The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-05-04
BATTLE. THURaDAY. MAY &.
THE SILVER CRAZE.

One Of the greatest evils OF the war was
the legal tender act OF 1852. TWAS enacted
as military necessity" Secretary Chase
described it a. \ war measure that he re-
luctan.iy recommended without constitu-
tiona! warrant because the sinews OF war
were needed in the shape of dollars as well
- soldiers.
We could not borrow money enough to
meet our enormous expenses and the legal
tender act WAS only forced loan to which
Secretary Chase. congress and the people
patriotically consented. and Chase. con-
gress and the people did right in declining
TO stand by the letter of the constitution
when the nation was in danger of defeat
for lack of instant supplies. We only did
under doubtful constitutional warrant
what every great people have been driven
to do when in desperate straits.
So able man as Frederick Of Prussia,
who in peace was, for a despot, a most
economical. jus. and wise ruler, was
driven by the desperation OF the terrible
''seven Years War" TO debase the coin.
age. which was only another expression
for such forced loan from the people as
was represented by our action i'm making
our government paper legal tender. The
people suffered under this sacrifice Just as
other nations have in history, like the
American colonies and the first French
republic. in consequence of a deprecated
paper currency, the result of long years
of war.
But the enormous shave the people paid
for the money that saved the Union was
not the worst result. for in a broad sense
Il would only be regarded as included
among other enormous sacrifices Of the
rights, privileges. comforts and equities of
peace that every nation has to submit to
and does with cheerful patriotism submit
to when it is fighting for existence.
The permanent evil OF the legal tender
act; the evil that stays with Us today is
that it taught tho people to believe that it
was the duty Of the government to tissue"
money: and this bee has been buzzing in
the brains of a great many people to this
day so violently that they can not think
sanely concerning finance. This humble
bee began 10 buzz in the brains of the
''bumbie puppy" thinkers Of the country
In 1850. when the greenbackers howled
for fiat money. or illimitable and irredeem-
able government paper money.
The silver craze is nothing but the
buzzing Of this same old humble bee in
the brains of the ''bnmbls puppy" think
ers of the country, who want fiat money
when they cry for free silver, and want
this tat money of silver certificates and
treasury notes issued through the expendi-
ture of large portion of national income
for silver bullion. which bullion Secretary
Carlisle says is as useless as so much lead
or iron.
Under the silver purchase act of July.
1890. tho secretary buys bullion with
treasury notes and the next day is asked
30 redeem the notes in gold. 1t does not
take as able lawyer as Secretary Carlisle
to ses the stupidity of such a policy.
which Is nothing moro than the steady
replacement month after month of our
gold with silver. ani II is this purchase of
silver. this useless expenditure, that is
pumping our national treasury slowly bu,
surely OF its gold aud VAL ultimately bring
us TO a silver standard.
The present situation under the silver
purchase act is correctly described by the
New York Eteniag Post when it SAYS:
Imagine Tor moment that Il were rig iron al
which Secretary Carlisle has 10 buy as Ool 600
worth essrs year for nJ purpose except TO Keep
the Iron trade good. and that this expenditure
added 10 Others lett b IN with an annual deficit
OF course, sooner ~ later la would have 70 d
late has ''sesssve"