Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-11-07
TWELVE PAGES
TUESDAY. NOVEMBER Z. 1899.
A DEAR CURRENCY VERSUS A
CHEAP CURRENCY.

"A metal which the United States gov
eminent can rot afford to use as cur
rent coin, but Of which it only guaran-
tees the flneness by its stamp, is en-
tirely too costly to be used as currency
by the people. Such a metal is gold
The government is said to coin 1t into
money md currency; but 1t does not do
SO; It coins the metal into q token, and
stamps upon 1t its value and denonli
nation when issued from the mint and
Treasury; but 1t is received ut the
Treasury again only by weight; and it
s Is legal-tender only by weight and fine-
ness Its denomination as an eagle or
half eagle (s1o or So imports nothing
MS to Its value, though silver coin and
subsidiary coin Of silver, nickle, or cop
per, are oil receivable and payable by
government and the people. "at their
face ms coin of such n denomination
and value. with no dminution OF such
value by reason Of a loss Of weight by
legitimate use.
The reason of this difference between,
Say, the standard silver dollar coin and
our gold tokens OF all denominations Is
this: the gold. in bulk and weight, is
one-sixteenth OF bulk and weight of sill
Ner of the same value; that is, gold
dollar is sixteenth the weight and
bulk Of silver dollar; and silver dol
lar is sixteen times the weight and bulk
of the gold dollar. Gold, in effect, Is
sixteen times the value of silver; and
that Is what is meant by "1G to l." the
ratio of silver to gold being sixteen to
ono. Now, therefore, as our gold tokens
are sixteen times more valuable. or
costly. than our silver coin, and as gold
u considerably softer than silver tths
relative hardness of the two metals re-
manning tho same in their pure state
and In the alloys used for our colnage)
The people by using gold money or to-
kens. instead OF silver money, or coin.
hose sixteen times more by abrasion. the
hwear and tear that necessarily attaches
! TO any metallic currency, than if thew
used silver coin. That is evident even
II the people directly bore the loss in
+ worn silver.
But the government recognizes the
Rilver dollar as full coin and money. no
matter how light, worn and tllegible. II
At can still be seen to be the coin of
ifhe mint and receives 1t ut its face
y value in full. MS if newly nninted, the
Treasury assuming the loss of silver by
kyear and tear. and the people, directly.
dose nothing. But our gold Issues, as
said before. are not full money and
COIN, but are government tokens. guar
antecing only the fineness of the metal,
and receiving 1t ut the Treasury, ms
coin and money, when It's weight ION
trfnl) still maintains its denomination
and face value. Though minted and de-
nominated by government, the Treas
u1,y repudlates 1t as coin and money.
nomination and receives it by weight,
as so much bullion. OF the hneness GER
nfied to by the mint stamp.
Nor are these gold issues receivable
or payable by the people as coin, or
money. nor are they legal-tender. save
b1 weight, the lost weight of every
gold token being distributed among the
.p-e'opie, u they are careful in re1elving
sassefn only by weight, or, If this pro
fSsstion i,e neglected the whole loss
fsSss on hisn.wrnd last pays It in to the
y.,ai3s5less;5y, YET how few people ever
e'sfss< 81 ih@pe differences between gold
/, sssssi s3sssf Coin, or estimate the i'm
stss'Ess in loss To- the people,
a,sllssSs & ss!etber 1T be in gold
!. ari 81 silver currency md
ssss ssss a GAL III one dollar,lI