The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1891-06-02
a PROTEST AGAINST THE FREE AND
UNLIMITED COINAGE OF SILVER.
To the Editor Of the Eagle.

1 l.
age of Silver, by Mr.. r. II. Lockwood,
in your issue of May 20, was one of great
interest to me, as it discusses question
of vital importance to the people of this
country. 1t was evidently written by
gentleman who is honest and earnest
in his efforts to secure kind and vol
ume of money, which he thinks would
be most valuable and do most to pro-
mote the general prosperity of the whole
country.
While, undoubtedly, some of his theo-
ries and arguments are sound, we are
confdents the conclusions he draws
from them are fallacious and the
remedies he proposes would be
disasters, and if adopted by the people
would defeat the very object he has in
view. In other words, we believe that
the free and unlimited coinage of silver
would enormously diminish the volume
of money instead of increasing it, and,
with your permission, will show why it
would so do.
Your correspondent makes the follow
ing statement at the beginning of his
plea:
1. "In making this argument, we
will first undertake to prove that money
is commodity, that its relative value
depends upon supply and demand"
Without joining issue on this point, we
will give him all the benefit he can de-
rive from it, but will call his
attention to other qualifying
influences affecting the value and volume
of money. Before doing SO, we copy
another statement from his article.
2. Now no one objects to gold as a
money standard, but it its supply has
become so very limited and the demand
therefore has become so very great that
there is not enough of it to meat the de-
mand therefore, or to do the constantly
increasing business of the country.
Hence we must resort to some other
method by which the present volume of
money may be greatly increased. We
therefore endorse and recommend the
free and unlimited coinage of silver as
being the best means of accomplishing
this purpose"
Your correspondent is certainly mis-
taken in saying that mo one objects to
gold as money standard, for
new third party has just
held its convention and adopted its plat
form with money plank substantially
discarding both gold and silver as a
standard. We reproduce their plank
for his consideration.
3. The right to make and issue money,
IS sovereign power to be maintained
by the people for the common benefit;
hence, we demand the abolition of
national banks as banks of issue, and as
substitute for national banks, that
volume to transact the business of the
country on cash basis, without damage
or special advantage ia any class or
calling; such notes to be legal tender in
payment of all debts, public and private,
and such notes when demanded by the
people, shall be loaned to them at not
more than two per cent per annum upon
non-perishable products as indicated in
the sub-treasury plan, and also upon real
estate, with proper limitations upon the
the quantity of land and amount of
money.
Now the party that has adopted the
above platform, has voters enough in its
ranks to elect senators and representa-
tlves in congress, and Senator PETER
as editor of the Kansas Farmer, an or
gan of the Farmers Alliance, in an edi-
torlal makes the following statement in
regard to standard, which we called at
tentlon to in a previous communication.
4. ''Those persons who insist upon a
gold standard, or silver standard, or
upon bimetalic, or upon any sort of
standard are persons who are
in making money |
more valuable than property, or |
else they are persons who have never
given the subject any serious considera-
ton. Yet we say that nickel and cop
per and paper are all as good as gold or
silver when people say SO. What gives |
value to cOin--is law, |
nothing else" Again Mr.. PETERS paper |
says: This article which we call money |
serves the purpose of affecting exchanges
and 1t matters not what its intrinsic /
value is, if the law says it is lawful /
money and makes it so, that is enough. |
Now your correspondent must see |
that Senator PETER and the Farmers |
Alliance, find similar objections to the |
standard that he does to the |
gold standard, that is to limited, and |
that their method by which the present |
volume of money may be greatly in
creased will discount his ten to one.
Now what is the difference between
the money policy of your correspondents |
and those of the farmer Alliance? 1t is
this: One bases money |
upon commodity value, and the other
upon land. One wants money made of
gold and silver which have value in
them; the other of paper which is prac-
-ically without value. lir. L. thinks
he present volume of money can be
successfully and safely increased by the
Tree and unlimited coinage of silver:
Senator PETER by the free and unlimited
SSue of government treasury notes.
The greatest difficulties to be met in
he consideration of the money question,
S that the great majority of those inter- {
sSted do not have a clear understanding
Is TO what money really is. When all
arrive at a correct definition of money. it
will not be long before there will be a
unity of effort 10 obtain the article in
quantity to transact the bust
less of the country. The true definition
If money is "a legal tender for debt.
il Is that article which the laws of any
country make legal tender for debt"
Justice demands that legal tender
or debt should be an article that in and |
IF Itself contained value that is an
equivalent for the debt it pays. or that is
BILE in such nnnnav To cnrnronl