New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-03-15
ERR0Rs ON me SiLVER QUESTION.

The question is asked how it happens that so
great number Of the people Of the west ana
South insist upon continuance of silver com
are To business men, and TO intelligent men
who are not in business in Eastern States, 1t
seems clear that il would be great wrong to
public creditors to force this country to Il silver
basis. Must they believe thata great number
of people at the West and South are gov erned
by dishonest motives To the Eastern people,
il seems clear that continued coinage must in
vove great dangers, if not great disasters to all
branches of industry and trade. Is 1t to be be-
Iicved that great number of people IN the
West and South are destitute of practical
business sagacity
II should first be remembered that the opinion
has been widely taught and deeply rooted that
the discontinuance Of coinage of silver dollars
in 1913 was Il wong to the people, from when
they have suffered and are suffering great in
Justice. This belief is an error; those VINO
examine the facts know that the silver dollar
was not in reality part of the actual money oi
the country for nearly forty years PRIOR to the
enactment of 1878, and that the discontinue
ance of the coinage therefore affected no
interest wrongfully. But n mistaken belief, II
an honest one, is often peculiarly persistent and
powerful in controlling the actions of men.
Mistaken though they are, Western people be-
lieve that the range of prices in this country
would have been far different from what 1t is
or has been during the past ten years, if when
silver began to decline there had been Oppor-
tunitv to coin that metal freely, and to use it
freely instead of gold in payments and pnr-
chases. Then, they reason, silver would not
Ia
extent. but the prices of commodities and par
tculaIly of the products OF farm LABOR would
have been sustained. and thus the producers Of
the West and SOr tn would have obtained during
all these years a better reward for their labor
This is a mistaken belief, but it is neither dis
honest to mold it nor wicked to act upon IT..
There can be no wise adjustment OF the silver
question until there is candid recognition OF the
fact that those who hold these beliefs aud who
insist upon the continued coinage of silver, are
deserving of fair treatment in discussion, and
in the main, of the respect due to men who
honestly mean to do right.
The idea that the bonds of the Government,
or a part of them may properly be paid IN silver
dollars is also an error which has been carefully
fcstered and deeply rooted, and which has
great DOW er over the minds of men, and yet III
is an error. The review of facts recently pub
lishcd in these columns establishes beyond
doubt that. when the bonds Of the United States
were issued to obtain money to meet the cost
of the Civil War, silver coin was not in use in
this country; the silver dollar then cost more
than 100 cents in gold nobody wanted to use
it in payment intelligent men knew that the
Government could not get such dollars to pay
with if it tried and everybody understood that
payment in gold was meant, when the bonds
were made payable in coin. Those who re-
member the events of those days must be per-
fectly aware that there was at the time no
thought of payment in silver. 1t is not without
reason that the people of Eastern States
earnestly urge that the understanding which
actually existed, on the part both OF borrowers
and lenders in the days when silver was not IA
part Of the National money in use, ought TO be
respected and held sacred. Yet it is not wise
to ignore the fact that those who, through
mistaken information, hold a different opinion,
NAV be entirely sincere, and are the more
dangerous to the public welfare because of
| their sincerity.