commercial
value which II promised deposit 10 be
paid whenever called for Law makes ali the
regulations for the use OF substitute money. and
makes and fixes the money unit In the standard
OF value. but cannot make FIX the value in the
unit except for debt paying. There must there
fore, be the actual commercial value I'm the money
OF ultimate redemption called for In all this sub
stifute money or II would be better than the
paper rags OF which 1t is composed.
How is the standard Of value In money fixed and