The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1900-05-18
A MONETARY STANDARD.
Defined BY L.. T.. Hurlbut-uniimstcd
Coinage Mouid Raise Prices OF
Products and Labor.


all speakers l have heard-they take
the ground that the value OF money
is VIVA: II will pay in foreign coun-
tries. etc, referring 10 the standard
of value as gold and silver standard,
intrinsic value, ratio, parity. honest
money. sound money. money OF great
est purchasing power. etc.
First. As to the standard OF value
there is not n country on the face OF
the earth that has either the gold or
silver standard. If SO. please give the
value OF any article in gold, by tell
ms us how many colds, or parts OF
gold, an article or thing is worth, or,
IL they prefer, state how many sill
vers. or parts Of silver. the price OF
the article is and in which country.
find the meaning Of standard
in measure. and must therefore be
definite in quantity. either weight,
capacity, length. breadth or thick
ness, etc.
In measuring values we use the
dollar as the standard. in England
the pound. In France the franc. Ger
many the mark. etc. With us the
dollar was defined by act of congress
April ?. 1892. as being STA grains OF
pure silver. They did not define what
that dollar should exchange for. or
the value of it. nor is there such n
law to this time. except the law OF
supply and demand. The gold coin
was named eagle. 10 contain PAT
grains OF pure gold. by act OF con-
gress. April .. 1892. BY act Of con-
grcss June 2s. 1884. it was reduced to
232 grains OF pure gold. The net
of 1892 defined the eagle to be of the
value of ten dollars. or units. The
eagle its multiple and divisions are
the only things that the law has de-
F! fined as TO what their values should
tc in comparison with the dollar, not
limiting the amount. The law dcfln-
ing the English pound, or sovereign,
SAWS that three pounds. II shilhngs.
10y, pence. shall be made of each
\ ounce Of standard fineness OF gold.
! The English standard is IL parts pure
,.nld one part alloy. In this law.
adopted ir 1874. il was made obliga-
tory for the bank of England to pur-
chase all gold presented at its counter
1T the rate or - shillings. nine pence,
English standard. thereby establish
ing the value of an ounce Of gold as
10 their unit or standard of money
of account the same as was done in
this country between the standard
dollar and eagle. while France adopt
ed the franc. as the standard Of value,
ms containing 69.445 grains or pure
silver. but the smallest full lcgal-ten-
der piece coined was fve-franc
piece. to contain 347.22s grains OF pure
silver, the gold coins TO be five, ten,
10. so and 100 francs. each TO contain
a proportionate amount of standard
gold. which is the same as ours (nine
parts pure and one part alloy); and
here again we find that there Is no
law as 10 the value OF coins, only that
these gold coins shall be equal in
the payments Of all debts, public and
private. as the five-franc silver piece
and that all accounts are kept in the
courts and public offices in francs, its
multiples and divisions. the same as
dollars in this country. and the pound
in England.
Let us examine these moneys as
they ere in comparison with ours In
this country. | will first take ours.
Taking the law Of this country (sec
ton 1894 Revised Statutes Of tn,
United States) is as follows: "The value
az foreign coin as expressed in the
money Of account OF the United States
shall he that of the pure metal Of such
coin OF standard value" Chat is coir
that is OF full weight Of the country
where ttined.)
II we have to take the pure meta
OF foreign coins TO get AZ the value
we must take the weight OF pure
metal in our coins.
Section 35ll says: The STANDARD
weight Of the gold eagle or ten-dollal
piece shall be 25s grains"
Section 1914 says: 1.-THE standard 70
both gold and silver coins OF sh
United States shall be such that 0
1000 parts by weight, 900 shall h
I. pure metal and 100 OF alloy"
Then onc-tenth Of the eagle IL allo;
that is. OF the o5s grains 25s grain
are alloy. ieducting this. and we thcl
have c32.2 grains OF pure metal I
the eagle. There being $50 grains il
the troy ounce. we find the ounce c
pure metal (goldD will make $50 dl
vidcd by 2322 the number OF grain
In one eagle we find from the ounce o
gold we can make 2.o67 englcs as tn
eagle is OF the value Of ten dollars
tho ounce Of gold made into coin
! will be OF the same value as s20.67.
The silver dollar Is defined in sec
ton I Of act OF February 20, 1871
4 which reads as follows: THAT tho \:
shall be coined at the several minis O
the United States silver dollars Of IN
weight Of 4l2h grains troy Of stand
ard silver rs provided in act Of Jar
d uary Is, 1891"
Ey the law. then. this silver dolla
contains onc-tenth alloy. one tenth 9
4icsl Is az, this deducted leaves .
y then 37iN grains of pure silver in III
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