Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-10-01

1891.
and safety of orr country. In 1878, after
five years of stagnation, partial coinage OF
silver was resumed by the purchase OF
50, ,000, 900 ounces of silver per month. Thls
gave some relief, and the tide of progress to
opulence was by degrees resumed
Our people, naturally active and amb1tl,
Gus for wealth in the midst of great natural
resources, were only limited in their opera
tions, by the amount of currency they eould
command.
CURRENCY NEEDED. 3
AS the great work of development went
on larger volumes were needed to meet this
want. We invited and received large
amounts of foreign capital, so that now
foreigners own and control many, If not
most, of eur great industrial enterprises.
But at last the pressure for more money be-
came so great that last winter it eliminated
in fruitless effort to fully remonetize sill
ver
A change, however, was effected in regard
to silver. The Treasurer of the United
States was by law instructed to buy in the
open market 4, 500, 900 ounces of silver per
month and coin into money as may be
deemed necessary. This is about the amount
of our annual production.
But why give the producer of gold the
full money value of his gold and only give
the producer of silver rs per cent of the
money value of his silver, while using as
money silver and gold at their full money
value. Is this not unjust paradoxical, if
not cowardly and beneath the dignity Of our
Government?
AN AGE OF ENTERPRISE.
Now, have tried, briefly as possible, to
sketch the facts of history,that throw light
upon the money question, and in applying
its logic we must bear in mind that our age
is one of gigantic enterprise, requiring the
use, in order to smoothly move them and
prevent money panics by too freely using
private credit, of volumes of money unpar-
alleled in history. That it shall consist of
gold alone with paper based thereon, would
fail to give us enough. Even with gold and
silver paper money must be used largely in
excess of the metals we hold. I will now
proceed to set forth what seems to me fair
deductions from past history applied to
modern times on the money question:
First-Money we must have in larger
volume than ever before or suffer the con-
sequence for years in getting down to q
money basis where a small sum will answer,
which would be to lower all values of wages
and commodities cause stagnation, bank
ruptcy and ruin to the mass OF the produc-
ing classes of this generation. 1t could not
be quickly done, and the attempt would
probably end in riot, war and revolution.
Second-Gold and silver must be the base
of all our money, though they cannot con-
stitute its volume. This their limited
quantity and inconvenience of handling for
bid. Whatever be the amount or form Of
the paper money we issue it must be re-
deemable in the standard coin of the Gov
eminent.
FREE COINAGE A NECESSITY.
Third-Free coinage of gold and silver is
now an absolute necessity, and a complete
monetary system, entirely free from all in
diyidual or corporate connection or in
fuence, should be aimed at and be COM
pleted as soon as possible, consistent with
not causing monetary disturbance and but
one kind of well-executed paper money
should be used, with no denominations
under So.
That our present money system is vast
improvemc cnt on that of 80 years ago, is not
disputed. That it is still susceptible of i'm
proyement and that public sentiment de-
mands better system, believe is true.
But will free coinage by our Governments
raise the value of silver to q parity with
gold, of one of gold to IL of silver, our pres
ent ratio.
We now produce half the silver of the
world The great populations of India and
China are awaking to modern Western en-
terprise, and there, as here, more money is
demanded, and there silver is chiefly used.
Now, with one half of the silver product
kept at home, to be used as basis of our
money system, can it be reasonably doubted
that free coinage for American protected
silver would promptly raise the price of sill
yer to it's money value? And, further,
would not complete system enable our
merchants and tourists in Europe and
throughout the commercial world, to use
our paper money at par, and our money
system become powerful bulwark to main
tain the integrity of the Government?
A DEFENSE OF THE SILVER DOLLAR.
1t is quite common to speak disparaging1y
of the silver dollar-to call it fraud, etc;
but are such criticisms founded on good
sense and correct views of this great ques-
tion? Suppose gold alone were to constitute
our money basis, with paper issued thereon;
would it not require very large ratio of
paper to the gold, thereby exposing the
Treasury to the danger of being easily cor
nered, followed by money panics, sudden
of commercial values, with
all its evil. attendant consequences? Less
than % of our great mlllionaires could at
their will do this, and thereby double their
millions
Does present or past history justify the
nation in exposing itself to such catastro-
phe? Then why reduce the money basis to
a narrow limit, thereby inviting it? If the
habit of nations throughout the commercial
world for ages, the fact that silver is used
as money by nine-tenths of the human race,
are to be disregarded and we cease to use
silver as money, what shall we substitute
for it? But if we use it, does not common
sense and honesty demand its free coinage
the same as gold? Our present system is
confession of weakness, if not of down right
well calculated to discredit
silver as money and lower the tone of moral
honesty in our country. To the arbitrament
Of reason these views are submitted, be-
ieving their deductions fairly drawn and of
value to a nation soon to dispute financial
supremacy with England, and in wealth and
influence lead the world NJ. HULING.