Daily tobacco leaf-chronicle. (Clarksville, Tenn.) 1890-1895, 1891-05-07
DR.. Wright, Gold Bugs and Free Coinage

DR.. Wright, Gold Bugs ana Free Coinage.
Our esteemed friend, DIR. d. F..
Wright, brings out some forcible
facts in discussing the silver ques-
ton, "mono-metalIist," and obi
metallist" and "gold bug" He,
however, falls into the same error in
which many others are caught, who
are not familiar with the provisions
and operations of the present silver
law, and get their information, as he
admits, from 1.-The weekly statements
Of the money market" If the Doc
tor understood that these weekly
money market reports are prepared
by the gold bug" he 50 properly de-
fines, and that they are published for
certain effect, aud that the present
silver law is the gold bug law, bill
prepared and pushed through Con
gress by gold bugs to defeat free coin
age and further demonetiZe silver,
then he would apply his points and
strong arguments differently. The
gold bug of to-day is the same man
he was ten or twelve years ago, when
the then able editor of the Chronicle
was 50 iorcibly discussing the silver
question and the outrage of the law
demonetizing the dollars of our dad
dies-the Democratic money of the
country. The gold bug certainly
means the imam who is aiming to
raise the value of gold for selfish
purposes"
Free coinage" as it is termed
today, is simply "bi-metallism," the
same principle which Dr., Wright
was contending for twelve years ago
when he was in politics resisting the
decentralization of silver. Free
coinage means now just what it did
then-'the coinage of whatever sill
yer is voluntarily brought to the
mint for that purpose'-and that was
what Democratic Congressman
fought for, and were about to pass the
bill when Mr.. Cleveland wrote his |
celebrated silver letter. "Compul-
sorry coinage which the Doctor des
ignates as "despotic coinage" il that
provided for in the present silver law.
This law requires the Secretary of
the Treasury to purchase $500, Geo
silver bullion per month (part Of
which is to be coined), which is paid |
for in silver certificates rtdeemahle |
in silver coin, bullion or gold. The
gold redeemable feature was urged !
rs feature placing silver on par with
gold. but has the contrary effect of
making silver commodity, us the
friends Of the measure well under |
stood at the time The effect of this .
law was at once to check the exports
of silver, which went as other pro-
ducts to make up the balance Of
trade and force the government to .
take the entire product Of American
silver and use IFS gold in the rcdcmp.
ton of silver certificates, which are
nothing more than government
checks, used almost entirely by the
money spectators in trading with
the government. The consequence
is that the balance Of trade is against
us and gold exports are going freely
to settle the balance, and as the Doc
tor says, will have to be brought
back at ruinous sacrifice, for the
gold ugs are controlling he whole
matter, ami between them, Wall
street and London, they will reap
the profits. Silver, under the present
law, is like wheat, corn or cotton,
simp'ya commodity, worth what it
will bring in the market, and the
government vault is IA sub.treasury
on the Macune plan for the deposit
of this produce, for which the depos.
itor of bullion may take certificate,
only il bears no interest, use the GER
tIficate as long a. he pleases and
then return it and receive his silver
bullion. or gold to its market value,
a. he chooses. This is the kind OF
fraa coinage DR.. Wright is talking
ahont and he Is correct in regard to
a. had effect. The gold bugs are
using it u throw dust in the peoples