The advocate and Topeka tribune., 1892-12-28
NONRTARY COlnnre1ON,
Report Of the United States Monetary
Commission, Appointed by AOt Of Con
gFsas August l6, 1873.
Mn WV

The resumption Of coin payments (con-
t6NNed).
Under any plan Of resumption there
will be hsrdships and benefits, and they
will be unequslly distributed. But the
plan selected should be- such one only
as would subject existing equities and
interests TO the least possible disturb
ance. A transition from standard of
paper to one Of gold will hardly be
claimed to be such a mehod of returning
to coin payments as would best mitigate
the unavoidable hsrdships incident
thereto. And SO far as it aggravates
them, it is an aggravstion called for by
neither honor nor duty. When the sus-
pension Of specie payments took place
all obligations were payable in either
of the two metals, gold or silver, at the
option OF the debtor. 1t would be mani
testify inequitable to resume without an
option and in one metal. Resumption Of
specie payments under the double stand
ard is the utmost that can be claimed by
creditors at home or abroad. Even such
a resumption would not preserve exist
ing equities, but would impair them less
than q resumption in the more straight
ened standard of gold. Even if it were
conceded that gold standard is ab-
stractlv the best, and ought ultimately
to be adopted, the present time is most
badly chosen for such measure. The
sufficiently difficult step from paper to
coin should be first taken, to be followed
by the step from coin to gold, at scme
opportune moment to be indicated by
subsequent events.
The restoration Of the double standard
seems to be the most eficacious, and, FOR
the present, the indispensable measure
to bring about q resumption of specie
payments. To convert all the vast and
rami6ed paper debts of this country into
gold debts, and to do this when similar
change in the monetary system Of Ger
many is still uncompleted and in prog
gress, 30 that we must be forced into @
contest for gold with that rich and popu-
lous empire, will involve such ruinous
hardships when it is seriously attempted
that it is impracticable under insti-
tutions that rest upon the popular will.
England was able to do it tifty-six years
ago, but the government of that country
was then far less representative one
than it is now; and strong as it was, it
was substantially revolutionized by the
reform bill Of 1892, which was forced
upon the government by the people,
made desperate by the suffering and mis-
cry inflicted on them by the gold policy
Of 1921. The government of Germany,
essentially military, and flushed and
by successes in many re-
spects without parallel in recent war,
seems equal to the task, but even there
popular dlscontents are threatening and
portentous. Neither the English nor the
German experience 1ustihes the belief
that the policy Of an arbitrary and un-
called for contraction of the currency is
practicable in this country. When the
law Of January IA, 1875, was enacted, re-
quiring coin payments on the 1st day Of
January, 1879, it was known to but few
persons in the United States that silver
had been demonetized. The general
knowledge Of that fact Is, indeed, much
more recent than January IA, 1875. The
people of this country were in no way
in reanaok Tn thia atranaoandank