Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1898-12-16
WORDS OF CERNUSCHI.
Neither Gold Nor Silver Is
Standard.
PERFORM FUNCTION OF MONEY.

Popular Errors as to the Cso of the
Words standard" and "Double"-Bi-
metallists Do Not Wish to Fix by Force
the Value of Either of the Metals.
Cernuschi is the father of bimetal
lisni. He was for many years director
Of the Bank of Paris and great writer
on and student of financial matters. He
first used the word bimetallism. Below
are some quotations from his book,
"Gold and Silver"
Bimetallic is term that use to des-
ignate the mont tary regime admitting
of the use Of two metals, gold and sill
yer.
must confess that it is little re-
pugnant to me to use the word "stand-
ard" so unfortunately introduced into
monetary discussions by those who only
a few years ago were trying to prescribe
gold as money and are today crying
anathema against silver money. The
word standard" signifies model Of
measures preserved by the magistrate
and to which the measures Of all mer-
chants must conform. For instance,
France is proud to possess the meter,
the one-forty-millionth part of the cir.
conference of the earth. 1t is evident
that there can be but one model or
standard" Of the meter. that one de.
posted in the archives. 1t is absurd to
think that for any purpose it is possible
to have two different standards. For
this reason the monometallists take
pleasure in making us bimetallists bear
the accusation that we are for two
standards 1t lisa beautiful fashion they
have of trying to make us appear ridicu
lous. The introduction of the word
standard" into the language of finance,
far from aiding the intelligence of the
pupil by way of analogy. attests that
there is confusion of ideas in the hea6
Of the master.
Neither gold nor silver is standard
nor model conserved by the magistrate
They are goods, having value princi
pally because they properly fulfill the
important function Of money. They art
goods that we give and receive for Other
goods. For sack of wheat we give 9
certain weight OF gold or greater
weight of silver, but we can give some
other thing. Neither gold nor silver i.
standard. The next question comes
sis man better served by two metals OF
| one!" And that is the whole bimetallit
question. The partisans Of the one met
| al policy allow themselves to be guided
by the horror inspired in them by tn,
two words standard" and double. >
These words they have themselves join
/, ed together. In neurology. standard
means "model." In things pertaining
to money standard" expresses neither
tho true nor the false; it expresses moth
ing. 1t is very true that gold and silver
vary respectively in value, but it i.
very false that the bimetallic schoo
wishes to fix by force the value Of thu
one or the other metal.
Let US imagine France and the United
States bound by treaty that obliged
both nations to stamp both gold and sill
yer on basis Of 1914 to l. What would
be the results? The relative value O
both silver and gold would become near
~ fixed throughout the whole world
the adhesion of other nations, Of Eng
land and perhaps Of Germany herself
becomes probable. All nations would b,
in sufficient accord to utilize the total
ity OF the precious metals that the hant
OF man will not cease to drag from tn,
bowels of the earth. Let us show to tn,
United States that it is for the interes
OF that nation and for France and fo
the entire world that these two nation
stamp coins of both gold and silver a
the ratio of l51a to /. This would no
entail any sacrifice on the United States
while any other ratio would be yer,
costly and impossible for France.
TRANSLATED From the French by III. f
| Thurston.