The San Francisco call., 1904-06-15
THE MONEY STANDARD.

@HE reported mining combination TO be made by
Mr.. Rockefeller takes much interest in view OF
Il the financial legislation of the world. Charles
A. Conant who the secretary of the Monetary Com
mission appointed by the executive committee OF the
indianapolis Monetary Convention, has just issued a
monograph the Evolution OF the Gold standard
which is of historic value
The Monetary Convention of 1867. called by France,
i'll which nineteen nations represented declared
for the gold standard with only the dissenting vote of
Holland The delegate of that kingdom explained that
he differed only the issue of the time which each
tion should judge be necessary for efecting the
change The evolution of the standard the line
OF natural selection Cattle the standard of
value, and from the word pecus cattle get pecu-
liu, the Latin for private property pecuate to
steal such property, and pecunia money, and its Eng
lish forms, pecunus" full of money, and impecunius,
without money From its Spanish form, "pecos" get
the of the Texas river and valley. where cattle
ranged
The next step was the adoption of iron the stand
ard and that was followed by copper, the money of
Rome. Hence, we have "aestimara" ito value" from
"as, the word for copper preserved in our English
form estimate" The extension of Roman conquests
brought in silver which succeeded copper and long
the standard That period is preserved in the French
word argent silver of the for money. Gold
followed silver and has long been the actual standard
of value by natural selection.
There is no evidence that control of production of
either of these standards has affected its quantity
Money is of value to its only in exchange,
and that exchange puts it within reach and the pos
sble possession of any who have anything exchange
for it. The standard will go backward. A prop
osition reverse the order and go back from "oro
argent" "as" and "ferrum pecus" again, would
find advocates in the commercial world.
The discussion is likely to be renewed again, for the
report of Rockefellers intentions will doubt
the unsound money advocates to raise the wrath of
gold to support a contention for the overthrow
of the established standard Such will natur-
ally fall in line with the made by the people
of the industrial combinations assault protective
tr The elements present in the economic situa-
ton the assault of 1890 the tariff and the
standard of value If that be done it will require the
greatest rmness and intelligence and the enlght-
ened use of prevent form of panic dur
the campaign.
All expert observers foresaw that the great expansion
of trade that began in 1897 would be followed by
action That reaction is in progress Let alone it is
natural and wholesome But jackdawed about in poll
tics and croaked about the stump and in platforms
it may be quckened into panic. If the Democratic
party have heart the best interests of the country
National Convention should frankly indorse the gold
standard legislation of 1890 1t had leaders in the past
who were capable of this That party got off the
wrong foot in the Civil War 1t lost the confidence OF
the country thereby. 1t continued in opposition to
measures military and civil, for the restoration of the
Union, and promised to be rreconclabe force. like
the English nonurors who refused accept the action
of the convention of 1888 in giving the William
Ill
The most responsible for this attitude of the
Democracy was Vallandgham of Ohio He for
cibe character His had bled the Belgian
plains in the battle of the Golden Spur. He the
victim of military banishment during the war, escaped
over the lines and made dramatic appearance at the
Democratic National Convention in Chicago in 1864 and
wrote the peace e-at-any-price platform which
Mcclellan was nominated. He seemed the least likely
of any accept what others be inevitable
Yet he lived write the Dayton PLATFORM without re-
accepting the whole results of the war; the re-
stored Union. the abolition of slavery and ALL
His position in the party is held by Mr.. Bryan
If that gentleman would in the ST. Louis conven-
ton accept the gold standard, declare for its
sary collateral the flexible banking system and expan
sion of currency the fucuatng necessities OF
credit and abandon his theories. he would relieve
the Republican party of the burden of sustaining alone
the public and private credit of the country and would
clear the field for discussion of other subjects in the
years campaign Will he do it?
The situation in the Far Eastern war has resolved
itself apparently puzzle or one of those dvertinp