Morning journal and courier., 1890-04-17

seventy-five cent dollar" "Yes, that's all
of the world" Very well-wil you be 80
good as to put 100, 900 silver dollars, United
States coinage, with Brown, Shiplsy & Co.
in London, to my order at ninety cents In
gold for every one of them2" He made no
reply-intimated no willingness to test the
soundness of his judgment by actual expert |
ence. In cases like this the boys say, "put
up or shut up" he shut up. The fact is, as
every one knows, they are legal tender here
are not 80 beyond our territorial limits,
but they have almost equal value every
where else becauselthey can at q small charge
be shipped here where they have the benefit
of the legal tender function. When the
once fifteen cents of its value clean out of
every one, although it had ~ grains more
of the same metal that eomposes the stand-
ard dollar.
In gaining value from the legal tender
function it follows the same law that governs
all manufacture. A boot ia worth more than
the calf skin-a coat than the wool Of which
it is made. The coin is worth more than the
bullion in greater degree than the boot or
the GOAT is worth more than the calf skin or
the wool. For the latter once manufactured,
is never again worth quite SO much for other
purposes as before.
The silver coins are worth just a. much
as the bullion itself for every other purpose
than for money. Coinage into full legal
of some great, new, highly profitable infinite
use in the arts, which no one doubts would
raise the value of silver all over the world.
Ordinary manufactured silver could be used
in only a few directions. Coined money can
be used in every direction. Mr.. Window
says he thinks unlimited coinage of silver
dollars would reduce the value and price of
silver bullionl Unfortunately he fails to
show any reason for SO extraordinary a be-
lief.
The coins can rest in the vaults of the
government as securely as silver bars, and
certificates can be issued on them whenever
they are returned to the government. The
certificates can then be easily made legal
tender for all purposes, and one-third more
in amount can be issued on them and be
equally as safe; yes, more safe than the
smaller amount on the silver bars.
For the government to put up bullion In
it's vaults, or to allow it to go to its market
ncoined-unmRnufactu is as absurd as
it would be for the Brittania company to
sell crude material rather than manufactured
goods.
These certificates provided for in this bill
are to pass from hand to hand as money.
They ought to be made legal tender for
all purposes. All devices issued by the gov
eminent and intended to be used as money,
| ought not to be bastard money, but real
money.
Mr.. Window doubts whether the certifi-
Gates which he proposes could be made full
| legal tender because he proposes to redeem
| them in certain contingency in a commodt-
| ty. The decision of the supreme court as to
the validity Of the greenbacks as legal
tender rests simply and broadly on the pow
or of congress under the constitution to
make them legal tender. But convert all
be no question of such certificates being
made legal tender for all purposes; and a
third more of them, each far safer, could be
issued on the same "raw material"
Whatever else is done, let the certificates
have every possible use; make them perfect,
full legal tender, and for every purpose.
1t seems when they are received for some
purposes they are to be cancelled; when re-
ceived for other purposes they are to be re-
issued. There is no provision in this bill for
any certificates to be issued on the redeem-
ing dollars when they get round again as
dollars into the treasury. This will work
them at last round into the treasury in large
now exists for issuing certificates on silver
dollars. Is this to be left to the option of
| the treasury department.. do not think 1t
ought to be so left.
But all this only skins the surface of this
question.
1t is primarily and In substance a British
| question: question of American subordi-
| nation of American interests by an Ameri.
| cen congress to the craft and greed of Brit
| ish capitalists and their trade domination of
| the world. This is the pith of the question.
It began in the gold payments of Great
Britain in 1916, after considerable use by
private contracts before this; 1t was held in
oh 1,x,f lorsp Oh md ahoy,o
| policy of Napoleon in Offering to take in
exchange gold or silver each for the other at
| fixed rate. Without any Napoleon, but
only rage and humiliation at their defeat, the
French gave up this open offer, not as Secre-
| tary Window says, because the ratio could
not be maintained, but because they would
not maintain it. The ratio remained perfect
| till after the withdrawal of that open offer.
intended here to point out how 1t had
been put through our congress by British in
fuence, and its benefits have been reaped by
the British people-how they fout and sneer
at us while they skin us, and the congress of
the United States let's them do it. They
hold us losing money by the same device by
which they are making money.
1 am little surprised that no one seems
| to adequately emphasize this free coinage as
an element in our trade.
We ought to keep in mind the great dis
tinction between our purchasing trade Of
manufactured goods from gold using nations
and our selling trade of manufactured goods
to silver using nations. The former ought
to be restricted by tariffs and possibly by
gold exchange and gold premium. The lat
ter to be stimulated by subsidies and ocean
carriage at the government expense, and sill
yer coined free and unlimited. This will
draw every ounce of it to us to be paid for
in our manufactured goods. If you buy
only q limited amount, say 81 500, 900 of
| lvar fon1 vwNr 70 hv1v
an ounce), you will drive every ounce of sur
plus silver to England to be paid for in her
manufactured goods. You pay men a boun-
ty to trade with England rather than with
us. The lunacy of all this is past finding
| out.
| It surely is not work in which republic
can statesmen can win their brightest lau-
| rels. Yours, JOSEPH SHELDON.