St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-04-03
THE DEMOCRATIC COINAGE
PLANK

Press never entered the minds of the
gentlemen to whom the Democratic
convention con6ded the task. Had it
occurred to them, they would have recog-
nized at once the futlity of trying to
please a paper which has never yet been
in harmony with any platform or act.
even one of its own party. 1t animad-
verted with racy freedom on the tariff
and monetary planks of its national con-
ventlon. and neither of the measures
framed by its party to putits policy into
effect met with its benediction. So,
neither those gentlemen nor the GLOBE
is at all disconnected to find that that
and the lesser organs OF the party of pa
ternalistic practices are at odds with the
platform adopted, sincerely as they may
regret it.
That Republicans oppose Democratic
principles, or measures based on them,
is simply the result of the radical diff
ference in their respective conceptions
of the limits to be put on the use of the
power of the government. The former
believe that it is a proper function of
government to affect values by legisla-
ton; the latter deny it. The former
would extend constantly the range of
interference of the state in the affairs of
the individual; the latter would limit
the state and expand the rights and
consequent duties of the citizen. The
former, in this matter of the currency,
would arti6calIy enhance the value of
coinage metal; the latter would con-
with fol hot I'm,
as the commercial world established it,
and then, by statute and the stamp of
its minis, certify to the fact.
Another difference between these par
ties is that the Democratic party now,
as ever, is a bimetallic party. believing
in utilizing both gold and silver in both
their functions of measures of values
and as mediums of exchange. The Re-
publican party has became the actual
if disguised advocate of the use of gold
alone for both these functions, using
silver only as subsidiary coin. This
policy first developed in the SHERMAN
decentralization act of 1878. Passed at
time when neither coin was used as
medium of exchange, it attracted no at
tention until the approach of resump-
ton in 1879. Alarmed then at the storm
created, but tenacious of its purpose, it
shaped the ALLISON act SO as
to maintain the single standard,
though utilizing silver for purposes
OF exchange by coinage and the
silver certificates. The SHERMAN act
of 1890 followed the same line, but
practically eluding the coinage In
both these acts that party acted on its
belief that our government may rightly
increase values, and provided means
by the compulsory purchase of guam
titles of silver designed to be sufficient
to affect the demand by making it APP
prOXimate the supply. The specula-
tive fluctuations caused by the latter
act, as stated by the Pioneer Press and
illustrated more fairly by the Tribune,
and given by both as demonstration
of the impracticability of the coinage
plank, with the failure of both acts to
accomplish their purpose of enhancing
the value of silver, show how sound is
the Democratic principle that gov
eminent cannot and should not attempt
to increase values. Notwithstanding
both acts, silver never was lower
priced.
The platform contents itself with de-
claring a principle. The gentlemen
who drew 1t probably thought that was
the limit of use of a platform. They did
not think it the place to elaborate de-
tails. That belongs to the legislative
body. But will either the Pioneer Press
or the Tribune dispute that the state
ment Of the coinage function is correct?
1t government has any other, will they
kindly define it? That the application
of correct principle is attended with
difficulties is no reason why the prin-
ciple should be ignored or discarded.
The objection that its application would
cause daily readjustment of ratios and
recoinage is puerile, and is refuted
by experience. No change was
made or was needed from 1884
to 1873, though the price of silver in
the market ranged above the coinage
value. Applied to present conditions,
it is probable that Democratic con-
gress would ascertain the nature and
degree of change. If the fact should be
that gold has appreciated or silver de-
preciated, or that both metals have been
in movement, it would increase or de-
crease the grains in the unit of coinage
of the one or the other metal or of both
metals. in harmony with the principle
stated. 1t would ascertain. not make,
conditions. 1t is certainly no reason
for rejecting true rule that later ma
terial changes would necessitate re-
adjustment; it is probable that nothing
would more tend to render this unnec-
essary than would be the certainty that
it would be done if needed.