Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-03-25
PITTsBURG. FRIDAY. MARCH 2s.
PAGES
SILVER ALTERNATIVES.

The warm discussion of the silver ques-
ton in the House is apt to create the i'm
preston that intelligent opinion on that
subject is divided between those who sup
port the free coinage measure before the
House and those who favor gold monomet-
allism. 1t is one of the necessities of
party divisions that the conclusion gener-
ally is that man must be either strongly
for or strongly against designated policy.
This is indisputable; but when it results
in extending the belief that there is only
one way to oppose an ill-considered
measure, namely, to go to as extreme and
ill-advised length in the other direction,
it is misfortune.
1t would be more strictly in accordance
with the facts to say that the intelligent
opinion on the silver question is neither on
the free coinage side as proposed in the
Bland bill, or the monometallic side as
maintained by the monometallists For
while there are undoubtedly intelligent
men in both these classes, they are put
there by that tendency to 60 to extremes,
which to certain degree overrules intel
ligence Intelligent study of the question
recognizes that if means can be found to
make the silver dollar circulate on its own
merits concurrently with gold, the addi-
ton to the stock of money metals
will be of public value. 1t is also,
though perhaps less generally recog-
nized that great share of the fall
of prices sinces 1873 is really due to the
appreciation of gold, which means that, to
whatever proportion it is true, it now
takes more productive labor and enter
prise to pay off a debt contracted in 1873
than the value of the consideration when
it was contracted. In other words, the
yardstick has been heightened as against
the debtor, process just as bad as short
ening it against the creditor.
1t is the recognition of this fact and the
necessity of restoring the use of silver as
money metal, that has prompted the Re-
publican policy. The Sherman act of
1890 was based on a cdEect policy, namely,
the restoration of silv| . without disturb
ing the present measure of values. But
having started out in that correct direc-
tion, the authors of the act were led into
series of compromises which defeated the
legitimate purposes of both sides, and be-
ing neither fish, nor fowl, nor good red
beef, is equally detested by the free silver
men and the gold monometallists. THE
DISPATCH has heretofore pointed out the
incongruity of stacking up silver in the
Treasury, which che Secretary declares to
be so useless as money that he will in
crease the debt rather than use the sill
yer in Treasury payments.
But the alternative presented by the
Bland bill is something worse. 1t is one
Of the fatalities of the silver question that
the public is offered only the choice be-
tween two evils. The Bland bill would at
once reduce the nation to the silver
basis. 1t would shift the business of the
country from gold monometallism to sill
yer monometallism; and in doing so
would take away from every investor of
the country 20 per cent or more of his
property and give it to the debtor When
the proposition is presented in such form
every intelligent supporter of bi-metallism
must join the gold monometallists in Sc
curing its defeat
1t is to be hoped that the thoughtful
people of the whole country will be able
to unite in completely defeating this rad
ically wrong policy. When that is done
the field will be cleared for propositions
to restore silver On basis which will not
send gold to premium; and which will
not amount to an act of confiscation as
between debtors and creditors.