St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-01-09
Address OfNationaI Executive
Silver Committee on the
Money Question. E
Reinforcement Of White
Coin, Co-Equal With Gold,
the Only Solution.
A Living Issue Which Must
Be Met and Settled, Not
Thrust Aside.
Alliance State Presidents in
a Memorial Offer Cures
for Evils.


executive silver committee tonight
issued the following address: The IA
tional executive silver committee. in
session at Washington, declares that
continued experience demonstrates that
there can be no adequate or final solu-
ton of the money question but by
re-endOwing silver with the money
function, and making silver coins stand
ard money, co-equal with gold for all
money uses. The present policy of
making subsidiary money of silver to be
redeemed in gold, and of piling contin-
ually higher the fabric of credit and
credit money on a constantly dimin-
iShing basis of gold, is unsound and
unsafe, and must come to an end.
The enormous increase in bank credits.
and other forms Of credit currency, IN
recent years, relatively to the volume
of gold in which they are ultimately
redeemable. imperilS financial stability
everywhere, and is standing menace
to all business enterprises; for, under
this system
PaDics Must Occur
more certainly and more frequently.
and be more disastrous when they do
occur. What is wanted is not more
credit currency relatively to standard
money, but more standard money refa-
lively to credit and credit currency-a
broader basis of primary money and not
a higher superStructure of credit de-
vices. This can be secured only by
making silver and gold co-e quail as
money metals, with the coinage OF both
on equal terms.
. The act of July IA, 1890, as interpreted
by the treasury department., under which
4,500, 900 ounces of1silver are bought
and stored as. collateral security for
notes redeemablein gold. makes no adj
dition to standard money. while it raises
higher the fabric of credit Oh founda-
ton that is growing narrower ana not
broader. This addition to the currency
volume might as we'll he OF greenbacks
as in the form now given to it. . 1t re-
QuireS. therefore, no eXtraordinarys
financial acumen to fOreSee that this
condition cannot long be maintained. =
The Plain Solution
of the difficulty is the full monetization
of the silver accumulated under this
act. to the end that this and all other
silver that anybody may choose to de-
vote to monetary use may go to swell
the volume of money of final redenp-
ton for all other forms Of currency.
The facts upon which bimetallists
base their conclusions are undisputed
and undisputable. The arguments by
which they are established are unan-
Swered and unansWerable.
These facts are that the supply of
gold is admittedly inadequate to pro-
III fc1.
that many times more people
are now made to use gold ex-
clusively as standard money than. in
1873: that the production of gold is
diminishing, while population, wealth
and commerce and the consumption Of
gold in the arts are rapidly increasing
the increase in the demand for The arts
and dentistry in the United States alone
being sufficient to absorb, according 10
the report of the director of the mint,
in ten years more, the entire gold
product of this country. That the value
of gold under these influences has
largely increased. and must continue to
increase, and prices as certainly con-
tinue to fall, is too manifest to require
argument. What /.
A Fraudulent Pretense
in view of these facts, to insist that gold
alone is a stable or an honest money
standard. Scales that measure equities
with no more precision or fairness than
gold registers the value of products and
the equities between debtor and creditor
and in deferred payments. would be
tolerated nowhere outside Of robbers
den.
In view of the glaring facts, which no
one pretends to deny. of the charge in
A. cfo in.
crease in the value of gold. as the direct
and necessary consequence of demone-
tizing silver and restricting the money
function to gold alone. what else than
foolish homage to knavery is the babble
about "honeSt money" and ''shOrt doll
lars'' which constitutes so large part of
the stock answers to the demand for
free bi-metallic coinage. {
Nothing could be more absurd or
ridiculous than to claim that shapeless
lump of silver, to which monetary use
is denied, measures the value of silver
coins which have monetary use added
to whatever other use silver may be ap-
pied. Gold treated as silver has been
would act in the same way.
If, since 1878, both metals had been
accessible for money uses. as for indefi-
mite ages before, the annual addition to
the metallic stock of nancy for the
world would have been somewhat less
than from 1S49 to 1878, but would, prebz
ably, have been sufficient to have main
tanned reasonable stability in the
Value of Standard Honey.
So, now, while it is as certain as that
time will continue, that, under existing
conditions, through the inadequacy OF
supply for money purposes, gold will
continue to increase III value and prices.
measured by gold, will continue TO fall.
it is reasonably certain that the supply
of both metals will be sufficient to maiIs-
tain fairly stable relations between
money and commodities, and thus Sc
cure to the industrial world what it has
sorely lacked since 1878.
The bugaboo OF foreign silver coming
here no longer alarms intelligent mem.
Under free coinage silver would be
sl.29 an ounce here; it is s1.3s
in India, and with open minS
Latin Union, which is the value of all
the coined silver of Europe. The re-
quirements Of England and of the conti-
nent for silver to pay balances to the
East would not be materially changed.
whether a profit of the difference be-
tween % cents and S1.3S were made on
the silver sent there, or only the differ
ence between s1.29 and S1.3S. India abb
Sorbed quite as much silver in the years
before the fall of silver here as since
then, and will continue to absorb both
gold and silver.
Rise and Fall of Builions =
But whether our silver goes abroad at
IS cents Or Sl.29 is quite material to- this