The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-09-20

a. q .,mono-metaliist, who wished by the
repeal OF the silver purchase act OF 1880 10
bring us to gold standard" This -
meaningless charge. for we have been
prntieailg At the gold standard since 1884,
and legally at the gold standard since is73.
The silver dollar. coined under the act OF
1878 and the treasury noto issued on silver
bullion purchased under the act OF 1880.
are unlimited legal tender In payment OF
debts. but they are really subsidiary money
and do not occupy place Of equality with
the gold dollar.
This Is plain. since tho silver has been
bought In terms of gold and has been made
redcemabIe under the parity" clause OF
the set OF 1890. The silver dollar, and Its
representative silver paper. occupies the
same place in the currency that the green
back currency does. The Springfield Re
publican recites these facts. and says:
As long as the metal ~ bought in terms
of gold and made redeemabie in gold, the
silver dollar might as well be worth In
trinsicaliy no more than the greenback
dollar. And IL the ability of the govern
ment to keep its pledge of gold redemption
--or maintaining the two dollars at
pafity--were unquestioned. IL would make
not the smallest difference whether the
silver dollars wero worth moro than so
cents or l cent as bullion or not"
This Is sill true. and for ell practical pur-
poses We might as well have issued so
many additional greenbacks as TO have
coined light weight silver dollars and -
sued silver paper against. purchased silver
bullion. because all our silver and silver
paper circulates on parity with gold. for
the same reason that greenbacks circulate
on parity with gold. viz: We have
promised to redeem them all in gold on
demand. A q matter of fact, therefore,
we have had the gold standard legally
since 1873. There has been no practical
bi-metallism since 1884; there has been no
legal bi-metaIlism since 1879.
We shall never have bi-metaiIism until
we have II under international agreement.
for the independent hi-metaliism which IL
Is proposed TO enact through the free coin
age of silver by the United States would
simply result in silver recommendation,
since II would inevitably bring Us 10 the
silver standard.
A good many persons of intelligence
labor under the delusion that money is
solely the work of government and is Gre
ated by legislation. TO this class belong
those persons who are always CRYING for
cheap money and plenty of IT." Money
was cheap and plenty in the days of the
first French republic. when it took about
bushel of asslgnats 10 pay for a hackney
coach ride. Money was cheap In the last
days OF the Southern confederacy, when
IL literally took barrel Of money 10 pay
for barrel of -four. Money was cheap In
the days of the Rhode Island Land bank
OF i7s6. Money would be cheap If free sill
yer coinage ever forced Us To the silver
standard. since IL would take nearly 81 Of
Il 10 buy what now sells for 81.
An honest dollar either contains a dol
lars worth of metal. or. IL IL Is paper dol
lar, II is always eSehangesble on demand
for a dollars worth Of gold or silver. A
gold dollar requires . dollars worth of
labor and capital On mine and market Il,
while the silver In the silver dollar costs
in labor from * 10 30 cents, aud when pre-
scented for coinage Is worth about 50 cents
whereas the gold in the dollar presented
for coinage is worth full loo cents.
Oar silver dollar is worth in bullion
only ahou: So cents, bat the fact that
the government. receives il for all dues
and practically promises 10 redeem X In
gold on demand keeps il on par with the
TAIL trn sh.
both able and willing TO keep this promise.
Our currency is all ca gold basis, since /,
is practically redeemahle in gold, and the
objection 10 the silver purchase law is tina,
the yearly purchase OF some SO. eoo 900 OF
silver and the issEc Of silver naper there
for which may a; once he exchanged fer
gold would soon drain as OF cur gold and
force Us TO pay in silver. which. being no
longer erehangvabie ia gold. would be
worth only its balboa yslue. Prices
would at once he changed 20 the silvar
level and gold would take TO flight As IL did
during the war and become mere COM
modify.
In tsT9 this country had bat 500. 600 900
of paper and silver in circulation RESTING
for It's gold value on s treasury gold rr.
serve Of Sis0,ea0oel. Today we have IN
paper and silver 81. aza, zoe 0oo resting on =
little more than sioo. -. 600 In gold. Under
these circumstances OF extraordinary Ell
panslon OF currency cas of alg proportion
10 It's gold support no wonder loans have
been contracted which has led 20 she with.
drswaio deposits in coin and currency,
60 boarding. Hoardlng forced premium
CA earTraey. and this premium halted
business. The truth Was Sc had too uauch
silver paper money and deprecated silver
wlth 50 llsile gold hehind IL IS to create
pebble aissgast on both sides OF the water.
sherman law certificates, now ont to the
asaeau o. ahons $50. o.. COO have behind
thea silver wAtca cost about a. ceags an
ounce and = now worth shout IS eeats. II
this we're easnea into dollar. on = legal
ecticn ihst il VAS weyth slea an ounce.
the profit paper rroas. would be So.
caAba
Il is said taat Secretary Carlisle proposes
10 Assae this ''Psets" without waiting TO