Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1891-03-13
THE DEMOCRATIC POSITION
On Gold and Silver as Currency.
National Democrat.
80 - 80.

OF silver during the present year.
What the Fiftysecond Congress will
do, we cannot tell
During the present year the Treas
ury Department will go on buying
silver at the rate of 81 100000 a
month, upon which silver certificates
will he issued.
The question Of free coinage of silver
is undoubtedly exciting more atten-
ton than any other question before
the people. During the next ten
months it will he our duty TO study
the whole matter thoroughly.
OF one thing we feel quite sure
The Democratic party is not going to
suffer division and defeat on any ques-
ton Of gold or silver currency. The
Democratic party never has split up
on a financial question and We don't
believe il ever vii.
1t il well to remember that the fun
damcntal principles Of the Democratic
party are not involved in this ques
ton OF gold and silver coinage. A
man may he n sound Democrat and
believe that gold should be the only
currency metal; he may lie sound
Democrat and hold that il there is to
he u choice between the silver and
gold dollar, the silver dollar should he
| the standard. Or, he may hold that
both metals can and should he used
on some practicable ratio, and be
very good Democrat indeed.
II is equally clear, that the ques-
ton of gold aud silver is not n sec
tional question, and is not to be one.
In no section Of the country are the
people unanimous in their opinions
on gold and silver. The great ma
jority everywhere believe in q sound
and stable currency and plenty of it.
In New York City the prevailing
opinion is in favor of single gold
standard; but so il is in Chicago and
every other large city in the country.
We believe that there Is as large a
proportion of the people in Massa-
chusetts in favor Of trying the expert
ment OF free coinage as in Minnesota
or Wisconsin.
II there is any one thing clearly ap-
parent in regard to gold and silver
money as affected by national legisla-
ton it is that no one has been, or is
now, able to predict with certainty
what will he the result Of any measure
Nearly all the prophecies that were
made IN regard to existing legislation
have failed to come true, and this is
quite as likely to he the case in the
future as in the past.
The advocates of free coinage point
out with much force that the present
system OF coinage will bring us TO "a
silver basis" certainly by lS95-per-
haps much sooner, and they ask why
postpone the inevitable?
On the other hand, the opponents
Of free coinage say the present law is
pretty sure to cause the purchase by
the Government Of the whole product
Of the American mines, and that il is
just as well TO try this law for year
before going any further in our coin
age arrangements.
II is matter Of some importance to
know whether the present law is going
to result in greatly increasing the pro-
duction OF silver in the world, as some
predict and others stoutly deny.
II will be possible to form a better
opinion on this subject year hence
than it Is now. II will not he asserted
by anybody that il the annual product
of either gold or silver were To be
doubled or quadruplcd that the present
value Of either metal could be main
tanned.
Last December, when it seemed pro-
bable that a law for the free coinage Of
silver might be obtained at the present
session OF Congress. thousands OF timid
people all over the country began TO
sell stocks and bonds for gold, which
they did not leave in the banks but
boarded in safe places to await the an
ticipated premium. This was one OF
the causes Of the "slow panic" that
then spread through all the money
centers OF the country.
Now the men who have money in
vested in the shares and bonds OF cor
porations, and in mortgages and other
securities, are all busily engaged in Sc.
curing stipulations that they shall be
payable, principle and interest, in gold
dollars. 1t is no longer possible TO
Hoat large railroad or other loan OF
any sort without making this provision
clear. II Is aimed by this to prevent
possible depreciation in the value of
all such securities.
There is no harm in this il. rs the
advocates OF the full reconciliation OF
silver claim, the result of such remon-
etization would not be to drive gold
out of circulation, and womld be to de-
preciatc the value OF gold as much as
il appreciated the value OF silver, SO
that there would be no parting OF
company" between the gold dollar and
the silver dollar.
On the contrary il will help to make
free coinage easier by taking away the
causes Of apprehension which existed
few months ago when immediate
free coinage was believed TO be prob
able.
Concerning the effect OF Mr.. Cleve-
lanl'. silver letter on his individual
fortunes we have nothing to say. No
good can come from discussing that
! question. That is a matter to which