Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1891-06-30
REPUBLICAN FALsEHOODS REGARD
ING SILVER.

be set against debased coin and depre
cated currency now as heretofore. 1t Is
in favor of gold and silver; and also paper
money based upon coin, all equal and at all
times interchangeable; equal IN fact and
equal in law. IL is in favor Of circulat-
ing medium large enough to do the vast
| business of this country; but insists that
that circulating medium, whether silver or
paper or gold, shall be sound and stable,
secure from discount or depreciation or
fluctuation; not only good among ourselves
but wherever trade extends. This has
been and is now the Republican policy"
There is a law on the statute book,
not yet year old, enacted by Con-
gress which in both of its branches was
under the complete control of the Re-
publican party and approved by Re-
publican PreSident-a law that Repub-
lican caucus framed and for which the
Republican party is fully and exclusive
| ly responsible. This is the silver and
legal tender paper currency act Of July
IA, 1890. 1t provides for the issue of a
paper currency, the amount of which,
under its provisions, in q few years will
exceed the total amount of the green
backs outstanding at the time of the re-
sumption of specie payment and not re-
6uced since. This paper will be re-
/ deemable in debased COMA coin of
which the intrinsic value is much lower
than its nominal value-and which must
necessarily depreciate whenever the
coin in which it is redeemabte ceases to
have an artificial and inflated value.
Major MCKINLEY speaks of paper
money and coin as sat all times inter
changeable, equal in fact and equal in
law" Surely the late leader of the
House OF Representative must know
that there exists no law-Such as
ADRIAN S. HEWITT, of New York, once
proposed-making gold and silver cur
rency interchangeable. II anyone
should undertake TO present at the
Treasury large amount Of silver dol
lars or silver certificate currency, de-
handing that it be changed into gold
coin or gold certificates, he would at
once be refused.
As Mr.. MCKINLEY is familiar with
the financial history of the last thirty
years, he undoubtedly knows that cur
rency "equal in law" is not always
equal in fact. At one slime during this
period it took almost three paper dollars
of the United States to secure
one gold dollar, though even
then the law regarded paper dol
lars and gold dollars as equal
in all ordinary transactions. The high
credit of the Government at present
renders not only the paper currency but
also silver coin, the intrinsic value of
which is about four-ffths of its nominal
value, 'eQual in fact" to the gold cur
rency. The last Democratic admins
tration desired to make this condition
permanent and secure stable and sound
currency a,i -.-.i------s------ anelod
the suspension of the silver coinage
after more than 250.000,OO0 standard
dollars had been minted until the bust
ness of the country indicated that this
sum could be safely increased. The Re
publican party not only rejected TINS
conservative proposition, but through
its last national convention denounced
and condemned it as ''efforts TO demone-
af,trt 70 NOV
the Republican party enacted the law
which the New York Times justly char
acterizes as ''the extravagant, absurd,
! dangerous, and weak silver bill OF lS9O.
As if this measure were not in itself
bad enough, the late Congress made the
condition of the currency still more
precarious by its reckless increase OF
the Governments expenditures, where
bv it lessened its ability to maintain the
equality OF the various kinds of cur
repcy. To claim that the silver paper
currency, as it now exists and will
largely and rapidly expand under the
provisions Of last years enactment, Is
'.sound and stable, secure from discount
or depreciation or fuctuation," is
gross delusion if it is not deliberate
deception. To say that our silver coin
and our paper currency based upon Sill
yer coin and redeemable in it is mot
only good among ourselves, but wher-
l. l.
hood. Though the Canadians have
adopted the American dollar they reject
our silver currency, and, while Ameri-
can gold coin is good at its face value in
very part of the civilized world, Ameri-
can silver dollars do not circulate out
side OF this country any more than Rus
sian roubleS are used as money in this
country. What Mr.. MCKINLEY de-
clares to be the Republican financial
policy is not now and has not for long
time been his party's policy. That
marty, in its National platform OF 1883,
opposed conservative financial policy,
and bv subsequent legislation took a
long step toward the deterioration OF
the currency.
IT is said that Mr.. HARRISON is as
deeply shocked over the ugly revela-
tions made about WANAMAKER, OF the
Postoflice Department, as was Queen
VICTORIA over the baccarat scandal OF
her precious son. But Mr.. HARRISON
has cnndnned the iniGuitY Of Mr.. QCAN,