The times. [volume] (Richmond, Va.) 1890-1903, 1899-12-13

constantly I'm the United states before
the civil War. when the currency or the
country which was furnished by state
banks had either no value or iesseneu
value outside the States Of ISSUE ana
caused both 10 tho traveller and the dealer
perpetual Inconvenience. That incohFeh-
fence would have been stu Greater il
these notes NJ the various states had rep
resented different standards of value
some being payable In gold. others in sh-
Yer. others in beads or wlmpum or the
like. with no common agreement respect
ing their redemption. As the members
OF any community must agroa upon
standard if traffic between them is % be
convenient and unlmped 3D.. so commercial
nations MUST agree upon some standard
II international commerce IS 10 be free
and unmpodcl. The other nations of che
earth have agreed upon gold I'm our
Judgment they would have done better
to have agreed upon gold and silver nj
fixed ratio. hUt since they VIII not come
10 our standard We must either go 20
theirs or abandon any international unity
of values I'm orr Judgment. it viii proc
duco far less Inconvenience 20 adopt an
imperfect standard of value which all
nations agree upon than to- adopt what
would De theoretically O better standard
of value which other nations refuse 70
adopt
For the inevitable result OF having a
different standard of value In the United
States from that which is common IN the
rest of the civilized world would be 10
pr0auoe in the United states two ctr
roucies. one national the other internal
t0ual All foreign goods would nave TO
DE paid for I'm gold or its equivalent since
gold is the only standard Of value rec
ognized by foreign nations. Sooner or
later aU mortgage debts and all interest
ON MORTGAGE debts would have 10 b. pad
I'm gold or it's equivalent. since creditors
ON the one hand could loan their money
abroad On foreign debtors. and, ON the
other. would often De obliged TO borrow
money abroad from foreign creditors
Thus The wage-earncr and the debtor
would Pc Obliged 90 pay for certain of bis
commodities. and IN general his interest
in gold curr ncy. while ON the other
hand. he would almost certainly be paid
his wages in r. silver currency To would
D. the poor man. not the rich one. who
would suffer most from such a double
standard of value.
a
pendent " other nations. If it were bccom-
ine more separated from them. if IT were
tending more o. Two bv itself and within
itself. ir might possibly disregard The
commerce i standard of other nations and
create one of its own but the reverse is
the case. The Internationally OF Amer
ie1 with Germany. France. and Great
Britain is bec0mir every year more and
moro close America is becoming a world
power and is taking its place among the
other powers of me world It's commerce
U.s. already extending. and is sure more
and more 90 extend in the Far East.
where Dr. viii Doe in competition with the
great commercial powers of Europe. The
events of che last year have greatly in-
creased the necessity OF securing n com
mon no dunn of exchange with other
commmiua-. a- they have increased the
necessity for q common method of inter
communication Iu ideas AS the tendency
OF the times is towards one commercial
language SD stil more ls it toward one
commercial standard. ana mo- one is more
Interested in maintaining in THIS country
the same unfit of value which is recognized
iu London. Paris. Berlin. Yokohama, and
H0ng-K0ng than The mechanic vino Is
helping to- manufacture the articles and
The farmer who rs helping to grow the
grains t1 d. sold IN the foreign markets
r0pres uted by these cities.
The second question we ID not think
20 necessary t0 discuss here i'm detail
Probably experience viii Indicate pos-i-
b'y discussion Will elucidate. improve
menfs in tho methods proposed by the
Committee OF the Republican caucus. ln
general. however. that Committee seems
% MS to have proceeded wisely IN adopt
ing method calculated to secure a gold
basis for the future OF this country with
the least pos s1le disturbance t0 the bus-
iness which has been founded on thco-
rodcll timetable basis fro tho past II
Mr. Bryan had been elected President
three years ago. Dr. would have been pore
fccUv legal for him Oh have announced
ON the day of his Inauguration that the
bonds and bills OF The United states
would be thereafter paid in silver II the
plan proposed hy the present Committee
rs adopted. such action would mo- longer
be possible But. I'm point of fact. for
more than ~ quarter of 90 century the
government has paid ai ITS obligations
IN gold. when gold was desired bv Dos
crcdit0r-cxceDt such as were in terms
expressly payable I'm silver: and IF the
plan proposed by the Republican Com
ci,tao shall boz adopted by the House. the
government viii no longer have any 0p-
ton but 10 do in the future what IL has
in fact done IN the past This IS the ono
essential characteristic Of the proposed
plan. and the powers which Congress
viii De asked 20 confer upon the score
tarv Of the Treasury appear t0 Do well
calculated % enable him To fultI the
obi cation which the proposed act will
impose upon him. The outlook hopes
that Congress will adopt this or substan-
TALLY THIS plan. and put nm end to the uu-
ccrtainties I'm orr finance which have 60
long troubled the country and sometimes
threatened 1T with serious disaster.
90 nr-rIIl