The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1898-04-08
STANDARDS OF VALUES.
Here IL the Key by which 10 unioc L
the Whole silver Question
Two stan dards.

concerning the term stanudlu VI 'dT
ue." The term unit of value is used
tor the first time in the United States
statutes of 1873, when the gold dollar
was declared 10 be the unit of value.
Lawmakers are not always precise in
the use of words
II Is important that the reader should
fully grasp the following brief state
ment; IT is the key unlocking the sill
yer question, We can measure the ex-
changcablc value of commodities either
by silver unit or gold unit. but there
is no possible way OF keeping the ex-
changcabc value of the unit itself fixed.
We may be precise ms TO its weight. its
tineness and its appearance, yet il can
not be a fixed standard as yardstick
made of metal is a legal standard of
length at n certain temperature. The
exchangeable value of the unit itself
depends upon the supply and demand
Of the metal out Of which the unit is
made. providing there is no restriction
in coinage. We can note the tempera-
ture of the metallic standard yard.
and have its exact length known at
that temperature, hence we have
fixed standard of length at certain
temperature. As for gold and silver,
we can regulate the demand for coin
nye by statute law, but cannot regulate
the supply OF either metal, and we know
that the worlds annual supply in the
past 100 years has been exceedingly
variable and always beyond legal con
troll, hence we cannot have a standard
made of either of these metals which
is fixed and strictly analogous to n
standard fixed like yardstick at n GER
tain temperature.
We can have, and did have, two
standards of payment" in the United
States from 1892 to 1873. These were
our gold coins and our silver dollars,
and up to 1873 our smaller silver coins.
BY our statute laws, they were abso-
lntely equal, under our government. as
debt PAYERS. Standard dollars for debt
rnving were made of each. multiples in
gold and single for silver, but these dol
lars were seldom exactly equal as dol
lars in exchange for commodities.
Either the one or the other was near
ly always at n premium. and those who
were well informed in such matters
often took advantage of the situation
and made profit by gathering in these
coins that were at premium and re-
selling them for manufacturing or ex-
port. Hence, If by standard we mean
something fixed in its own exchange
able value compared with commodities
whose demand and supply may have
been unchanged, we cannot use the
term STANDARD of value" without con
fusion of though. The dollar debts un
der our former laws were paid by the
two standard coin dollars, perfectly re
CARELESS of the supply or demand Of
these dollars or the metals out Of which
they were coined. When ID was con
venient. the debtor could always choos,
the cheaper dollar 20 pay his debts
Hence, we had two standards Of pay
ment fixed by statue law, while IL il
well known that from 1909. until tn,
discovery of gold in California in 1Sis
these two precious metals were annual
~ increasing in scarcity and hence IL
exchangeable value These dollars
however, were fixed standards as TO thu
payment OF debts, both were constant
" approaching as measures of value
They performed two different func
tions! That eminent authority on thu
history of metallic money. s. Dana
Horton, calls these dollars, as they wer'
in fact. not standards but "instru
ments of valuation"
Anyone who may be under the falls
impression that either gold or silver, o.
both metals, when used together arr
not subject to the law of supply an,
demand, and herce fixed in exchanged
BILE value. holds a theory that cannot b
sustained. Bimetallists claim that TIL
fair use of the two metals, at the sam
time as full legal tender money has
constant tendency to equalize thei
relative cxchangeablc value. In othe
words, il has a constant tendency Z
keep them more steady but not fixed
as we know a true standard should be
There can he no such thing as an un
varying standard of value. Gold none
is sound money because its exchange
able value is fixed by nature" is tn
false plea of those who see falling price
but who cannot see that the standard
|
the reason why we oppose the adoption
of the gold standard is because go
has constantly increased in exchanged
BILE value since the commercial worl
has partially discarded silver rs flu
, legal tender money. We hold that n
soon rs we treat silver fairly that I'll
. Importance of gold as an "instrt
ment of valuation" will decrease. W
demand the full restoration OF silve
payments, not only because the statut
law distinctly says our silver dollar
nre legal tender for all coin obligations
but because the equity OF the case d.
mands it. Our example, would give n
lief to the entire commercial worl
which has suffered so much from pc
nicous fall in prices caused by the d
carding OF silver for this purpose.
would tend TO give fair prices and pro-
perity TO the mass of our people. Ho
unreasonable il is 10 falsely call pc
sons regulators OF just debts. WI
maintain that the gold standard is III
AL, o,,1 ~ ic n