The Farmington times. [volume] (Farmington, Mo.) 1874-1902, 1899-10-19


so lrt ne examine aud stand by the facts
Ia the care. To- lS13 II was enacted by
the United States law that the gold
dollar 81 a5.S graius of standard gold
",hnll be the unit uf yaluC,' The
quoted words nrc aE the Law stands tn
an Official copy. That law hnH never
been repealed. but in ISIS ne partial.
Is rcnunetizcd our silver dollar and
made provision for it, future coin
age. That law of 1879, IN speaking Of
our standard silver dollars says
(which cuius together with all silver
dollar, heretofore coined by the United
States. Of like weigh, mud furnrss
shall be- u legal tender al their nominal
values, for all debts aud dues, public
aud private. except where otherwise CN-
prr.sIy stipulated Ia the contract"
This part Of the law Of 1878 still stands
uurrp,ulcd Up Ia June 80, 1890. Ne
have coined tsO.G55.23l silver dollars
under this law of 1875. aud we are
compelled hy q later enactment 10 con
tinur coming them 81 the rate ~ Sls,-
UDa,uHu per year. We have all q these
silver dollurs nj the command nf thc
government Of our people ms full legal
tender money. except WHERE otherwise
expressly stipulated Ia the contract"
~ the fun legal tender Of the silver
dollar was restored In ISIS. tainted.
however, with the exceptional clause
just quoted. yet perfectly regardless
ol the gold dollar being named as the
unit of value This law Of ia5~ yir.
tually nunulIrd this unit of value"
phrptr. The legal tender function Of
money b. the special attribute that
make, selected commodity money,
after DO b. coined. w believe Ia hold
ing firmly tu the doctrine that gold and
silver money at our existing coinage
ratio ~ sixteen 20 buc. Is wise and
equitable. This position is not aniac-
oulrtir to the wisdom ~ the govern
mrui issuing large amount nf paper
money, on rcdrrmublc in gold or sill
scr money NJ the demand Of Ihr holder
hul 90 the option oi the government as
iu whichever metal may be- most con-
Nruirr' go the government for It's re
drmption.
Many uf us -rc danger lurking under
VI, i--uu NJ unrcdcrmnblc paper money
by tine government, but We think II
would bc very FAR preferable to the H..
sue a. paper money under the auspices
ot our national banks secured by their
asHcls and controlled by their human
srlh-hncss or wilkins. There Ia no ne
cr-sity Of adopting either one ~ these
methods, as the government can safely
and wisely should issue much larger
amount ~ paper money than II now
durs, made rcdccmuhlr IN gold or ~.
yer us long ~ the government holds
the option ~ to the Kind Of metal
II should list for i;s redemption.
There Is failary lurking under the
phrase unit ~ value" nr standard Of
value" wbirh Is very mischic,ous. This
word fnllncl has often been pointed ont
in a very clear way los some Of the most
scholarly aud acute financial thinkers.
4 standard for measuring either weight
or distance must have from its very
Uamc something precisely fixed as to It's
own weight or dimensions. Thus We
have our legal yard. 1t r. mot the length
Of certain metallic yards,ick D.; all
temperature, but al one temperature
only. which temperature IL precisely
named by statute law \ standnrd yard
then II not piece oi metal Of certain
length at all temperatures. hut Is the
distance between two points measured
by piece Of metal az given tempcra-
tufr. From the very nature Of things
the cNchanHeabie value NJ certain
quantity Of gold or silver will always DE
subject TO the rigid economic law Of
'uYply and demand, aud their eN-
rhangrabic value viii alter in ohcdi.
cHce 10 this natural law. As these com
are subject To constant
charge In cXchnnguable value. strictly
'peaking, neither can he e fixed stand
ard of cNchangeablr value. We have no
quality like temperature that can be APP
piled to them and make them perma-
uent ar Fixed as standards Of exchange
able value. | most decidedly prefer TO
use the phrase agents Of valuation"
rather Than standards II value" as
more precise or scientific.
standards of ynlue" 10 q convenient
phrase for US TO usc, Hike the phrase
currents OF electricity" Every elec-
trician speaks of currents OF 81, strictly.
YET In the same breath they viii tell YOU
electricity 10 not thing. like water or
steam, but natural force as mysterg-
ous as gravity. The exchangeabIc value
Of money or any other commodity il |
always subject 10 tina, personal force, |
sentiment or desire. The Individual
settles In his own mind, through shis |
subtle force, sentiment or desire, what |
he wiz accept or what he will pay In |
exchange for services or commodities |
without being subject 70 statute law.
But nfter the bargain or exchange rs |
made, then statute Law s;ens In, Ii the
bargain or exchange Is made In terms |
'f money, aud the law sets forth pre-
siseiy what Is legal money fii 20 settle |
these debts. Statute law may name aud |
ANt" Haaffs VnF iANNs several 4
Kinds OF legal tender money. and the
ieh,or may take hi~choice. The debtor
can say: Il may choose either one or
The other as my standard to pay ibis
iebs." Thus we had the gold dollar aud
he silver dollar. whichever the debtor
night choose to use AZ hts standard or
agent by which he might. at bis option,
'ettie all hiA menry debts under the |
United States laws from the nrgsnixa-
Ion OF our mint IN i7sa, up 10 isTs-74. |
The three phrases, purchasing power.
value. or the exehanReable |
iaise al there two dollars, mean the
anne thing, but II was constantly |
,hanging. and with either dollar elsi-
ZEN Of The United States could always
sttif debts named IN dollars under our
ing. This funetion IL 1xed by statute
az. hs=ss. va had txa standards Of
'ayment or two agents Of payment Tor
= Years. This funesion mns taken away
rom silver In IA73-7s, by ins. and only L