The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1892-09-07
THE MONEY PROBLEM.
A Solution Of It Suggested by Newell
G. Knight

The following, from the pen of Newell
G. Knight, vice president of the Knight
Investment Company of this city, ap-
peared in the st. Louis Republic of yes
terday. Through wide reading and
close study Mr.. Knight is exceptionally
qualified for the discussion of financial
and economic questions; and his pro-
posed solution of the silver question mer-
it's the most careful consideration at the
hands of thoughtful men:
To the Editor of the Republic
WICHITA, Kan, Sept. 2.-The two
great parties are entering the campaign,
both pledged "to keep every dollar equal
to every other dollar" So much for
declaration, but what next? The Chica-
go platform added the demand for ''the
repeal of $780," but if that is accomplish
ed the question still remains-what next!
What positive solution of the problem
has either party offered:
1t may be said that the Republican
party offers Notwithstanding Mr.. Sher-
mans announcement in the senate just
before the last congress adjourned) the
continuance of the law of 1890, but Is
that solution of the problem? Does
not every man know that the final out
come of that law is silver basis-a pre-
MUM on gold and financial chaos?
1t NAV be said, on the other hand, that
the Democratic party offers the repeal of
the law of 1890-but is that solution of
the problem? Would the repeal of that
act be accepted by the nation as final !?
Would legislation rest there He who
believes that it would does not correctly
measure the sentiment and the power of
the west and south. No; we who are
contendlng for the credit of the nation
and stable currency based on our pres
ent standard of value must look the
question squarely in the face, and the
sooner we do it the better. The repeal
of the law of 1890 would not be final.
With its repeal the silver problem would
still be unsolved.
! What is the silver problem? under
stand the silver problem 10 consist in
meeting successfully the following con-
dltions: The United States has within
It's borders some of the richest silver
mines of the world. These mines are
owned by voters in every state in the
| Union, and are worked by thousands of
! other voters in as many as ten states.
demand the purchase, on the part of the
government and the use as money, of
! the entire product of the mines. There
Is another class of Voters who do not
like the way silver was treated in 1878.
These demand that its position be re-
| stored. There is still another class of
voters, and they are legion, who honest
! " believe that there is not enough of
money in circulation" These demand
an increase in the use of silver as money
up to $50, $40 or $50 per capita.
PROPOSED LAW.
This vast army of voters have one in
terest in common-the coinage, or use
| as money, of more silver. This, then.
is the "silver problem" Can this host
of Americans be met in their demands,
not half way, but the whole way:
| believe it can. To that end submit tbs
| following suggestions as the outline for
bill that either Democrat or a Repub-
hcan could oTer congress, and that both
parties could pass. l would:
| /. Repeal the law of 1890 and al
other law in conflict with this act
9. Declare the standard Of the meas
ure OF value TO be the gold dollar, con-
. -
the present standard gold dollar, and
! set Forth that it is the settled policy of
! this gevesnment TO issue no silver dollars
either in coin or certificates, whose
| market value as bullion shall not at all
times be equal to the value in gold they
/ represent on their face.
| 5. That no silver shall be mInted of a
| higher denomination than the present
| 50-cent piece (the half-doll2r. quarter
and dime need not be kept az par, a.
/ they are subsidiary coins, and the total
value of them Is so small comparatively
as 10 he of no momentl, and that all sill
yer dollars. silver certificates and bul-
| hon certificates be called in, the ceTtlti-
Gates being cancelled and destroyed
and the coin melted into bars. In lien
/ Of the same. that there be issued silver
| bullion certificates Of the kind described
/ II 5. The loss 10 the government IL this
! operation 70 be met By the issue Of gov
crpmeas boSas. selling then H. Great