The Republican journal. [volume] (Belfast, Me.) 1829-current, 1886-03-11
An Administration Democrat.

AAAA
He has been heard from-the Administration
Democrat-the only one in Congress, apparent
ly, AT all events he is the first to come to the
defence of the Administration policy of slls-
pending the silver coinage. He is VIM. L..
Scott, a new member. and he represents the
9th district of Pennsylvania. The speech has
attracted much attention and is the subject of
favorable comment. The New York Tribune
summarizes it cditorially. 1t says: Mr.. Scott's
first point is very effective one namely, that
the Treasury would discredit silver if it should
force that metal upon any one who did not
want it, because it would thereby imply that in
the opinion of the Treasury silver was worth
less than gold, and that it paid out the poorer
money in order to reserve the better. Money
ought to be made alike good for all sorts of
citizens. Mr.. Scott urges: ''If there be in
circulation good dollar and a poor dollar, the
rich man will always get the good dollar and
the poor man the poor dollar. Congress ought
to protect the poor man; the rich man can take
of himself. He needs no sympathy nor is
he entitled to any True money represents
manual labor of average uniformity of value,
and is therefore the best measure of the value
of labor and all other products of labor. Gold
being produced by manual labor rather than by
capital applied to production. is a better meas
ure than silver. Mr.. Scott maintains. But he
holds that this country should preserve a true
bimctallic position, not driving out either gold
or silver, that it may be best prepared to meet
possible emergencies in the future. Silver, he
thinks, is the natural coin for subsidiary money
novel and interesting data to prove that the
amount Of subsidiary money used per c0pitd
clriously corresponds in England, Germany,
France and the United States. He then takes
up the argument that France, with Il large sill
yer circulation, should be our model, and shows
that this country has larger supply of money
than other countries, though it really requires
less because of the general use of banks. He
proves that France was subject to immense
losses and great cmbarraSsment> by reason of
its silver circulation in paying the German in-
demnity. and, by comparing the wares of labor,
demonstrates that the French monetary system
results in lower wages for labor and in greater
sutlerin" than are known in other countries
A strong point is the argument that the South
and the Southwest stand in peculiar need nt
more capital for railway building and the de-
Yelopment Of resources, and that the continued
coinage of silver and the fear that gold may be
driven out cause di>trtSt and lock up capital.
Mr.. Scott argues in support of his bill,
which Suspend> the coinage until there shall be
less than S20,00OO 600 standard silver in the
Treasury, but provides that there may then be
coined enough to bring up the unused reserve
to that amount, even though that may require
coinage of so ,oOo.0o0 in a single month. This
measure leaves the people to settle the question
for themselves, he urges. If they want more
silver, it gives them more; if they do not want
more, it does not force the coin upon them
This reasoning is clear and strong that ii is
advocates of coinage. MIR. SCOTS theories
look to the employment of silver as subsidiary
money only, and in that respect are open to
criticism. But His bill is devised to meet the
views of sincere bimetall>ts who do not want
to drive gold out of the country and vet wish
to continue the coinage of all the silver the
country can actually use. The Democrats who
refuse to sustain their own Administration 50
far to support moderate a meas urr, give
clear proof that they mean at bottom to force
the country to silver basis, and to drive gold
out of use, and are ready to break down their
own Administration because it will not aii
that cndeayor.