376 THE QUESTIONS OF THE DAY. 



for the sake of relieving this small remnant of the old form 

 of debt, even if it could be relieved by free coinage. 



Finally, the gold standard is the more stable, because inter- 

 national, and therefore less liable to disturbance from local 

 causes. A currency which is national only, as between the 

 nations recognized as commercial, would constantly fluctuate 

 from causes arising within the country — as popular agitations 

 for changing the coinage, the exhaustion or discovery of mines, 

 and the like, which would not affect, or would affect in a mucli 

 less degree, money circulating at full face value among all 

 commercial nations. The natural and most desirable stand- 

 ard of money is that used in the largest transactions, and 

 which is universally recognized as money. As a matter of fact, 

 since silver and gold have never yet remained .stationary in 

 any country at any ratio, it is reasonable to suppose that they 

 never will. Whatever we may say, or whatever fiction of law 

 we may adopt, the real standard will always be either gold or 

 silver, and gold is the best and most just. In so far as we 

 have obligations not yet due, payable in "lawful money," either 

 to foreigners or our own people, it would probably be a relief 

 to the immediate debtors to pay them in depreciated silver. 

 As, however, all such obligations have been contracted under 

 the pledge of the nation to maintain all currency authorized 

 bv it on a par with gold, the creditors, in such cases, would 

 consider themselves cheated, and when other Americans, as is 

 sure to nappen, wish to borrow money, they either could not 

 get it, or would be compelled to pay dearly for it. This would 

 result in relieving present debtors at the expense of future 

 debtors. This is not good statesmanship and would not pay. 

 We want sound money. 



The above is the argument for a gold standard condensed 

 into the strongest form in which I am able to express it. 



The argument for free coinage of silver by the United 

 States, regardless of the action of other nations, at the ratio of 

 sixteen to one, both gold and silver to be full legal tender, 

 may be stated as follows, in the language of a supposed earnest 

 advocate of that policy: — 



I. It is just. The fall of prices can by no means be 



