Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1900-08-03
THE RELATION OF MONEY TO
RIiaIN


Henry Clews' weekly financial re-
view, in discussing the matter of a basis
for the trade of the United States,
says: 1.-The recent utterances of a
well-known Wall street operator anent
the financial and commercial condi-
lions in the United States, disclose a
forgetfulness of the real function of
money in relation to trade. The
great majority of business transactions
are carried on upon a system of credit
for which a foundation must be first
provided, that shall be of unquestioned
and unquestionable strength. Such a
basis is gold, the most precious avail
able metal, which has, by common On
sent of the most advanced nations,
been recognized as the unit Of value.
The growth in the material
wealth Of the world has wonderfully
stimulated it's production, so that in
the past four years it's output has
reached the great total of a thousand
million dollars in value. But this great
sum means more than the stated fig
ures: it implies an extension of the
worlds credits by five times that
amount. OF this addition of gold to
the worlds supply the United States
has through both production and trade
movements obtained a very large
share. Our treasury gold balance is
now in excess of four hundred millions
the greatest in our history. We
have thus, in connection with the bank
accumulations throughout the country,
a broad foundation for our rapidly in
creasing commerce-an ample basis
for solid credit. Why, in face of this
a%ctuality, any desire should exist in
any part of the country to adopt a
cheaper metal as a basis of values, is
hard to understand. Silver is the cry,
why not copper or iron, or even paper?
1t requires no penetration to discern
the mormon shrinkage Of credits (the
very life of trade) which must neces-
sarily follow any debasement of the
currency. Among the unthinkiDg adj
vOcates of a silver standard an impress
sion seems to obtain that in conse-
quence of this proposed c%heapening of
the money of the country, which would
flood us with the ~outpourings of other
nations, they would likely be able to
get a supply of it without giving in ex-
change the necessary labor upon which
rests all wealth in whatever form. The
d%ay-laborer, the tradesman and the
merchant r all workingmen, their
labor varying only in degree; and in
return for their services the best
money, that which will purchase the
most, is none too good. They are en-
titled to payment in money of the
highest intrinsic worth. which al the
present stage to human development is
gold. The future may substitute
something better, but the best now is
gold. 1t rest largely with the indi-
vidual how much of it or its equivalent
he shall receive. Good hard work
will accomplish great things; it is a
trite and still a true saying that there
is always room at the top. No mat
ter in what sphere of human endeavor,
solid application and well-directed en-
ergy command recognition.
There is nothing discouraging in the
situation in this country. We are
better off in all respects than any other
nation on earth. We have more gold.
great prosperity, lower rates of inter-
est for money, a high government
credit and vastly bigger crops for the
years yield than any other country
has. The treasury's exhibit of our
foreign trade for the last fiscal year
should act as an antidote t. pessimism,
which is indeed a disease, in view of
all this array of favorable conditions.
The jamestown Alert says Lieuten-
ant Governor Devine and Mrs. Eisen-