The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1891-09-08
Edward Atkinson on the Sill
yer Question.

s NHauD Ill Ndluc III fiOI-
lars OF gold, even II coined without
limit the basis OF this reasoning
being that silver collars and silver
do now In fact circulate
at par with gold, a fact which is of
course patent to every me.
The question put is: lis: "If tho
silver dollar work. ~ substitute
for gold or its eqp.val. ut, keeping
on q par thereto, WIZ should we
not avail ourselves of oliver to any
extent and coin silver without
limit? 2" The plain answer to this
inquiry Is that silver dollars and
silver certificates, being receivable
for duties and taxes by the treas
ury of the United States, are prac-
tically redeemed in gold or it's
equivalent. They are, therefore,
on the same plane or at par with
the legal tender note commonly
called "greenback," which Is also
convertible into gold coin. 1t fol.
lows that BY this system, which is
practically a system of redemption
In gold, the government maintains
all the varieties of currency which
are now in circulation at par IN
gold. This security or redemption
at par was assured for a given pc
riod which has not yet elapsed, by
the amendment OF WI at is com
monty called the Biz bill for
free coinage, which p ,sed the
House of Representatives., hut
which was totally changed by an
amendment limiting coinage intro
duccd in the Senate by Senator AL
lisOn.
Senator Allison saw plainly the
immediate danger of the Bland
bill for the unlimited coinage of
silver in demonetizing gold and
thereby bringing the country to
the uncertain and variable single
standard Of the silver dollar. He,
therefore interpOsed the limit of
coinage not to exceed two million
per month, under which the silver
coinage was conducted down to
the last session Of congress when
by compuIsion Of law the secretary
Of the treasury was required to in
crease the coinage of silver dollars
to the limit of four millions per
month. OF curse it is not neces-
sary to 60 into the details Of these
measures.
The increase in the business OF
this country has not been accom-
panied by corresponding increase
in banking facilities; hence the
country has been up to this date
enabled to take up the additional
coinage and paper based thereon,
without as yet imperilling the
gold standard. All our currency
of every name and nature remains
convertible to gold on demand, and
is therefore at par in gold. How
long it Il be kept there is the
present burning question. The re.
ceipts Of the government for duties
and taxes are changing rapidly
The gold and the gold certificates
are being withheld from the treas,
ury, while payments in the silver
and silver securities are increasing
proportionately, to the end that
very many people have anticipated
the speedy exhaustion Of gold in
the treasury. This anticipation OF
danger has lead to the great &c
l.duction OF credits and to the diff
Guilty and depression in the con
duct Of business which is now SC
apparent. Loans on long time,
ever on the best securities, are re.
fused; credit has been greatly re.
stricted; prices which would have
been on the downward track, even
under ordinary conditions, espec.
tally Of cotton, have been forced tC
a still lower point for lack of the
ordinary credit facilities, evers since
the danger of the decentralization
of gold has become very apparent
to the administration Of capital
both in Europe and in this coun.
try.
The prospective scarcity of grain
in Europe has doubtless put of
the time Of danger. The high
prices Of grain will lift the Yves.
tern States out of their difficulties
but the discreuit which has come
from mis-legislation and from the
threat of the free coinage of silver
has adversely affected the South
in two different directions.
Your cash crop is cotton, which
must be dealt with at the golC
standard at any event, because
your principal customer Is Grea1
Britain. The threat Of FREQ coin
age sustained by the nearly full
vote of tho solid South has affected
the 6. anting Of credits in the South
ern States more than anywhere
else, and created a larger measure
of distrust than with respect tt
any other section. CONSEQUENTLY
while your cotton will be depressed
in price, the corn and meat, FOL
which you so unwiseiy depend il
too good a measure upon the Yves
tern States. will cost you a great
deal more,
1t is very difficult for northern
men who are conversant with
financial matters to comprehend
the attitude Of the Southern States
in this matter, it being more to the
benefit Of The South as q section tc
maintain the gold standard in the
strictest sense than it is important
to any other section. or course
where we have capital in In~- {
eXcess- our own. dealings may lie
put either upon Il gold basis or a
silver basis at u own will.
If this danger of the demonctiza.