Frostburg mining journal. [volume] (Frostburg, Md.) 1871-1913, 1893-08-26
The Now ThumbscreM
CORRESPONDENTS.
n Proposition to Issue Notes Based ,
Bullion

n Proposition to Issue Notes Based on
Bullion.
To the editor of the 4mericau.
| have been gratitied to observe the
steady contention of the AmericoH for
an honest currency. May | suggest a
plan on which it seems to me all who
believe in gold as a safe and sufficient
basis, but who would not object to the
use of silver also, on the condition that
silver be of equal intrinsic value with
metalists, too, honestly such-I mean
those who are not interested IN the
special sale and appreciation of the
products of our white metal mines-l
should think, would be satisfied with
the same-the plan | suggest. 1t Is
this:
|, Cease to coin either gold or silver.
,, Let the markets OF the world regu
late the value of both metals, just as
they regulate other values-iron,
copper, wheat, corn, cotton. 3, Issue
United States notes, redeemable in
either gold or silver bullion at the
market price. i, For ''elastic" pur-
poses, let the Secretary of the Treasury
expand or contract currency by the
purchase of bullion-gold and silver
at market price, and issuing bullion
notes, redeemable in bullion at said
price; or selling bullion, receiving
said bullion notes and Withdrawing
them from circulation, as the interests
of business might dictate.
Why coin silver or gold? All men
prefer notes solidly based on an in
- I,1lin,, L,lj
strong, solvent and honest government.
This because of their convenience, as
compared with the weight of metal.
This would place the two metals on
the same basis intrinsica.ly, whatever
the market variations. The Eotes
would be stable Every one would
welcome them. Just as gold notes now
circulate at their face value, even
among foreign nations, because based
on an assured real value, 50 then would
silver notes.
By-the-by, did not that sagacious and
able man, the late Secretary Window,
suggest some such plan?
OF course, a Subsidiary coinage,
both gold and silver. as necessary for
change and small transactions, to the
extent of the required millions, is not
incompatible with this plan. Such
might be employed. Ounce. half
ounce, quarter-ounce pieces of gold;
ditto of silver, and then number of
smaller denominations Of silver, as
now, might be stamped and issued.
No one would seriously object to them,
though the market price of the bullion
might vary. They are almost entirely
used in home circulation, and every
body would be glad to use them,
stamped, as they would be, by our
government
1t is folly to talk of forcing other
nations to take our silver coins when
enthusiastically deprecated. To buy
silver and coin it, and issue notes upon
it redeemablein gold orsilver at coined
value, means, practically, redemption
in gold 1t cripples commerce, taxes
the nation heavily to carry the depre-
citation, tends to loss of confidence;
vet, we have heavy silver producing
interests. Entire States in the West
depend on silver production and sale.
| Patriotism would seem to dictate that
we should do nothing to inJure their
interests, other things being equal.
Let them have q fair chance in the
markets of the world, just such a
chance as cotton, copper, iron and
wheat have. To say that one ounce of
silver-worth but fifty-slX cents or
seventy fve-shall circulate as one
hundred cents, is unjust to the rest of
the nation. 1t would be as reasonable
for the government to say that cotton
| should sell at ten cents when worth in
| Al h,t baa
should bring ninety cents when worth
in the market but sixty. That is class
legislation with vengeance. The
sober sense of all good business men
thus revolts against l6 to | ratio when
silver is away down. 1t cannot be
forced, even by law, on the world.
| But the bi-metallist, who wishes to
maintain our silver interests, seems to
have fair right to say, "Give the
white metal good and honest chance"
Under the stress of necessity, our
Western silver kings would soon find
the way to reduce the cost of getting
out their metal and yet have a fair
profit. You may trust American
genius for that
But, to ask the rest of the nation to
tax itself by millions and derange at
the same time all business matters, by
taking deprecated metal at an
appreciated price, is little too much
for even patriots. a gold standard.
doubtless, would be chosen by most
unpreindiced business men and citi-
zens. Something. however, is due to
American productive interests. Patrl-
otism and the good of the whole here
enter. An honest bi-metahsm, If
practicable, think all interests might
unite upon. Such, | think, | have
proposed. The plan proposed by Hon.
Tom johnson, of interconvertible
bonds for elastic purposes, seems to be
really valuable and practicable.
GEO. V. LEIGH.