New-York tribune., 1891-05-18

worlds commerce." II is quite possible to dem
commerce are chiefly adjusted upon a gold standard,
but thls does sustain the general assci ton, which
cannot By any possibility be c.h--. as TO the do
nestle commerce In exclusive sIlver-using coun-
tries and especially as 10 s enormous trade in those
countries in commodities not entering into export
For nation such ours, now capable OF adjust
ing its balances OF international commerce, with an
ample supply OF gOid and silver from IT'S mines,
ana steadily maintaining prosperous condition from
its industry and commerce. ~ Tie UP 10 a
gold standard as urged by this writer would be the
sheerest piece Of lunacy ever advocated such a
course would throw away our present adva1oasS ihe
United states in danger Of the insolvency lately seen
IN south America and among other peOpies 10 NLio M
return. Gold for credit gold for interest, gold for
her own credit at home England shouts 10 all the
world Lend, send me, gold 10 save me snau e % We
letter ourselves for the purpose OF aegfahoiAht H"e
\ statute proposed for all the states. and which
has passed the senate OF Pennsylvanis oy h "a aUs' %
unanimous vOte. reads follows: An act 70 pt. prS
scribe the mode OF payment Of obligations 0 aeD'
contracted to be paid In money. Be II enaoIGu, - I
tions Of debts contracted to Be paid In money sAll
be payable-au supulations 10 the contrary %
coln authorized by the Congress oil the Ohlveu 0''
OF tnis act "a distinguished iurlst, ex-Judge F. Car
moe commonsense in briefer compass thah any OIet
that it Is at first sgh difficult TO understand the neces
sity for introducing ii but that II i eApneu al
must acknowledge the benefCcnt action Of the law
No measure proposed this century will have more iaf
reaching and impOItIn; tesUlts. In Oruer 70 eiNc
full effect, II should, a. IL no doubt WILL De auoPeu
The necessity for this statute is found in the fact
that the statutes Of the state govern the
validity aid obligation OF contracts and that, uhuei
those privileges the declared policy Of the Geheru
Government Is daily nulfed by the making OF spccla
contracts payable in specifically designated pieces Vi
gold nevertheless money, and by this avoidance OF le
law usWy is attempted and public welfare Is aS
tackled.
The conclusion Of an argument made by the present
writer advocating the passage OF ths measure Mir WIN
+Ia ion nfs
coinage without legal tender value "The time ma,
fully when the statutes Of the separate stats
should hinder a rapacity that attempts 10 eNaue
the laws of country that IL may gather gam Islss
that IL IS planting IN the hearts % the oherS umspp ~
ness, II not despaf, and rendering the reatlous ol
members Of society to each other antagohistc d IT,
veneeful No Republic can live II tne lt%s ttt ~. ~
States cannot be made to cJnfC III TO the statutes "a
the Nation, 1t exist In peace ana hohVr "n %
one currency for the lender OF money 70 dena.G VI ve
debtor and another deemed OF less value lot Ic ooin
This statistcan does not hesitate TO call those dis
honest who cannot aught but equity, Iusuce I anu m
honor In complying with the laws OF our CO9steS ~ ~
the full Of and hTther advocating the "I1Io IN I W.
enlarging its volume to the extent OF making an SILVER
issues the eSaltender mos our to WITH him in
creditor TO loan money In the money account Oi u9a9
and require 1t returned at some htnre the IN soud
he honest est '''''' .,.
The charter Of the Bank of England permits the bank
in time Of catastrOphes to pay lis notes at Oheh IA
silver which I'm it, ratio of value with the gold stand
ard Is less than the silver ia the hlted Stde9
their ratio OF silver dishonest, or TINS pFINlhse
granted the bank dishonest. he would be sent mo
penal servitude. The law expressed by Mt JusuCe
Miller required 10 be observed and held III respect Ill
England. ,,--., ,+s
In concluding the article under discussion, us
author manestng plainly that he feels That the source
of All knowledge of finance ana the funcuOhs OI
money rests with the god dOctrlnares, expresses
the conviction that the farmers are last coming
under the influence Of new convictions ana further
knowledge. With becoming mOdesty, the Farmers may
with pride and hope assurances OF satlsiacOh
that some OF the dOcrnalrcs Of to-day are gather
ING Knowledge from the wisdom Of the lst Congress
of the United states, composed almost enulcly ol
farmers which, In order 10 form more perfect
union establish justice insure domestic tranquility ;
prOyIde for the common defence promote the general
welfare and secure the blessings OF liberty to our
scsves and our pOsterty," did, among Its hrst lm
nortant statutes decree II supremey wise TO secure
hi-metallism for legal tender money.
The wisdom o government i ever found IN. the
use made of its resources. That government Is
wisest which reserves for times Of peril forces OF
nrotecton and OF strength Confidence Is best as
sured by knowledge that latent power exists. Inc
use of paper a. material for coming money may III
the ftre as in the past. rest with the necessities OF
nubIic welfare or emergencies Of peril, but Whatever
he raw material OF currency may be, the nuctuatlVn
of values within domain can only be preVeheu ~
making every variety full legal tender for then Only
car we fee that have. I'm substance, Dut one cur
renrv and therefore have assurance OF staDuiy oi
nrices and consequent financial tranquility .
prizes ""@ JAMES MlLLlKEN.
ooIiafonta penn Nav rs. 1891.