The morning call., 1891-06-28
SILVER AND ANTI-sILvER.

In a recent number Of the North Ameri-
can RerielC Mr. Andrew Carnegie enters
the silver discussion as an opponent to free
coinage now OF at any other time. He
thinks that the single gold basis is indis-
peusable to stable currency, In that artic lie
he says: ~, a Republican, would rather
give up the Mckinley bill and pass the
Mills bill if for the exchange l could have
the present Silver Bill repealed and silver
treated like other metals" Mr.. Carnegie
is at least entitled to the credit of a bold
and clear statement of his views. He does
not say that he would defer free coinage
until Europe is ready to adopt it with US,
but that he does not want free coinage at
all He would not have silver dollars of
any weight or value made a legal tender.
To this somewhat arrogant demand for leg
islation which strikes out Of existence one
half the money in the world Senator
Stewart replies:
The people OF the civilized world, when silver
wa reDudiated, were Indebted not less than a
hundred thousand millions. Every contract by
which that vast Indebtedness was Incurred pro
yided Tor payment in either gold or silver. Tie
debtor did not agree to pay gold. The contract
gave him the option TO pay in either metal You
and your associates excluded silver from The
minis Of the United States and Europe, and
thereby compelled payment in gold alone.
There does not seem any other answer to
Stewards reply than that a man has a right
to increase the value of the money. in which
debts must be paid if he has the power.
Mr. Stewart stated his facts correctly. The
debtor did not agree 10 pay in gold The
contract gives him the option to pay in
either metal The act demOnetiZing silver
in 1873 took this chance from him. The act
of 1873 restored it 10 him, but it is this act
that Mr.. Carnegie desires to see repealed.
IL Mr.. Stewards good genius had compelled
him 10 stop at this point he would have left
the field Of controversy with Carnegie on
his back. But Mr.. Stewart, not knowing
when he had his man down, continued as
follows:
Poor argument is that, because the value of
gold cannot be changed, IL is The only material
fit for use as money. Suppose, Mr.. Carnegie,
that all the rocks we've guld would all ounce OF
that metal buy the same amount of iron or steel
that It now does? If gold were so plentiful all
over the world as 10 render it necessary TO re-
move il from The land before the soil could be
cultivated, would not its value be ehangedP
This unfortunate suppose" gives Car
negie time to get on his feet. His reply
would be that if co nditions should change
as radically as Mr.. Stewart supp oses, his
position on the gold or silver question would
change also. He would not select as the
lGetal TO make money Of anything so COM
mon as rocks. Money Of so common a
metal would have no intrinsic value. It
might as we'll be made of leather or any
other manufactured product that would
stand the wear and tear of usage.
But the condition which Mr. Stewart so
graphically describes in the first quotation
exists. Most of the hundred thousand of
millions the people owe has been since 1873
made payable in gold. 1t was not payable
in gold at that time, but it is now. 1t is not
possible for Mr.. Stewart or for Congress TO
undo what has been done. Men Of the Car
negie stamp have had inserted into all dc bt
contracts the provision that payment shall
be made in gold. What is the thing TO do
under such conditions? Is it not to legislate
for rise in silver TO its former ratio with
gold before making silver the money of
everyday trade-tbe money which wages
will be paid in and the money which will be
used under free coinage to buy gold at what
ever premium it may rise to tor the pay
ment OF contract debts?