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of wheat, oats, and barley jointly. This may be called joint-Cerealism.
The Evening Post is right in urging “intelligent men” “to engage heart and soul in the great work of public instruction as to the nature and functions of money.” One of the most important of such teachings is that all sound currency must have a sufficient basis of precious metals so as to be always convertible into coin. The people of the United States prefer to use sound convertible paper money instead of coin. Probably not 5 per cent., perhaps not I per cent., of the present population, outside of the great cities, have ever seen a gold-piece. The total amount of silver dollars November 1, 1893, was :
In circulation.......... 58,725,818 1
Pieces of 1000 “Standards” would be
more suitable than silver dollars to be * July 1, 1896, 52, 175,998. *July 1, 1896, 371,303,176.
Standard vs. Medium. 71
deposited in the Treasury for silver certificates, and, when deposited together with gold, would comply with the requirements of the Constitution of the United States."
In discussions regarding monometallism and bimetallism, the terms Standard and Medium are sometimes confused. A Standard may be purely ideal or intangible. But to be of practical use it must be expressed by, in, or through a Medium. A certain portion of the arc of a great circle is an ideal or an intangible standard of length. When this is expressed by or in a metal measure, as a yard or a meter, the metal is the medium, and is longer when warm and shorter when cold. If the metal be of zinc, it will be too frail ; if copper, too soft. Brass, which is a mixture of these two metals, is more suitable. Labor is an ideal standard of value. When it is stored up or expressed in gold, gold is the medium. As gold cannot be increased in proportion to com
* See pages 24 and 80.
modities generally, it is not a just medium
Believing that facts and plain statements are more needed than rhetoric, I have thrown together in the Appendix a
Promeznent Monometa//ists. 73
number of facts and statistics with the declarations of those whom American monometallists claim as their best friends, and the admissions of such leading monometallists as Dr. Robert Giffen, author of Essays in Finance, The Case against Bimetal/ism, 7%e American Si/ver Buôā/e, etc.; Hon. David A. Wells, LL.D., D.C.L., etc., etc., the most distinguished of all our political economists and a champion of monometallism ; The London Statist, that stalwart monometallist; And I claim that these prove the necessity of using both gold and silver together as the basis of our currency.
If the people have a right to demand that all money shall be a just and true measure of value, or the representation of a just and true measure of value, according to Secretary Carlisle,
And if labor itself is the real standard of value, as stated by Doctor David A. Wells,”
* See Appendix, page 84. * See Appendix, page 85. * See Appendix, page 88. * See Appendix, page 79.
And if labor is continually increasing its power of producing all products except gold, as shown by Doctor Robert Giffen, Then it is obviously unfair and dangerous to make gold alone the metallic basis of our currency. If President Cleveland was right when he said,” “I hope a way will present itself in the near future for the adjustment of our monetary affairs in such a comprehensive and conservative manner as will afford to silver its proper place in our currency,” then I may reasonably ask all reasonable monometallists and all reasonable bimetallists fairly to consider the plan I have proposed, for I claim that it is precisely what the President hoped for. I am not now debating any question regarding debts already contracted. My plan refers only to providing a currency on a just and safe basis for contracts to be made after the passage of the act. Safety and equity lie in wedding the two metals together as in that clever ar