The advocate., 1892-01-20
AN IMPORTANT DISCUSSION.
CONTINUED trom ninth paOe.)

OF the goldolators that the double standard
is ineffective resides in the fact that bi-
metalsm does not result in the double
standard, but in the alternating standard
that prevents both metals from rising above
the true money standard at the same time.
When silver becomes more valuable thar
gold, the alienation of the double standard
makes gold the standard, and 40 on. All
the financial sense does not lie in the nortt
and east, nor among the money sharks and
RoldoIatOrs. The people know that the only
sound, safe and honest currency is that
which is the result of the alternating stand
ard growing out of bi-metalism.
Mr. w. will probably regard this as
visionary and impossible. But there is
q sure and certain mode Of ascertaininR
whether or not one of the two metals is
getting too dear to use as money, viz: Com
pare 1t with the prices of the leading
staple commodities as measured BY
the other metal. I shall, further on,
illustrate the method.
But what does all this senseless clamOr
and confusing jargon about "speci'
basis" 'intrlnsic value" "fat money
and "honest dollars" amount to? Tht
people are tired Of all this fOOlisheness.
They understand that the theory OF specie
redemption is based upon the assumption
that no one will ever care to insist on ito
practice, and that the cost, In labor, Of
gold (which Is said to be Its intrinsic ~
value, is itself measured in gold dollars
which have had an unnatural, fictitious
and arbitrary value given them by the
fat of law. They also observe with dis
trust that their sworn government off,
CiAls, who should protect the interests Of
wealth producers, are doing all In their
power to enhance this artificial value OF
gold and debase and humillate silver, In
the interest OF the monied class and the
holders of investment securities. Secre-
tary Foster, in q letter to Mr. Hayes,
places the seal of condemnation upon
himself and shows that the present ad-
mlnistration is doing all in its power to
keep silver from taking Its place as q
money metal at parity with gold.
He says:
3. The present treasury notes are issued,
in the first instance, upon the purchase OF
silver bullion, 100000 ounces month
at it's market price. The law requires that
the cost of the silver bullion and the silver
dollars coined therefrom held in the
treasury shall always equal the amount Of
treasury notes outstanding, 80 that these
notes have practically behind them a good
dollars worth of silver bullion.
r. The treasury notes differ from the sill
yer certificates in that they are redeemsble
in either gold or silver coin at the discretion
Of che secretary of the treasury, with pro-
vision of law to the effect that these two
dollars shall be maintained at parity, which
Is virtual promise that the notes shall al
ways be redeemed in gold or it's exact
equivalent. The silver certificates are a
promise to pay silver dollar, which has
been deposited in the treasury at the time
the cert ficate was issued, that they are re-
receivable for government dues. The Ian
Ruage Of it is: "This oertifies that there
has been deposited in the treasury of the
United States one silver dollar, payable to
the bearer on demand" while the language
Of the treasury poteis: "The United States
Of America will pay to bearer one dollar In
coin"
In addition to being redeemable in gold
and silver coin, at the discretion of the
secretary of the treasury, and practically
under the pledge to maintain the two metals
at parity in gold, the treasury notes have,