The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-10-03

thing itself, in which such promises to
pay are redeemed,
Therefore, to ask if the parity be-
tween gold and silver coins can be
maintained in any other way than by
paying gold for silver, when demanded,
is equivalent to asking if it can be
maintained in any other way than by
maintaining bi metallism. Bi-metal-
lism recognizes the parity in its treat
ment Of the two, and would maintain
it if the law was honestly administered.
If it had not been for the war made
on silver for so many years by the gold
mono metailists, under the leadership
of English capital, which dominates
the world, no such question as this
would ever have been asked, and am
one of those who believe that if this,
the greatest and richest nation on
earth, would in it's financial policy be
true to itself, no doubt about its main
tanning the parity between it's gold and
silver would again arise.
2nd. To the second question 1 reply
that, while unfortunately the price of
cotton has had very little to do with
our financial legislation, still ''if the
parity is maintained" free coinage
would, of course, very largely increase
the circulation Of money, which money,
all Of it, would be equivalent to gold
that this large increase would reduce
the appreciation and consequent in
creased purchasing power of gold
and under the recognized law that
when money is plentiful prices go up,
would Increase the price of cotton and
other commodities AS to the allega-
tion that the planters are compelled to
sell two thirds Of their cotton in gold
markets, I think it would be more cor
rect to say that the price at Liverpool
fixes the price throughout the world,
although this is not itself exactly ac-
curate
Sd. To the thi question the answer
is that IF the srity is maintained"
and the supply of the two metals should
not vary in relation to each other more
than they have heretofore, creditors
would be indifferent as to the kind of
coin they we're paid ip, and lin the alb
sence Of a special contract) debtors
would pay in whichever coin was most
convenient. Bat nine tenths of the
transactions would be. as they have
been, in paper at last.
4th. To the fourth question l reply
that the standard would not be affected
whether the parity is maintained Or
not, if bimetallism is preserved. This
term ''the standard" does not seem to
be more accurately understood than
some others which are used in the dis
cussion of the silver question. There
is standard of wheat, a standard of
fineness, standard coins, and money
standard. The latter is probably what
the question refers to- Well, themoney
standard in this country is gold and
silver-the unit is a dollar-and the
ratio between the two metals in the
coinage is 1 to Is SO 100.
5th. There is what is called double
standard, but there are not two stan.
dards. There is unity of standard in
two metals. In other words, where
the unit (Which with US is dollar) is
represented both by gold and silver
coins, of unlimited legal tender, with
unrestricted coinage, there is double
standard.
have tried to condense my replies
as much as possible, so as not to oc-
cupy too much space, but hope they
are ineligible, if not satisfactory.
A. M. WADDELL