The times. [volume] (Richmond, Va.) 1890-1903, 1898-06-02

,rg,ess and epress nrc afforded by the
routes that are now, building. we may
expect 10 see a food OF gold poured into
the Golfers OF the world. This will tend
to produce much the same condition that
obtained in 1S5i-'55. when the discoveries
In California and Australia so depressed
the price OF gold that all sorts Of meas
ures were proposed TO avert the evil ef-
fects OF its fall In some countries.
notably in Austria. gold was demonetized
because OF its depreciation az compared
with silver.
The question has recently been pro-
pounded to The Times. what as a gold
monometalllst, il would advise II the
discoveries of gold should become so
enormous az TO make its ratio with silver
less than IS 10 l. That its to make silver
at this ratio the more valuable OF inc
two. and the interest OF debtors to pay IN
gold rather than in silver. as was the
case in the hfties. This whole question
has already been fully considered and
answered by Chevalier in his Work on
the Probable Fall IN the Value Of Cold
which was written soon after the Aus
tralian and Californian discoveries.
lie says "where there IS but one stand
ard and a provision IS made that the
legal value OF the coins Of tho other
metal shall be in conformity with the
ouotations Of its value IN the metal mar
ket. the debtor and creditor have equal
chances, and whatever happens, neither
OF them has the right 10 complain OF
being the victim Of an injustice. But If
instead of establishing one standard, the
law assigns this attribute TO two met
ais. or II. which amounts TO the same
thing. neither Of the metals IS invested
with the attribute, the equality Of
chance ceases between the debtor and
creditor. The latter has in effect against
him all OF the chances Of a fall which
one or the other metal may under
GO"
Then proceedings with an argument TO
demonstrate this proposition, he says
nothing need be said to induce us in our
day to resist all Of the efforts. which un-
der various pretexts and forms are made
TO restore the double standard TO favor
or to revive it in practice"
If a single standard is adopted, as we
have done then the creditor has no
right to complain, though the metal
which is chosen become as plentiful as
lead or iron. IL he IS paid in that which
nc has contracted TO take In the his
tory OF the world, discoveries OF silver
and gold have periodically occurred
which have made one or the other metal
change its relative market value. With
the double standard, so called Though
indeed there can really be no double
standard) the debtor has the option al
ways to choose that metal which might
for the time be least valuable in which
TO satisfy his obligation. with the sin
gle standard. as Chevalier says, the
chances are even between the debtor and
creditor and no complaint would be made
by either side.
If gold should become as common as
It was I'm the days Of King Solomon
when 1t is said to have been "as plenteous
as stones at jerusalem" We should still
insist that the monometallic theory was
correct and the creditor who had taken
a bond at 90 or 30 or 50 or 100 years Gas
many bonds now are) payable in gold
coin of the present standard of weight
and hneness, should receive what he bar
gained for neither more nor less.