The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-05-29
GOLD OF SILVER.

Every advocate OF tree silver who con-
scientiously be ieves in the principle that
ne breaches should read and ponder
upon the following words spoken by
Lyman J. Gage. president OF the First
National Bank o: Chicago. They cons,i-
tute not an argument. but . statement OF
facts. II Is such a statement, however.
as mus; carry conviction 10 the minds OF
every thinking man who honestly desires
10 arrive at correct conclusion regarding
this most important question:
We are confronted by . coalition. The con-
ci:ion IS not OF our creation IL 10 forced upon
us. To either gold or silver We must give IN
our financial SYSTEM the place OF supremacy.
II We do not in,elisgeasy choose. assert ana
maintain our choice, the supremacy o; the other
will Be BY the ccurse OF events forced upon Us.
What are some Of the facts. Within . period OF
twenty years the worlds estimate o. the rela-
tive value OF gold ani silver has radically
changed Al the beginning OF that period tho
exehangesbie value. bullion for bullion. was.
roughly stated. sixteen ounces OF silver to one
ounce OF gold. During the period named. With
occasional reactions, the exrhangesoie power
OF silver has steadily declined until now,
when one ounce OF gold will exchange
FOR tventy-four ounces OF silver. TO re-
sist this tendency the influence OF our
government has been invoked, and II has been
for fifteen years . continuous buyer OF silver AZ
the current Market price, 10 total sum OF ae.-
00o.0o ouncea The good or evil effects Of this
action inures, OF course. TO our people.
result of this action IL the presence in our
money supply OF about 500. 0oo,o 900 worth Of
silver certificates and treasury notes. This
stock OF silver money has been main
tanned equal to gold uhe theoretical
ana market disparity Notwithstanding
BY the action OF the government in receiving
for revenue taxes and dues. silver do!lars. how
ever represented, and gold dollars as the equiva-
lent of each other. To all It's creditors It has
paid, or been able and willing to pay. gold
dollarA From ell its debtors il has received. or
been willing to receive, silver dollars.
This has worked cry well, with this ten.
deney however clearly apparent. diminishing
stock OF gold in the treasury, . steadily increas-
lug ratio OF silver paid in. IN ever-growinR in
ie'est and anxiety TO know how long an agency
so strong even a. the treasury of &. Zoo OF
PEOPLE can continue this abnormal operation.
9 have said that We must voluntarily choose
10 which OF these metals We would give suprem-
acy, or that the course of events would force US
TO the adoption of the other. point to our
financial history OF the last twenty years, to the
present condition OF the public treasury, to the
weakening Of confidence both at home and
aud if We are to indulge in the liberty of choice,
the margin OF time in which il may be exer-
cised. is steadily growing narrower. What,
then. should be our wise choice, aud how to Sc
cure il?
First As to our choice: should il be gold or
silver? II IL be true that money be a servant
serving in the exchange Of commodities, that
kind OF money il the best servant which most
widely effects this purpose. In all the CONNER.
cial people with whom We have relations, gold
does this the most directly. the most e6ectually.
II ought, therefore. to be maintained as the su-
preme money with US. This argument need
not Be added TO here. II can be indefinitely ex-
tended.
Second How can We maintain the parity
with 10 OF 5000 600 of silver In the relation
OF 10 to against market of disparity OF - to
There are three steps which il promptly taken
will effectualiy do It Ono Of them 10 . matter
OF daily discussion in the public prints, viz:
Repeal the sherman act. stop buying silver.
The second step IL like unto It Put the gov
eminent pledge OF gold eQuivalency behind
every silver note, every treasury note, and every
silver dollar now current in our system.
Authoriss the treasury department to issue
bonds II necessary, aud enter the worlds arena
In competitive struggle for gold. We can stand
1t II the rest can. These steps taken.
confidence in our financial future would be i'm.
mediately restored both here and abroad For
etgn capital, now medilating flight, II not
actually on the wing 20 safer regions. would
remain. New capital would seek the many
avenues we offer for profitable use. II the ex-
portation OF gold did not Immediately cease.
that fact would not excite fear. The knowledge
that we had the purpose as we'll rs the power to
recover 1t a. need might require. would settle
all doubt
Why not act. thcns But here the objector
sgain comes in. What will you do with the
future products OF our silver mines9 he asks.
We reply, we will do nothing with il. We will
take rest: We will consider that matter later
and return the inquiry to him, what will you
do with i,f and politely suggest that no sell it
In London. That market must take IL 1t some
price, a. long IS free coinage lasts In India. But
then. he rcjoins. the price will so down and our
mines will not DC profitable. Thea don't work
them. Go at something else: raise eggs. The
annual egg crop is worth nearly double the crop
minimum of cents per dozen TO . maximum OF
So cents per dozen. stil we hear no cry from
tue farm yard for government support to eggs.
not even hen they arc lowest Another Class
OF DIRECTORS. the most numerous. alisge that
"gold il the rich mans money" With II he can
Cypress the debtor aud rob tho poor.
With silver the ruling money. commodities
will bring a higher price and debts will be
easier to pay. There is . partial truth IL this
statement, subject to great abatement from
other considerations. which cannot now point
out. Let us inquire about these debtors aud
CREDITOR The commercial banks owe about
s., 000, oo0 600 10 depositors. II 1t desirable 70
pay them IN cheaper money! The savings
banks owe TO the industrial classes about VI ,5oo-
ooooo0 10 the best money, that most effective
in purchasing power, too good for the reim
bursemen, OF the frugal poor? The life insur-
ancc fund IN the United states now accumu-
lated, TO be hereafter distributed with it, in
crease 10 widows and orphans. now amounts to
about $3.50. $4,000. Ought the purchasing power
Of these millions TO be reduced by paying To the
heneiiciaries thereof dollars OF degraded vaiue'
Finally the wages Of the lsborer, the domestic.
the clerk ahd eli salaried men tend to become
established BY custom: they rise slowly in
prosperous iimcs they often fall quickly In pc
RODS OF depression. Your cheap money which
makes high prices Tor things robs the labo;er
Who produces them. Prot Thorold Rogers de-
ares II Is indisputable that the history OF Eng
land for Go years shows that the condition o!
the wage-earner has been best IN those years
when by reason OF declining volume of metal
lie money the prices Of things were falling. |
have already exhausted my allotment OF tine
ana taxed too severely your patience. con-
elude with question which the American peo-
pie must answer;
shall We have the nerve. courage and fore
sight to maintain az all risks the money stand
ara common To our commercial peers anu COM
PC itovs. England, France, Gcriasny and the
rest, or shall VIC allow the best weapon 10 sip
from our enteebled grasp and take commercial
status with Mexico. India. and the weak repub-
lies o. south Ame-ira, who. by the Use OF silver
a. their money Of account, are now aud Will
long remain IN semi financial servituie 10 the
tauAer brokers aud fniddlemen OF EUropeT
NORTHWEST NEWS.