Daily tobacco leaf-chronicle. (Clarksville, Tenn.) 1890-1895, 1891-08-08

The Commercial, Mr.. Sherman and Gold.
The Memphis Commercial has
kindly favored the LEAFC CHRONICLE
with an answer to its question,
"HoW our esteemed contemporary
could reconcile its consistency by en-
dorsing John Sherman's gold stan
dard letter favoring dear money by
increasing the credit OF the gold ba-
sis TO meet the demand for money in
proportion to the increase in popula-
ton ?" This question was put in
view of a former article in the Com
mercial, for which we had the pleas
ure of c0ngratulating Col. Heating,
denouncing the action demonetizing
silver as great Outrage. Mr.. An
drew Carnegie's article entitled ''the
A B G of money" was also referred
to by the LEAF CHRONICLE as talk
ing about the same position as Mr..
Sherman, because the Commercial
had before complimented Mr.. Car
negie's financial ability and his arti
Gle very highly. Weregret not hav-
ing the space to print the CONNER
ciaI's reply. 1t IS, however, sufficient
TO say that ii makes no difference
how MIR. Sherman came by his for
tune, or when or where he made it,
and that we agree with the CONNER
cial that he has the reputation of be-
ing one of the ablest ministers Of fl
nance in the world. That is, the
gold standard advocates so recognize
him, and this, in connection with
other evidence, is why he is charged
with engineering the legislation de-
monetizing silver. MIR. John Jay
Knox, we know, was put in the lead
in managing and pushing the bill,
but the history CT the legislation and
the evidence surrounding its passage
show John Sherman in the back
ground maneuvring for it, and if we
are not mistaken he also went to
France, exercising his influence to
establish the same policy in that
country. The fact that the policy has
worked so beneiicially TO the class
Mr.. Sherman represents and 80 detri
mentally to the great mass of the
people; that it has made milliCnaires
of few and paupers of thousands, |
proves him to be a g,eat financier,
and that is why we object to a con
tiuuancc of Mr.. Sherman's policy of
finance. He il SO able and nnscrn-
pulous that he is dangerous. All of
this, however, does not argue that |
Mr.. Sherman or his gold standard
associates are the only financial
heads in the world. The CONNER
cial should remember that no BIZ
metalist has had an opportunity 10
show financial skill on the Democratic |
and constitutional line, by which the
whole people Jrospered for seventy
years, since the Republican party
came into power. We do not admit
that Mr.. sherman is Il bimetaliSt, nor
any other man who fhVors making
one metal standard with all the
rights of free coinage and the other n
commodity. The constitution pro-
vides that gold and silver shall he
used as money TO be circulated on
parity. The law fixes a value on
each, saying how much of each
metal shall constitute dollar. The
coinage ratio Is % y grains Of gold,
and 37lI grains of silver. Gold en-
joys the benefit Of law, being adj
mittcd 10 free coinage. Every ounce
of gold mined in the world may
come to our mint and be- coined or go
into the treasury NJ bullion, for
which its equivalent will be issued
in some paper iOrm on basis of
23-22 grains for one dollar. This fixes
Unsteady, Interchangeable value. Not 20
with silver. The government buys
4, 800, 0O0 ounces Of silver per month
dS IL tblHulpbllS bl Nht HldiH iA Nhlh's
The value is fixed by the bankers of
London, New York and san Fran
cisco. The price paid now il about
rs cents for 81 grains, and the gov
eminent puts it in circulation in the
form of silver certificates and coin at
100 cents, which is ruhbing either the
people or silver miner, or both,
of twenty-five cents on every dollar, n
and this is what Mr.. Sherman favors
and calls hi.metalism, forcing the
people to take seventy-eight cents for +,
one dollar, making twenty-five cents
profit for the treasury, while the
spectators hold the gold in reserve
to control the market. This is also ,
what Mr.. Carnegie calls credit in his i
IA b { of money" lie says in II a
business of 500, 600 he uses $1,000 in r
money and So 600 in credit, and Mr.. +
ideas are the same, stated 8
In different form; that OF % per
cent. In checks and drafts. and per +
cent in money. The Commercial v
shows IL In another form. The an u
nnal business of the country amounts q
4. sNnA aela n0A md tho circulation