The weekly tribune. [volume] (Great Falls, Mont.) 1891-1894, 1892-01-16
The Arguments Bi-metallists Advance
Are Undisputed and I'm
disputable.
All the Babble About Short Dollars
is but Foolish Homage to
knavery.
Sound Silver Doctrine.

silver committee Onlght ISSUED
an address declaring that continued ex
p%erience demonstrates there can be NJ
adequate or final solution of the money
question but by re-endowing silver with
money function and making silver coins
standard money coequal with gold fol
all money uses. The present policy OF
making subsidiary money of silver to be
redeemed in gold and of pilIng continu.
ally higher the fabric # credit and
credit money on a constantly diminishing
basis of gold, is unsound and unsafe and
must come to an end. The enormous
increase in bank credits and Other
forms of currency in recent years
relatively to the volume of gold in
which they are ultimately redeemablt
imperils financial stability everywhere
and is a standing menace to all business
enterprises, for under this system panics
must occur more frequently and be more
disastrous when they do occur. What is
wanted is not more credit currency rela-
lively to standard money but more
standard money relatively to credit and
a credit currency Of a broader basis to
primary money and not higher super
structure or credit devices. This can be
secured only by making silver and gold
co-equal as money metals with the coin
age of both on equal terms.
The act of July 14th, 1890, as inter-
preted by the treasury department, un-
der which four and a half million ounces
OF silver are bought and stored as collat-
eral security for nOt;s redeemable in
gold. makes no addition to standard
1000 -,L;lo - ,o;,o, L;.lou A. el.:,
of credit on a foundation that is growing
narrower and not broader. This ad-
dition to the currency volume might as
well be of greenbacks as in the form now
given to it. 1t requires, therefore, no
extraordinary financial acumen to fore
see that this condition cannot long be
maintained. The plain solution of the
difficulty is full monetization of the sill
yer accumulated under this act to the end
that this and all other silver that any
body may choose to devote to monetary
use may go to swell the volume of money
of final redemption for all other forms of
currency. The facts upon which hi
disputed and indisputable. The argu-
unanswered and unanswerable. Those
Y Nv thlt III supply vi Soltt ID du-
mittedly inadequate to provide for the
worlds needs for money. That many
times more people are now made to use
gold exclusively as standard money than
in 1873; that the production Of gold is
diminished while the population, wealth
and m and consumption of gold
in the arts are increasing. The increase in
demand for the arts and for dentistry in
tha IpitnI St.tao h,i,, e,,cEo;oot y, 81
serb, according to the report of the
director of the mint, in ten years, more
Than the entire gold product of this
country. That the value of gold under
these influences has largely increased
and must continue to increase and that
prices will certainly continue to fall is
o manifest to require argument. What
a fraudulent pretense, in view of these
facts, to insist hat gold alone is a staple.
honest money standard. Scales that
measure equities with no more prerau-
ton or fairness than the gold register
value of products and equities between
debtor and creditor, and in deferred pay
ments, would be tolerated no more out
side a robbers den.
In view of these glaring facts which
no one pretends to deny, the change in
the money standard through the increase
in the value Of gold is a direct and
necessary consequence of demonetizing
silver and restricting the money function
to gold alone. What else than foolish
homage to knavery is the babble about
''honest money and 'short dollars"
which constitute so large a part of stock
answers to the demand for free bi-me-
tallic coinage. Nothing could be more
absurd or ridiculous than to clam that
a shapeless lump of silver to which
etary use is denied measures the value
Of silver coins which have a monetary
use added to whatever other use silver
may be applied. Gold treated as silver
has been would act in the same way.
If since 1873 both metals had been
accessible for money uses, as for indefi
mite ages before, the annual addition to
the metallic stock Of money for the
world would have been somewhat less
than from 1919 to 1873, but would prob
ably have been sufficient no have main
tanned the stability and value of stand
ara money. SO now while il is as certain
that time will continue that under ex-
isting conditions through this made
quacy of supply for money purposes gold
will continue to increase in value and
prices measured by gold continue to fall.
1t is reasonably certain the supply of
both metals will be sufficient to maintain
fairly staple relations between money
and commodities and thus secure to the
industrial world that which it has sOrely
lacked since 1879.
The bugaboo of foreign silver coming
here no longer alarms intelligent men.
Under free coinage silver would be Sl.29
an ounce here. It is 8 .3S in India and
with open minis would be s1.3 in the
states of the Latin union, which is the
value OK all coined silver OF Europe.
The requirements Of England and the
continent for silver to pay balances to
the east would not be materially changed
whether a difference between $50 and
sl.38 were made on silver ent there
or only the difference between
s1.29 and s1.3S. India absorbed quite AS
much silver in the years before the fall
OF silver here as since then and will o
tinue TO absorb both gold and silver.
But whether our silver goes abroad at
SCE or n q ia quite material To this