New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-22
A SILVER VIEW.


THE CASE FOR FREE COINAGE ARGUED.
TO the Editor Of The Tribune.
sr Some OF the questions which Will agitae the
country on the assembling Of Congress Will be: shall
II bc silver and goli, shall II be silver or shall
no gold! Bimctallism or monometalIsm' Eaeh mas
liz odv,ntogcs am distinctly opposed to the pur.
chase OF silver by the Government and III iavor OF
repealng what Is generally known as the sherman
act but in place OF this | am in favor OF the free
coinage of both silver and geld. am bmetalist,
but ~ we are 10 have either gold or silver, prefer
silver 10 gold. silver Is the normal currency OF tho
world 1t IL used by every inhabitant, man, woman
and child II Is therefore the universal currency.
# is also an absolute necessity, for it enters into all
the small transactions of life, These small trans
actions in the aggregate are the basis OF commerce.
II is therefore the peoples currency WHILE on tho
other hand cold Is only local. II Is not universal, 1t
l. but higher expression OF value than silver cen
vcnlent but not a necessity II Is the most con-
ycnicnt for the settling cf balances. and II Is truly
the bankers currency, not the currency Of me peo
pie Both useful. The one Is an ala 10 TIE
other.
Can It be that any rejecting mind would entertain
for moment that gold he substitute for siveri
OR that gold can perform the same functions as
silver, or that silver be- successfully 1emoh-
cited You might a. easily compel u" Ohlhese 10
adopt the German Language as to make goa per-
rnanen, substitute for silver Many times In the his.
tory OF the world the relative value OF he TWO meaS
ha, been adjusted. Perhaps now may be the favor
able time for a adiu-tm,ni socn aiter the dis-
covcry OF gold in California. such quantities were pro-
dccd and thrown upon the markets OF the world that
nnancicrs were appalled, and some OF the nations OF
Europe resolved demOnctize gold, but their action
was never enforced. for their fears were soon ayed
by the falling of e the production Of gold as now
seems likely TO BE- the with silver. since tbe
decentralization Of silver in '73. the value OF gold
has been advanced TO such extent as 10 produce
almost panic the debtor classes severely sihering
one OF the questions which confront at the pres
ent time l.: Has gold advanced or has silver fallent
II is n pertinent question, What makes the value OF
gold - Is 1t not sirnpy law By the force oil Ia"
srecnbacls. rot worth The paper on which they are
written become u lawful tender for the payment Of
debts II + dnicult to ascertain the bullion valne 81
gold when II is arbitrarily fixed by Law. and one De-
comes weary Of the SLANG term which Is university
used Max" Il dollars worth Of silver equal 10
dollar e gold According to The present ratio or
10 to l. a. near as can b. asccrtan"d, it costs
about co cents produce or mine dollars worth vi
gold while IT 20 - cents TO produc' collar
Of silver showing that the bullion value OF silver
really exceeds thar Of gold. While the sherman act
has in II much GOOD we'll evil. the export oi our
gold ut the present time should not be wholly charge
able to IT, Australia vi ich IS said TO have god cur
rrncy and south America papr currency are oo'"
In a worse financial condition than We are. and Vet
Indebted for export of gold 20 the fact that w are
spendn; more money than We earn hou'ehoiif
who earns ten dollars ana spends twelve 500" CULTS
to poverty, and what Is true OF the ndiVdal Is true
OF us as Il nation. orr excessive imports, Inc sr'a'
amounts we are paying for interest our securities
ard held in foreign cornt les. tn fabulous amounts
spent by tourists. the amounts spent luz
support OF a large American colony III
almost every city in Europe and the exploration VI
rich American actresses to BE- married to inpecuhous
husbands with worthless titles, la the judgment Oh
many are the truthful cause, of our excessive exports
OF gold. A more rigid economy would correct 'ms.
Another question which is natural to every m'na
is: Why should there De free coinage OF gold a"1
not OF silver! Why not reject g0d we'll ~ SlNer.
and by what constitutional law is silver reIee'ea.
The Constitution gives to the Congress OF the 'h''e~
power to coin money and To regulate the Nsi
thereof" Ii also fort ids ANY State 10 MAKE any
Ut g,ld and silver coin tender in payment OF debts
1t is urged that the iteration Of tne ratio D't%h
gold anu silver can %niy D. Sa GA rpndate
such yas,aage. W. have been snubbcd too often III
international councils. and i II not now hlgh ume
that should declae our hnhncai nl' pcnaa'oe IN
other nations We did our civil independence ~
altered tie ratio OF the silver rupee OF India II,
10 II l.. and that while an International eouiN"
4, pending. Of which she Is member. ,,
Are We not bound to look after our own Interests.
And may II not bc we'll for III to inquire Wha' hnNe
for them wo,Ii 1t not c well for Congress to consider
" neither the menace To National hnance- arise, no.
frpp
note, and grc.nbacks. five hundred millions OF when
are passing from hand To hahd, when ar" OF ho W.
trnstc value whatever! National bank notes arc
founded Il debt. and grecniackS are Only promise
to pay. Have not both survived their ussinnc,' n.
'IIr solemn promise OF Congress 10 convert VI.
crc.ubackS when first issued Into Il twenty N'ais
per cent loan. AT the option OF the holder was T
pldiated and other notes substituted II the hrss
promise had been kept and not repudlated. Ur~
lonl since would have lecn retired. ana IN" treasury
would not need to mold hundred millions oi Gha
Tor their redemption. The National bilk hoP, a.o
founded on "a debt being Government bonds whicn ,
l1t p Dspu
M 40 cents on the dollar. But silver am gOld nert
no rcdcemer. Wond not gradual retirement %
these notes make large place for gold ana slNsi ~
The crcrnbacks could be- converted INTO : l. P.'
cent Government loan and destroyed. th loan pay
able AT the option OF the Government AKA i"''"
Issue Of bank notes suspended. . l.
II, as n country, should come To a silver DasS;
and gold be- quoted ut premium. this. though dFhUN
by some as u calamity, might prove great i''nrn .
In 1873 England and Germany, fOloW'l ny "u.,
countries, to subServc their ends. chang,u Tue uns
Of value from silver to gold thereby d"mone,n1ins
half OF the metallic currency OF the worii IT,
not had enough In twenty years OIL thl> u'
~ pcrinent. and may W. not wisely return 10 aii',
AS the unit of vauei This would not be- an eNP'll
ment for II has served the of thousands OF yarS
without bringing financial calamity upon any ha'io.
II Is argued that silver basis would destroy o'.
credit abroad and foreigners would not purchase u
securities Have Nation come 10 TINS M"s'
We destroy one OF largest and most productive III
dustrcs merely to sustain credit abroad Mo'sss
said. 5000 since fscc Dclt. NNNl,:' ~
and Az. that among the caamCs which wouln ~.
upon the Jews. The stranger which i WS
tlec he shall lend TO thee and thou shalt not enu
III" tall Happy deliverance awaits our country
when We shall cease to Is " the nnaer dog; ATE
JAMES Il. COLiAIE
Ncw-York July 10. 1892.