The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1891-02-26
ANDERSON c., THURSDAY MORNING. FEBRUARY &c, 1891.

fancies of diseased and unreasoning imag-
nations. The press is very much to
blame in its treatment of the matter.
Without any real facts to justify such
statements, the most respectable Of our
dailies repeat again aud again the asser-
tion that gold is being boarded, knowing
as they do that such statement impels
many thoughtless people to go and do
likewise. What others do, they argue,
must be for some good reason, and they
themselves do the same thing, when,
| perhaps, they are the leaders in the pro.
ceeding.
OF the two courses, see much less risk
of disaster, and evil in free coinage than
| we know by actual experience follows in
the train of monometallism. And if this
coinage by the United States Mint be
limited to the product of the mint smelt-
ers and re6ners of the United States, no
danger can follow
1t is needless to say that this consider
alton is limited to the proper basis of all
money, and if united action of the prin-
cipal governments Of the world could be
attained, the evil could quickly be cured.
But, in default of this, the United States
finds itself forced into Independent action,
and experience has shown us how impor.
'tant that all money in this country and
| issued by fat of this government should
have, not only fixed value for home
purposes, but be equally valuable to any
foreigner, and for all purposes connected
| with foreigners. The very distinguished
Secretary of the Treasury during the war
considered it a necessity to create
"greenbacks" as money, which had no
basis of redemption in coin. Government
bonds being purchasable in greenbacks at
par, receded to an exact quality with
them. Gold became commodity; vas
| run up in premium until it reached 2S6,
making one dollar of currency in gold
value of IS cents. Of course all things
adjusted themselves to this standard, and
all the transactions of the citizens of the
United States were made upon the sole
basis of the legal tender currency. Mil
lions, yes, thousands Of millions of debts
were incurred upon these bases. Now,
mark the result: Government bonds were
payable in coin /; it vas enacted and au-
nounced that this would be treated as
gold coin; the currency was declared to
be at given date redeemed in gold. The
entire fabric of "money" gave way; and
the value Of everything rapidly receded.
Every one who held property of any kind
purchased in currency saw that property,
without exception, recede in value, and,
by reason of the entire absence of gold,
much below its real gold value. Every
man and corporation that owed dollar
was confronted with the fact that whilst
every dollar of assets was now only pos.
sible to be sold at so cents or less, yet
that every dollar of debt for which only
40 or so cents value have been received
must now be paid in 100 cents gold value.
Result: widespread ruin, failure and
bankruptcy to hundreds of housands,
and frightful loss to everyone who owned
dollar.
Now, had the United States Govern
ment sold its bonds for value in the
worlds accepted dollar of value lat that
time, by virtue Of the demonstration of
silver, gold only it perhaps would have
realized only an average of so cents on
the dollar for its debt. Supposing this
total be estimated at 5000 millions, the
Government would possibly at the utmost
have lost 81, 500 millions of dollars, but
with the gold thus obtained it could have
issued currency redeemable in gold and
have maintained it to the end, and thus
have saved the awful fluctuations in
value and the great positive losses in.
ficted on its citizens by the unwarranted
increase in every dollar of obligation and
debt, thus changed from currency worth
IS cents to gold worth 100 cents. The
Government not only stood the loss of
the 1900 millions, in fact, but by its pro.
oeedings inflicted losses on its citizens
which no man can correctly estimate, but
which in all probability more than dou.
bled the Government loss on it's own
transactions.
This warns us that whatever money"
is established by government must be of
fixed and stable value, and made SO by
the government at all cost to it. think
that the suggestion contained in bill Of
fered by Senator Plumb that the govern
ment should issue one sole currency re.
deemable in coin, either gold or silver, at
the option of the government, an admi-
rable suggestion. even think It might
so further, and declare it freely redeena.
BILE ia gold or silver at the option of the
holder. Make such adjustment of the
payment of duties as would secure the
gold, or have the authority at all times
to keep up by purchase on hand an am
pie supply of gold to meet any demands
for redemption. If it costs the govern
ment even quite considerable sum per
annum in the purchase of gold to main
tain this state of things, it will be more
than counterbalanced by the saving OF
panics aad depression, and it will be the
cheapest way of giving this country an
absolutely fixed standard of value which
the world would soon recognize by pour
ing gold into this country for investment,
and rapidly do away with any necessity
for the purchase of gold for redemption.
The United States Government must not
leave this question to the peoples indi-
vidual action; that is, to produce fnan-
cial disaster on sll sides. It should Crap