The Farmington times. [volume] (Farmington, Mo.) 1874-1902, 1900-03-15
THE GOLD STANDARD.
Senator stewart Puintn Ona the
Weakness of the CaHse CoB-
tFnetlng ghe Circulation.

What 10 meant by the hackncySd
| phrase, "thc gold standard" has not
been fully explained, ssys Senator
Stewart, OF Nevada. when We speak
Of standard weights and measures our
meaning is plain, because q yard Ia
RSed length and quart or bushei
contains an asceriained quantity OF
space. Money 10 be a standard in the
sense Of accurate measurement Of
value, must be Of such volume a. will
always bear uniform relation to the
aggregate Of property for sale. To con.
tend that money which Is OF q greater
purchasing power at one time than 4,
~ st another Il just standard uf value
Is like contendiug shat yardsiick 80
feet long, II made Of some particular
kind Of wood, would be- the same stand.
ard OF measurement as yaFdAtiek
three feet long. " money can be an
honest standard measure Of value, and
the same money can measure five times
a. much property 10 the aggregate al
one time ns al another, why may no, a
gallon which includes five times as
much cubic space AZ one time a. II does
Rt another be an accurate measure Of
quantity?
The contention Of the advocates OF
the gold standard rests upon the as
sumption that the quality OF gold is
the only question considered In com.
merrial exchanges. They deny that
either the supply or the demand for
gold has any effect IN estimating the
quantity Of any particular commodity
which n given amount Of gold will bus,
Their contention also assumes that IL
all the mountains were gold AN ounce
OF gu!a would buy The same amount OF
wheat, cotton. or other products that
II viii now buy, This il the intrinsic
value theory OF men who look as wise a.
Harrison, Cleveland or Bynum when
they announce to the world he neccssi-
ty Of money possessing intrinsic yalur
The secretary Of the treasury is not
30 absolutely ignorant OF monetary sci.
encc as his contention that the value
Of gold never changes would seem 10
indicate. In bic reply TO the resolution
Of the two houses of congress respect
ing his transactions with certain New
York banks be give, g. reason for de-
posting the money Of the government
in national bank, that IL Is necessary
to do 90 to avoid contracting the circu.
lation, and that to keep it in the treas
ury would disturb the business Of the
country.
II seems a little strange that the sec
retary can understand that locking up
money In the treasury vaults disturba
business and al the same time thinks
Il Is necessary 90 use ouly the com.
modify gold upon which 90 stamp
money, although every foreign fnan-
rial trouble takes gold out of the cuun.
try and deposits II in foreign vaults.
lie contends that money to be good
money must bc made Of The same ma
terial that all other rations use for
that purpose, and Dc can see no In
convenience In it's Withdrawal from
circulation In this country by foreign
era, while he understands that hoard
ing money In the treasury is injurious
TO business.
In his lectures on gold he confines his
arguments IN favor OF the exclusive use
Of that metal 30 Ito peculiar qualities,
claiming thsi Il POSSESSES intrinsic
value, while In administering The treas
ury he regards the volume Of money
In circulation AZ Of paramount impor-
tanee, and deposits the surplus Of the
treasury in banks TO keep II In use and
prevent contraction. Still, he contends
that no matter how much gold or how
little gold is produced, its volume when
used as money does not affect It's pur-
chasing power.