The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1892-03-25
re sILvER QUESTION.


the silver Izsus b. Treated
I notice a communication from the
pen OF Mr. George = C 9 in the JauU-
ary mum Der OF the Forum, in which
Mr.. Coe briefly gives his reasons for
believing that the present silver law
should be repealed As Mr. COe Offers
no suggestions as to substitute for
the present law and evidently is not in
favor of free coinage OF silver, it is to
be presumed that ne favors the disuse
Of silver as money metal and its reie-
cation to a position among other
valuable merchautable com modlties-
In the beginning ( his article Mr.. Coe
says that the government buys silver
bullion at market price, paying for the
same in treasury notes, but when a
holder OF the notes desires TO redeem
them he can get back only silver coins
containing a uniform but much smaller
amount of silver than the market value
OF bullion given for them, and there
fore the notes are not redeemed at cost
The silver consequently accumu' ates
In the treasury" Is it possible that
Mr.. Coe is honestly mistaken an ig-
noraut Of the facts. or is he merely
Juggling with delusive phrases aud en-
deuvoriug to ''darlzcu counsel with a
multitude of words?' Viewed from
any and every standpoint Mr.. Goes as
sertion is fauacious, sophistical and
calculated 70 misleai-
/ Will cudeavOr to point ont wherein
Mr. Coo is in error. We will frst as
sumo that the holder of the notes"
which he desires to redee IN, " l. G., the
person who wishes to exchange paper
money for metallic money, expects TO
continue to use the metal, as he did
the paper "for money purposes" In
that event there is neither loss nor ad-
vantage, the exchange being purely
MI N "A ne ~
vidual holder of the notes parts with
legal tender paper units of account
and receives legal tender silver units
OF account Each possessing the same
and equal legal attributes, they are Of
equal money value and capa BILE equal
iy OF performing all the functions a9-
pertaining to money. Allow me TO de
gress. We may here catch "a glimpse
Of a good-sized Ethiopian in the gold
ties wood pile.
A statement that cannot by any pos
sibiijty be controverted is that dol
lars"-metal or paper - possessing g
equal money value-a depreciation ia
money value OF one below the other
being impossible
That is to say: Should a volume OF
money consisting wholly Of metallic
coins, be expanded by the addition
thereto of a considerable amount of
legal, tender paper dollars, the pur-
chasing or money value of each unit
both metallic aud paper, would be re-
duced in exactly the same ratio This
fact eTectually annihilates the absurd
theory of 'intriusic value" as applied
70 metallic money.
Those who occupy the ground Mr..
Coe occupies are not sOlicitOus for the
financial welfare OF the holders OF
these treasury notes-On the contrary
the solicitude is likely to tend in the
sHH as--a
monthly issue Of these full legal tender
United States notes has a tendency 70
raise the price of land, labor and all
lsbor's products, thus reducing the
value, in material wealth, of interest
bearing investment securities OF all
kinds, and to some extent hiudcriug
aud retarding the process of absorp,
ton which Is gradually transferring
the wealth of the entire nation into the
hands of few individuals.
But to resume. There are but two
other contingencies in which it IS sup
/ possible that sane persons would wish
20 exchange legal tender paper money.
| which will buy food and clothing and
pay rent, for a comparatively useless
metal called silver, to-wit; A desire "a
/ speculate IN silver bullion as a com,
modify, or an intention TO engage in q
manufacturing or art business into
4 which silver enters as a material. Will
i Mr.. Coe kindly point out the obstac' 'ez
/ that stand in the way OF the holders ol
T these notes entering the open marIlc,
l aud buying silver bullion in competi
/ tion with the government? is IL not
l true that those owning silver bullion
! and desiring TO sell 10 would az readily
| receive legal tender money in payment
! therefor from indivi uais as from the
! government?
But leaving ont Of the question en-
I tircIy the foregoing propositions, which
l may be said to be aFgumeutative and
/ when a holder OF the notes desires q
! redeem them he can get back only sill
l yer coins. a" etc, etc, does not agreC
/ with the facts or practice in the case
{ The treasury notes OF 1s9J (the ones
! under discussion} are re leemable moi
[ in silver coins only, but in gold or sill
] yer coins at the discretion of the secre
| tary Of the treasury. What. then, IL
may be inquired, has been his discre
] ton? What is the general practice ia
/ the caseT Let Mr.. Foster speak fol
/ himself In "a letter written to Mr.
! Hayes and published in the American
l Banker, Mr.. Foster says ''The treas
/ ury notes differ from the silver certd
/ Gates ia that they are redeemable in
| either gold or silver at the discretion oI
! the secretary of the treasury. .
! Treasury notes arc redeemed in
/ gold when so presented for redemption
/ at the treasury or any assistant treas
] urv OF the United States" Thus il is
| that the sworn servant Of the peopla
! enters into a conspiracy with the
/ money chsngerz' TO base aud humiI
/ late silver and make 10 appear. first
l that the people do not desire 20 use
I silver as money Second, that the con.
| tinued existence IN force Of the present
/ law will necessitate the issue Of inter
] eat-beariug United States bonds to re-
pleuish the gold reserves Of the United
| States treasury. But let Mr. Foster
| beware The people are in no mood q
I be trihed with. and will never consent
| to an increase in the iutsrest- bearing
I debt Of the United States upon an
/ such fimsy pretext based upon the ex
| pIoded fallacy of a gold basis for do
nestle currency By the way, Z 4.
I simply amazing that hfr- Cos did not
/ notice the glariug Inconsistency of his
/ contradictory statements when he as.
] serted that the holder Of these notes
/ could obtain only silver doiiars in ex-
] change therefor and then held out the
I implied threat that the secretary OF
D -