The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-01-17
.gT ONWARD M1noH OF corr.

.u.rican citizens IN the Cupan caDital, tho
81 market throughout last week showed In
...slnr hrmness and activity. Tho demand
oor.",.clo,s Investments is largo and difficult
:. ~ .,,isiy, The long.torm gle per cent. gold
80 ~ Tho Lake Shore and the New York Cen.
~, r,ilroad companies are at a prcmidm. and
u dIvidcnd.pnying stocks arc freely bought
Va.o,,v near a 1 per cent. basis. Rumors fa- |
V""Ir.h,o IN the elevated and surface railroads Of
W. horouuhs OF Manhattan and Brooklyn have
80 ,hc rrices Of tho securities representing
-, Manhattan Elevated. In particular. hav. |
~ cached the highest point known for years.
or,sde of this country, the most important
,S.nc;al event OF tho week has been tho rise OF
.ho India rupee TO the value In gold fixed for 1t
~ ,hc India Council in 1893, when the Council
syio.sd the India mints to the FREQ coinage of
.uysr The Council, at that time, announced
a. readiness to accept in payment of taxes and
srss British gold coin at the rate OF l shilling
.na 4 pcncc to the rupee, but the rupee having.
,rtil lately, been worth q little loss than the
,-,c, named by the Council. gold has not been
,,ssd in India in making rupee payments. Now
,hat exchange on India Is selling in London at
more than tho Council price, gold could be ex-
,orted TO India profitably. and, in consequence,
shs Council has resolved to issue paper rupees
AGAINST gold withdrawn from tho Bank Of Eng
land anu npIu vi bDtIiuh uOpootb ~ oOtuto thNiit.
m, practical result is the Same as IL the gold
ware actually transported to India, and will
amt that country, in effect, on q gold basis.
This is only the last of q series of events which
have happened within a few years. marking the
advance of the gold standard in the world, and
the corresponding retreat Of silver. In Eu-
rone. we see Austria and Russia, after q long
period OF q suspension of specie payments. re-
auming them in gold, and using silver only for
subsidiary coin. In South America. the gold
standard was adopted by Chill In 1895. Japan.
last October. followed the example of Chilli; and
now India, with her 800. Oo0, 900 Of inhabitants,
has followed that Of Japan. 1t 10 said also, that
China is on the point of taking a similar step.
and when she does, the list of silver standard
countries will be reduced to Mexico. flew South
American republics. and parts Of Asia.
None but the wilfully blind can fail to sec
that the gold standard is thus winning its way,
not by argument, intrigue and sophistry, but
BY an inherent power of its W superior to
any that human ingenuity can give 1t. As gold.
ages ago. was adopted as a common measure Of
the value Of commodities by a process of natural
selection which excluded, one by one. its less
fitted predecessors. 80 it maintains and extends
its supremacy because of its continued superior
qualifications. Mankind have discarded in its
favor cattle, sheep, skins, shells, iron and
brass, and they are now gradually discarding
silver in the same way and for similar rea-
sons. The recent enormous increase in the
production Of silver and its consequent
depreciation are Fastening the compile
ton of the process, but, without that,
the bulk and weight Of the quantity OF silver
requisite to make up q given value, compared
with those OF gold. have long demonstrated its
inferiority to gold for large monetary transac-
tons, and are fast reducing it to the rank Of tin,
copper, lead and other substances useful only
rs the raw materials Of industry. Tho value of
gold, 1t is true. is primarily that which it de-
rives from its suitability for industrial and
artistic purposes; for unless it had such q value
It could never have served as q measure of
other values Of a similar kind, but its wide
diffusion over the earth, its easy divisibility
and reunition. its immunity from damage by
the elements of nature, and the esteem in which
1t is universally held are peculiar to it alone. II
another substance should ever be discovered,
superior to gold in these respects, gold would
have to give way TO 1t, as silver has given way
to gold, but meanwhile It fears no rival.
In view of this natural superiority of gold and
Of its fitness above all other commodities for use
rs q measure Of value and a medium OF e2-
change, the efforts now making to procure its
formal adoption by act Of Congress, in advance
of q general popular notwithstanding it, as
the sole monetary standard of this country, can
not be regarded as other than premature and
unnecessary. All that could be accomplished
by such an act has been practically accomplished
long ago. Gold has been our standard, as q
matter OF fact, ever since 1887: 1t remained the
standard all during the suspension of specie
payments caused by the war; and it has been
the standard ever since the resumption ef 1879.
There Is M mead Of a0OraRaiva aCtfop In ITO ha-
half: it has simply to hold its own and let its
enemies attack It. II has on its side custom,
reason and the concurrent support of the civil
lied world. and no legislation can overthrow 1t.
1t is not, indeed, impossible, and, unfortunate
ly, 1t Is even probable, that the House of Repre-
s%entatives to be elected next autumn may be
overwhelmingly in favor Of declaring silver, at
the rate of 16 to l, tho legal standard of value
In this country. as we'll as gold. and an act
passed by 1t to that effect may be concurred in
by the Senate and approved by the President.
Intellectual as such an act would be to dethrone
gold. any legislation by the present Congress
In favor OF the metal, even il 1t could be had,
would DO reversed by 1t. II. on the contrary.
the next House should not be in favor of silver.
even though. like the present House. it may be
unwilling to declare for the exclusive gold
standard. legislation in behalf OF silver will Do
""Poosioit do IL Is NOW. Eltuer way, tneT6-
lore, a vote by the present House in favor of
gold will certainly be useless, and tho effort to
obtain 1t will be effort wasted. The gold stand
ara Is safe from attack by Congress for the next
s"o years, and cannot at present be made safe
Tor any longer period.
Inc truth is, that, accompanying this desire
ehthe part of the advocates of affirmative legis-
!auon by Congress declaring in favor Of gold. is
tne less commendable one of 30 rearranging
the %country's whole currency system as to give
70 the banks the monopoly and the profits of
hSuing paper money. At all events. the men
most conspicuous In urging the one measure are
equaly conspicuous in urging tho other. and
s'nce there is no natural connection between the
TWO The inference is, that the zeal displayed in
oenalt OF gold proceeds from a source as selfish
= suoes that displayed In behalf of the banks.
al otder to win sympathy from the friends OF
'eaily sound money, the bank currency advo-
yates seek TO make 1t appear that no money.
o'ner than gold coin. can be sound unless it Is
created by banks. Money issued by tbs nation
ms sovereign capacity they decry, in defiance
etIaels' as unscientiic and dangerous.
Inc Two issues thus improperly coupled to-