Natchitoches populist., 1898-12-16
GOLD In OLD ROME.
AN OBJECT LESSON FROM
THIRD CENTURY.
Conditions There Were Similar to Those
Now Existing Here Gold Men Would
Not Surrender and the Empire
CFumbled to Dust.

That the United States can and
should by legislation Immediately re-
store silver to a parity with gold at
the ratio of 16 to l is made plain by
Weli-authenticated object lesson in Ro-
man history that occurred 1000 years
ago, in which the financial facts and
circumstances involved presented the
same issue that is presented by the
similar financial facts and circum-
stances that are to be dealt with in
this country, and by which it is shown
that silver was then and there remon-
etized with perfect success by the
greatest of constructionists Diocletian.
Upon assuming imperial power, A. ID.
2S4, this peasant-born military leader
found the empire paralyzed and disin-
tegrating under the benumbing and
crushing effects Of the single gold
standard. He set things booming by
simply restoring silver to the coinage
at the old ratio of IL to /, with the
same legal tender power as gold. Both
Mommsen and Lenormant say that Au-
gustus established the double standard
OF gold and silver, and that in the
course of time, after many modifica-
lions, the single gold standard had
been adopted. Our quotations about
this change and about the restoration
are from the Encyclopedia Britannica,
Article "Numismatics," by Reginald
L, Poole. 1t appears that under Flag
aOalus the taxes were paid in gold
alone That "this was ruinous" will
not surprise any one who will consider
American experience with greenbaeks.
The two issues of them that were re-
ceivable for government dues always
kept even with gold. But those that
were not good enough for Uncle Sam
went down until gold was at prem
iunn Of 1876 per cent in 1864. The en-
perors between Elagabalus and Diocle-
tian were all unfriendly to silver, so
that finally it was no longer used In
the coinage. We have not space to re-
peat many interesting facts incident
to "the depreciation of silver, which,
mas ceased to have any real value.
During Dioc1etians reign and "before
A. d. 293, the coinage of silver recon-
mences with the denarius of the stand
ard of Nero" 1.-THE denarius was the
unit of reckoning No more was
heard Of deprecated or worthless sill
yer. Thus by Diocletian silver was
rehabilitated to its old place with gold,
there to remain yoked together until
1873. Yet what he did was but prac-
teal application Of that most profound
Of currency principles which long pre-
viously had been thus announced by
Aristotle. Money (nomisma) by itself
is but a mere device. It has value
only by law (nomos), and not by ma
ture, so that change of convention
between those who use it Is sufficient
to deprive it Of its value and OF it's
power TO purchase our requirements"
BY virtue Of voluntary convention,
money tnomlsma) has become the me-
dunn OF exchange. We call 1t "nomis-
ma because it's efficiency is due not
to nature but to law (nolnos), and be-
cause it is in our power to regulate
It. "The function of money (nomis-
maj, said he, sis to measure value"
In all this the wiaeqt Of Greeks is in
harmony with the Wisest of Ameri-
cans. DR.. Franklin, when ne said that
'sgold and silver are not intrinsically
OF equal value with iron. Their value
rests chiefly on the estimation they
happen to be in among the generality
Of nations" Diocletian made many
other great innovations and reforms in
the constitution of the empire which
were OF such an enduring character
that they gave form and direction to
the affairs of state until the fall OF
Constantinople in 1904. De Quincy
said be was doubtless that man OF
iron whom the time demanded How
ever, after a reign of twenty-one
years, he voluntarily retired to his