Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-12-24
THE STANDARD OF VALUE.

The goldites formerly insisted that
values and standards Of value could
not be regulated by law. and that what
they called "a fiat dollar" was an i'm
possibility. except as q delusion and q
snare. They insisted on the infallibility
of the economical forces of supply and
demand as the natural and omnipotent
regulators OF values, not only in COM
merce or trade, but in finance; and
they alleged that although the silver
dollar coin was our unit basis and
standard OF value nomnally and &C
cording to declaratory law, yet ever
since the act of 1884. increasing the
weight of our gold coin. this coin, in
stead OF silver, had become our stand
ard Of value by the supreme and i'm
mutable law Of trade and exchange.
There could be no such thing as q
double standard. It was absurd and
preposterous; and equally so to think
to establish q statutory standard that
could supersede the standard fixed by
economic conditions.
Yet what do we see to-day, despite
the silver demonetzing act Of 1873? The
WHOLE Republican party. with few eX-
ceptions OF individuals, reinforced by
large contingent OF goldite free-lance
mercenaries, clamoring for an enact
mcnt by Congress to declare the gold
dollar our standard OF value! And that
when we have abolished the dollar gold
coin. and when none Of our gold coins
are money i'll the strict sense OF the
term! II Congress make such an enact
ment, what is to be done Il a one dol
lar greenback, or Treasury-note, or So
called national bank-note Of a broken
bank, be presented at the Treasury for
redemption in gold? Where is the gold
dollar to redeem It? Or suppose q silver
dollar be offered ut the Treasury,-how
is its parity with gold coin" TO be
maintained when there is no gold dol
lar and the Mint is forbidden 10 coin
gold dollar?
Besides, even when the Treasury
offers gold coin in any amount in re-
dcmption OF Treasury issues of paper
or silver, suppose the person demand
ing redemption inquire as to the valid
ity OF the coin as money, and is told
Gas he must be) that it Is legal-tendcr
and receivable again, even at the
Treasury ONLY by WEIGHT, AND
NOT AT IT'S FACE DENOMINA-
TON. OR GOVERNMENTAL STAMP
VALUATION? LOT the gold coins
are not money in truth, and the gov
eminent says 1t can not afford to
make real money OF gold, because the
metal Is so soft and valuable that the
loss by wear and tear-by abrasion in
use-is too great to be borne. Why
then force it upon the people? They,
and especially the poor, common,
plain people cannot bear SO burden
some tax on their only lawful, legal
tender. standard currency.
And so. &c the Republican goldite
and banking programme be carried
out Gas 1t Will he. unless the people re-
store their Democratic. popular gov
ernmeni), the public will be driven to
accept the private shnplaster, unse-
CureQ promises " pay VI pilNdtc rag
money mills, as they cannot afford to
use gold tokens that are not money,
and only bullion certified as to quality
or fineness, but legal-tender and re-
ccivable even by government. only by
weight. This is Il monstrous scheme
that can only BIO characterized as I'M
mitigated villainy: for 1t Is not the
value Of tho metal that is in question.
but its availability and adnptabiity for
common and general use as circu-
lating medium and Il medium of pay
ment and exchange.
ROBBERY BY REFUNDING.