The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-11-08


be composed solely of metal of no
intrinsic value except for monetary
purposes and owing to it's scarcity
continually approaching in value as
compared with all other commodities.
The fact that the London Times
sneers at our policy of maintaining
bi-metallism should not alarm us.
What we want is free coinage of sill
yer. We do not want a dear dollar"
JOHN N. POWERS.
To this the editor of the North
western Chronicle replied as follows:
eve cheerfully give space to the
letter of Mr.. Powers, for we believe
that his views on the financial situa-
tion are an expression of the convic-
tion of many honest minds; and we
desire to assure our correspondent
that the financial creed which he has
drawn up for the Chronicle has never
been accepted by it. Our meaning
may become clearer as we proceed.
Mr.. Powers, if we understand him
correctly, contends that the policy en-
dorsed by the Chronicle is actually a
scheme for expelling silver forever
from the monetary world, to the in
finite disaster of the country.
He argues in this way:
1. The secretary of the treasury
deliberately wronged the white met
al by paying for silver bullion in gold.
We reply that the secretary of the
treasury could not have done other
wise under the provisions of the
Sherman law, and instead of delibe-
rately dealing blow to silver he
stretched out his hand to it. The
Sherman act distinctly stipulated
that parity be maintained between
gold and silver; that fictitious val
ue be given to silver which the gov
eminent pledged itself to make good.
We may say that the government
gives it's note for the difference be-
tween the actual and conventional
value of silver, and were it to pay for
silver bullion in deprecated silver
coin, it would deliberately repudiate
it's solemn obligation and abandon
silver to it's own feeble resources. 1t
requires neither philosopher no sage
to describe the effect which this
course would have upon silver itself
and upon the country at large. 1t
would drive out gold and reduce our
wealth to little more than one half
it's present value.
2. Our correspondent denounces
that the issue of coin certificates for
silver bullion, for value not received,
has had tendency to empty the
treasury of gold. In other words the
government might go on Indefinitely
giving away gold gratis without
diminishing the amount on hand.
Suppose that Mr.. Powers purchases a
hundred bushels of wheat for a dol
lar per bushel, though the actual
price is but fifty cents, can he say
that his treasury has not suffered by
the operation? The greenback is
quite another thing; it is simply a
promise to pay: it is a debt of the
government; it represents value; it
deceives no one
3. Mr.. Powers thinks that every
coin certificate issued is an addition
to the currency, and, therefore,
something devoutly to be wished for;
that the coin certificates have more
back Of them than have the green
backs. Does our critic seriously
mean that greenbacks are an addi-
tion to the actual currency of the
state?
4. The Chronicle is charged with
attempting to introduce the single
gold standard, to undo silver, to con-
tract the currency and to spread uni
versal disaster. The Chronicle has
neither denounced nor advocated the
free coinage of silver. We have ad-
vocated the speedy repeal Of the
Sherman law because we consider it
violation of all financial principles,
inj urious to the cause of silver, and
the enemy alike of farmer, miner
and merchant. Mr.. Powers has no
right to condemn the Chronicle for
advocating policy which we have
never had occasion to discuss and for
being inimical to the class of citizens
whose interests we have most at
heart.
The financial question is one that
requires the deepest study and the
widest observation. AS the world to-
day is so connected that it makes but
one business nation, it is as idle to
speak of settling the financial ques-
tion in one country, Independent of
~ ho