St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-12
THE SILVER QUESTION.

Although / am a lifelong Republican,
| have learned TO look TO the GLOBE as the only
newspaper of the Northwest which gives u
fair, unbiased opinion on all public matters.
Therefore write TO ask you to give a concise
statement of the silver question, and without
regard TO what effect it may have on political
parties, will the suspension OF silver coinage
be ben eft or an injury to the country?
INQUIRER.
| Fergus Falls, Jan. 9.
We do not know that we can give a more
concise statement than to say it is an is
sue between the capitalists of the East and
the agricultural masses of the West and
South. Legally we have double standard
of gold and silver. The supporters of an
exclusive gold standard, claim that there
can be but one standard. that eventually
the cheaper metal will drive out the dearer.
The supporters of the continued coinage Of
silver claim that we are a silveT-pro-
ducing nation and interested in finding
as much use for it as possible. They claim
that the aggressive policy of England and
Germany against American silver is an ar
gument in favor of preserving the inviola-
bility of the American dollar. So far as
we are enabled to get at the meaning of
that part Of the presidents message which
refers to this subject, the position that the
administration takes is that the main issue
as to the relative or combined merits of sill
yer and gold as medium of exchange is
not the question Immediately before con-
gress. The point that the president makes
is that the coinage law shall be suspended
until permanent definite policy with re-
| A< ar1 g 70 It,Ix
cred and decided upon.
Now as to the GLOBES opinion. We re-
peat what we have heretofore said, we do
not believe that any valid reason exists why
silver coinage should be suspended. The
law makes a dollar of 412N grains
of silver nine-tenths fine. 1t makes
dollar of % and S-1oths grains
of gold nine-tenths fine. The debt
paying capacity of the silver dollar is equal
to that of the gold dollar. and yet there is a
discrepancy of 20 per cent. between them.
That is gold dollar will purchase 515
grains of silver bullion of standard fneness.
The GLOBE has maintained that the in
| trinsic value of each dollar should be made
equal. If it is necessary to put 20 cents
more of silver in the silver dollar to bring
it up to an equal value with the gold dollar
| then we advocate an amendment to the law
in order to accomplish it. If it be true as
| is claimed by the silver supporters, that
silver has not fallen in value but
that gold has been artlficially ex-
allied in value by the artful methods
of the gold bugs then the country
will demand of congress such legislation as
| will roll of ifu Dnf
| in no event will there be a necessity for
suspending silver coinage. The GLOBE
holds that gold and silver is Natures money,
and being such, is the basis of all conven-
fences, all credits, all trade and commerce.
In proportion as this money abounds is
prosperity felt in the occupations and en-
terprises of men. The GLOBE does not be-
lieve that there is any danger of having too
much gold and silver for the prosperity of
the country. On the other hand, we be-
lieve that restriction of its quantity
and contraction of Its volume is
death to prosperity. AT all events,
we are quite sure that there is not a
surplus of either gold or silver coin in the
United States to-day. This is young and
growing country, and our developing con-
dition demands larger volume of currency
than older nations require. 1t will be OBJ
served by those who care to look into the
statistics that our money volume has not in
creased In proportion to our population.
We need more money. In view of this fact
it would be suicidal policy for the nation
to undertake to contract the volume
when it is not now equal TO the
speculate as we please about the
causes which are producing the hard times
that are upon our country and upon all
countries but the causa causans, the cause
behind and generating all others, is the
! modern endeavor to destroy the monetary
value of half the specie of the world. And
so far as our country is concerned we look
upon the effort to destroy half of it in order
that obligations payable in the other half
| may be increased In value, as the boIdest
speculation ever attempted by the stock ex-
change against capital and labor.
Nor does the GLOBE believe that the
question is legitimately partisan. 1t is one
that affects Democrat and Republican alike.
1t is a lamentable fact that a majority of
the Republican leaders have aligned them
selves on the side of the stock brokers i'm
this fight against the people, fact no
doubt partially due to the Republican in:
stlnct to foster and encourage monopoly in
whatever form it S presented. On the
other hand the Democratic instinct of de-
Tending the people against the encroach-
ments of monopoly has led the majority of
Democratic leaders to take position with
Al. a., Al
In this way an apparently partisan aspect
has been given TO the situation. But it is
an issue which must be fought out by the
people irrespective of their party afilla-
tions. 1t is also matter of regret to
find portion of the Minnesota delegation
in congress arrayed against the interests of
their constituents in the matter. What the