New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-25
TIE STANDARD or VALUE.

Secretary Gage made a reply admirable In
temper and forclblc In reasoning to the res"-
lutlons Of the Federation Of Labor In regard 10
the gold standard and the currency Dill Inc
fact that In this reply the Secretary entirely
rcfrans from defending or commenting upon
the resolution dcnounclng the bill for retire
mont of United States notes and substitution OF
banking currency Is perhaps significant. seem
ing TO indicate n desire 10 connne the argu
mont 70 the principle upon which he entirely
agrees with the President and with all sound
money men throughout the country namely, the
rightfulness and necessity OF maintaining the
gold standard Of value. Having set forth OIL
clally the plan which no would recommend. the
Secretary apparently does Lot propose TO so
insist upon Il as TO antagonzc the simpler
measure 10 that end suggested 10y the Ircsl-
dent and leaves without present response the
resolution especially aimed at the banking plan.
It would be no compliment 10 his shgaclty 10
suppose him not aware that Mt this session such
measure ds he has offered has little pros
pect Of passing the Senate, and he presumably
realizes that concentration OF the effort or
sound-money men upon the step proposed by
the President offers the only prospect OF sue
cess.
The one point upon which all advocates OF
sound money are agreed is that the standard
OF value must be maintained Secretary Gage
calls attention to one fact which very many
are prone to overlook, namely. that the gold
standard OF measurement Of value has been IN
fact the only one in this country for more than
sixty years Possibly the phrase he uses might
be criticised as respects the period Of green
back depreciation from 1869 TO 1879, because in
the popular sense the legal tender then served
thn of nd in scion
sense, also, values were measured in part by
the prospect OF suppression OF rebellion and
ultimate restoration of the notes to their face
value In gold. as well as in part by the present
gold valuation OF the commodities measured.
But even during that period the gold valuation
Of the commodity was always an essential ee-
ment in every measurement, If not then. as at
other periods, the only one. For sixty years
values have In fact been measured by refer
ence to the gold unit of value, and the reyo-
luton which is proposed would be in reality n
violation Of obligations entering into every con-
tract since the reduction In the weight of the
gold unit by the act Of 1S34-for the change Ia
lneness Of 715-1 100000, less than IL 000 by
the act Of 1897 was insignificant.
This single fact If IT were fully understood
would clear away any honest mlsapprchension
in regard to the supposed change OF contract by
the act Of 1878. That act simply recognized the
| fact that gold was then and had been for nearly
| forty years the actual standard Of value. Prior
! to the act Of 1884 gold had been undervaued In
| coinage so that it was worth relatively more as
bullion than as coin, and therefore was ex-
| ported, while silver coin remained the standard
Of value. The declared purpose Of the change
in 1884 was to stop this differentiation md
make the gold standard the actual measure Of
value. II Congress had possessed the super
| human wisdom TO determine exactly the rela.