The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1900-05-19
A MONETARY STANDARD.
Defined by l.. Il. Observation-Disclosures
Coinage Would Raise Prices of
Products and Labor.

| rCtlu W SiOlC II Ital laNh9s soy
L. Z. Hurlbut, of Fort Dodge, Ia. Also,
all speakers / have heard-they take
the ground that the value of money
is what it will pay in foreign coun-
tries. etc, referring to 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 a 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,
if they prefer, state how many sill
vers, OIL parts of silver. the price of
the article is and in which country.
1 find the meaning of standard
Is 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 37H grains of
pure silver. They did not define what
hat dollar should exchange for. or
the value of it. nor is there such a
law to this time, except the law of
supply and demand. The gold coin
was named eagle. to contain PAT
grains of pure gold. by act of con-
gress, April .. 1892. By act of con-
gress June 2s. 1884. it was reduced to
232 grains of pure gold. The act
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-
] fined as to what their values should
tc in comparison with the dollar. not
7 limiting the amount. The law defin-
ing the English pound. or sovereign,
says that three pounds, II shillings.
: 1OH pence, shall be made of each
ounce of standard fneness of gold.
The English standard is IL parts pure
gold one part alloy. In this law,
adopted in 1914, it was made obliga-
tOTN lOI lnt IpAlh VI IHSldlu " PhA
chase all geld presented at its counter
at the rate or II shillings, nine pence
o English standard. thereby establish.
ing the value of an ounce of gold a;
to their unit or standard of money
of account the same as was done il
this country between the standard
dollar and eagle, while France adopt
ed the franc. as the standard of value
as containing 69.445 grains of pure
( silver. but the smallest full legal-ten
O der piece coined was a five-franC
piece, to contain 347.22s grains of pure
silver. the gold coins to be five, ten
v 10, so and 100 francs, each to contain
a proportionate amount of standard
4 gold, which is the same as ours (nint
parts pure and one part alloy; anC
here again we find hat there is ne
law as to the value of coins, only thai
these gold coins shall be equal il
the payments of all debts. public an(
private, as the fve-franc silver piece
and that all accounts are kept in th'
20 courts and public offices in francs, it
70 multiples and divisions. the same "
Is dollars in this country and the pound
S. in England.
S. Let us examine these moneys a
they are in comparison with ours il
this country. l will first take ours.
Taking the law of this country (sec
a ton 3564 Revised Statutes of TIL
ID United States) is as follows: THE valu
y OF foreign coin as expressed in tn
lie money of account of the United State
n shall be that of the pure metal of sucl
oil coin of standard value" Chat is coil
+ that is of full weight OF the countr,
of where cCined.)
ID If we have to take the pure meta
lie of foreign coins to get at the value
Of we must take the weight of pur
metal in our coins.
Section 3511 says: "The standar,
n weight of the gold eagle or ten-dolla
y piece shall be 25s grains"
N Section 1914 V THE standard 70
is both gold and silver coins of tn
c. United States shall be such that 0
1000 parts by weight, 900 shall b
pure metal and 100 of alloy"
u, Then one-tenth of the eagle is allc,
ID that is, of the 25s grains 25.s grain
y are alloy. deducting this, and we the
have esq grains of pure metal /
a the eagle. There being $50 grains j
1e the troy ounce, we find the ounce {
pure metal (gold) will make $50 d
=. vided by 232.2 the number of grain
=. In one eagle we find from the ounce
80 gold we can make 2.O67 eagles as III
~ eagle is of the value of ten dollar
I" the ounce of gold made into coir
"a will be of the same value as S20.67.
The silver dollar is defined in SCI
ton l of act of February %, 1877
Ii which reads as follows: That theI
shall be coined at the several mints {
,e the United States silver dollars of tt
re- weight of 412H grains troy of stan'
ii. ard silver as provided in act of Jal
~. uary IS, 1897"
%. By the law. then, this silver doll;
contains one-tenth alloy, one tenth
412% is Ala, this deducted leaves
then 371H grains OF pure silver in IL