Daily tobacco leaf-chronicle. (Clarksville, Tenn.) 1890-1895, 1891-05-28
The Commercial still OF On SILVER

The Commercial Still Of On silver,
The Memphis Commercial com
plains that the LEAF CHRoNICLE has
placed it in the wrong light before
our readers on the silver question.
This we did not intend, and hasten
to set our most excellent contempo-
rary right. We esteem the CONNER
cial as one of the ablest journals in
the South, and its distinguished edi-
tor, Col. Heating, one of the fairest
and most courteous writers in the
discussion Of important questions,
and would regret to do him injus-
tice.
1t is just to state that the CONNER
cial has been most consistent in its
opposition to free silver, putting in
its sledge- ham mer ticks all the while
the measure was pending in Con
gress. Its endorsement of Banker
Godwin's sentiments on the demon
etization of silver showed that the
difference between it and the LEAF
CHRONICLE was not as heretofore APP
parent, and we were inclined to re
joice that the Commercial was COM
ing around to our way OF thinking.
We agree as to the importance of sill
YER as circulating medium, the ne
cessity for placing it on parity with
gold, and that it should be made
a means of Accommodation in
the commerce of the world, but
differ widely as to the methods Of
gaining the desired end. The LEAF
CHRONICLE thinks it can be best
brought about by free coinage, and
that this method is worth trying for
two years at least, holding that there
Is no other way of placing 1t on par
ity with gold save by giving coin
value instead of commodity value,
subject to the variations in the mar
ket The Commercial holds that it
must be done by international agree
ment, which we do not believe will
er can ever be reached until Ameri-
ca, the largest silver-producing coun-
try in the world, forces such an agree
menl by free coinage, placing coin
age value on the metal, just as a uni
form coinage value is placed on gold,
thus drawing the silver product to
Washington or New York for its
coinage value, 100 cents in the dollar,
instead of sending it to London to
be valued by its worst enemy, on a
commercial basis, which our esteemed
contemporary says is only 80 cents in
the dollar. This, we think, would
inevitably place silver on parity
with gold, as no country is willing or
can dispense with silver entirely as
circulating medium. Even England
is now using $lO5,000,O00 of the de-
spised metal as d circulating medium,
which is doing the largest share of
the monetary WORK in that country.
We quote part of the Commercials
reply to the LEAF.CHRoNICLE, set
ting itself right, as follows:
"Our agreement with Mr.. Goodwin
as to the crime of demonetizing sill
yer in 1873 does not commit us to the
free coinage of silver, which, under
the law as it stands, has been attend
ed with results almost prohihitory of
anything like an international basis
OF parity being reached, as our silver
cents. We hold that the silver dol
lar should contain as much silver as
would fetch dollar in gold in the
open market, according to the gold
basis established by the commercial
nations. We hold that the nations of
the world have been so nearly uni
fled by inter-communication and
trade that an international currency
Is as essential to its conduct as the |
national currency OF this country is |
to the trade of the people of the |
states, who, before it was established,
were the prey of money sharks who
robbed them by heavy discounts on
the notes of banks which subsequent !
ly went by the board, leaving them
as costly souvenirs of a period when
banking was being developed along !
very hard lines. In treating of
money we must start from sure
and secure foundation. Such basis |
we find in gold, which is the COM
mon standard, the fixed standard of
the world. If silver is to circulate in |
parity with gold it must be upon this
basis, and with the consent of all the
commercial nations
Fifty Spasms a Day.