The Caucasian. (Clinton, N.C.) 188?-1913, 1893-07-06

RALEIGH, \. C.. June 22ud. 1888.
Ma JAS. B. LLOYD. Tarboro. \.
C.-MY DEAR SIR: lou ask if the
decrease of the quantity of gold in
the dollar would not increase the
wealth of the "gold bugs" by ma
king them to have their gold coined
into more dollars. am glad YOU
asked the question. | answer no.
They will have more dollars, bu. the
MoNoPoLIsrIC purchasing power of
those dollars will have been broken.
by having IA single gold standard
and then BOARDING that standard.
Its purchasing power may lie DoU-
BLED IN II short time. The use r
silver would break the ''corncr" oa
the money market, because it Is in-
tinitely harder to make a corner on
the two metals than on gold alone.
The excuse which Mr. Cleveland
gives for using gold only as rcdeulp-
tlon money is that he must preserve.
the PARITY of the two metals-of
the two dollars, Il. e. he construes
or proposes to construe the law to be
that he should pay out only gold if
the L. 5. creditors prefer it. OF
course they prefer it, for this very
preference totally demonetizes silver
if it is allowed, and tins is what the
gold bugs are after. They have then
reduced the coin circulation (i.
the redemption money of the United
States, by one half. They then get
hold of, hoard, or control the other
half-the gold, and their rascaIly
work of "cornering the money mar
ket"-of making money scarce, is
complete. They have doubled the
purchasing power of gold for many
purposes, and sometimes more tba
doubled it. They have greatly IT,
creased it for all purposes. So you
see the little increase of their veal II
IN dollars by recoihing the gold dol
lars so as to make them OF equal IN
TRINsIc value with silver il sniin
matter compared with what they
steal by the ''corner" they make on
the money market. ] call your at
tention to the fact that they, the
gold bugs, know their interests fully
as well as we do, and they have never
demanded such an increase (:) of
wealth as such recoinage would give
them. They will suppress "a pro-
position of this sort as long as they
can and when they see it must come
to light they will put their organs to
bowling that 1.-The workingman is to
be paid in IA cheap dollar" Aud this
howl will catch the ear of uninform.
ed workingmen just as the "protec-
tion of American LABOR" by IA pro.
lection tariff has already caught it.
Our fight is to make gold and sill
yer both and equal at a proper ratio
money of ultimate redemption, and
the coinage of both alike free and
unlimited. If this does not furnish
a sufficient basis for Que circulating
medium, it is easy TO make other
practical suggestions and many have
already been made.
Very respectfully,
w. J. PEELE
7. S. Ia my Judgment the free
and unlimited coinage of silver woulG
perhaps very shortly aud certainly
ultimately put the two metals on q
parity or very nearly so. The sug
gestlun have made about reducing
the quantity of gold in the dollar i,
IN reply to that class of deuIagoguel
VIII" are constantly urging the pres
ent actua! or supposed want Of pari
ty between the two metals as tn,
great obstacle TO the free coinage O.
silver. Taking very little gold ou
of the dollar together with the free
coinage of silver (Hhich would in
crease Its value) would so decreas
the monopolistic purchasing powe
of gold that the parity of the TIVE
metals would be Immediately effect
ed. w. j. PEELE