Fairhaven herald. [volume] (Fairhaven, Wash.) 1890-????, 1891-06-11
CARNEGIES LATEST

Andrew Carnegie, whose name is
familiar almost, as a household word,
on both sides of the Atlantic, by rea-
son Of his success as an iron manufac-
turer, in the United States, and as a
Scotch land holder in Great Britain,
contributes to the current number of
the North American Review, an
article entitled, the ga b G of
Money" The article is coched in
simple language, and is intended to
teach the lesson, in a plain and direct |
manner, that a gold standard of cur
rency is the only hope, financial or
moral, of any country. He maintains
that a double standard is impossible,
in short, that gold having fixity of
value, should be king.
From a monOmetalli standpoint,
Mr.. Carnegie reviews the different
articles used as money from ancient
times down to the present, his every
deduction being drawn, with gold
like fineness, in favor of the gold god
which he has set up, that not only
himself, but all others holding simi-
lar views, may fall down and worship.
In the short space OF a newspaper
article, only the most incomplete
reference to the question is possible.
1t may not be amiss, however, to re-
mind any monometallist, that the
adoption Of a standard cannot increase
or diminish the supply Of precious
metal in any country. But this is
what Mr. Carnegie forsees in the
reckless coinage Of silver dollars by
the government. He warns them that
IL the pernicious practice is long in
dulged in, the last gold dollar will
have found its way to England, which
so well knows what is best for the
country and has therefore gold
standard, and plethora OF 'debased
silver dollars" will be the only money
sight upon which an American car
feast his eyes, unless he too follows
the yellow dollar and wings his flight
across the water While concedinl
the ability OF Mr.. Carnegie tt
discuss all matters appertaining Il
money, its uses and abuses, the fact 4
obvious TO the most careless reader o
his article that his views are one
sided, not to say narrow. He sees n
good in silver; it is to him as tn
veriest rubbish, probably having som
little use in manufactures, but as
money medium, never. He only see
in the coming OF silver dollars the er
riching of few silver men, and Dc
nles to his own satisfaction that th
increased coinage Of silver can no
has not. nor will not increase the CT
culation or work anything but DANCE
perhaps ruin TO the nation. As
special plea for gold standard onl
the article is unsurpassed. But II
growth and development of the enti
West and Northwest, due In lar,
measure to the growth Of the silv
industry, is entirely overlooked or fo
gotten altogether. Silver productit
has gone on for years, the supply, ev'
as charged is gradually becomil
greater, and the country has grow
correspondingly great and has assum
more magnificent dimensions. II
credit OF the United States is uni
l,eachable; her promises to pay a
gilt-edged in every particular; her
yer dollars are on a parity with go
and are legal tender for debts a
taxes.
Gold bugs are prone to point TO I
inflated currency of half civiliz
South American states and read the
from homlies on the desrability
gold, only gold as a money standal
Comparisons of this nature are
only odious, but they are unjust
well.
The credit of the United States