The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-10-03

istence; and the war has been made
solely for the purpose of making gold
he only legal tender and thus enhanc
ing its value. IF either dollar could be
called dishonest it would be that which
buys $50 cents worth of commodities,
while purporting to be only 100 cents,
for it takes SO per cent. more labor or
commodities to get it. There are $780,,
900, 900 of silver in France, and the
variation between the N arket value of
the two metals there has been nearly
the same as here, and yet nobody ever
called their franc pieces dishonest
francs.
There have always been fluctuations
IN the price of the two metals, as in
the quantity produced of each kind,
and it is stated on high authority that
statistics show that there is more fuc
tuation in the value of one metal used
as money than can occur with two
metals used as money; in proof of
which the fact was given that in Eng
land, which is single gold standard
country, the piece Of gold has varied
thirteen times within a single year, and
that recently a premium of 13 per cent.
on gold was obtained there.
One thing is certain, and that is that
the enormous increase of business and
population in this country demands a
corresponding increase in the currency.
Where is it to come from? The gold
product Of the country is about thirty
three millioC a year. Half Of that is
used in the arts, leaving say seventeen
million for coinage. There is IN the
treasury 500, ,OOO, 900 in gold to redeem
about ten times that much paper. If
we do not increase the currency by sill
yer coinage, we will have to do it with
more paper, for gold is out Of the ques-
tion. Which ought to be done? Being
bi metallist, am in 1avor of the free
coinage Of silver, and Of maintaining
the parity of the two metals.
But, coming to the questions, re
ply: 1st. That the first question might
be answered by merely saying that the
parity between the gold and silver
coins of the government could be main
tanned just as it was always maintained
from 1882 when the mint was estab
lished down to 1873 when silver was
demonetized. Perhaps this word, the
parity" between the coins, is not
always clearly understood. The gov
ernment has never guaranteed and can
never guarantee the absolute equality,
at AL times and under all circumstan-
ces, of a gold dollar or a silver dollar,
either with itself Or the other dollar.
If 1t is abraded by use beyond a certain
weight it loses its value to that extent,
and then the parity" between it's
present and its original self, Or between
it and new coin, is destroyed. But
suppose Mr.. Hallett means the parity
of purchasing pO1UeT between the two
coins, which is the phrase used by Mr..
Cleveland in his letter of acceptance.
IF so, then the question is: Can this
parity of purchasing power be main
tanned in any other way than by pay
ing gold for silver coin when demand ed
That is to say, must a silver dollar be
redeemed in gold dollar7 A very
good answer to this question is given
by Senator Daniel in his recent great
speech, as follows:
IF the silver dollar be treated as a
promise to pay gold one, why not
write the promise on paper7 If the
gold dollar is redeemable in silver
dollar, why not write the promise on
paper9 The idea that one metal dollar
is to be redeemed in another metal dol
lar is an utter destruction of the mean
ing of the terms, and revocation Of
the dictionaries of all language. 1t is
done upon the assumption that dol
lar is a debt. A dollar has never been
a debt. It is not made for redemption,
but is made to be the redeemer. If
the dollar is a debt, then the United
States is a repudiator, for the treasury
is refusing to day to give silver dollars
for gold ones. If the silver dollar is
treated as debt, then also the gold
dollar must be treated as a debt; else
the one dollar is not at parity of func-
ton with the other dollar. Then one
has quality which the other does not
possess. Then the two metals are not
treated on equal terms. Then there is
no sound and stable money, of which
every unit is legally equivalent to every
other unit"
It can hardly be necessary for me to
amplify this statement in order to make
it more plain to the readers of this
naner. It ia q clear illustration of the