The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-07-10
ApLAIN STATEMENT
Hon. John II. Reagan Talks
About Silver.
DANGER FROM THE GOLD STANDARD
A Ringing Letter from the Old Patriot and
Statesman.
DANGER FROM THE GOLD STANDARD
PALESTINE, Tex, July 7

| i ALESlJ NE, GA, u uly 4.
Editor The News.
A great deal is being written and
said at this time on the question of
silver coinage, either in ignorance
of the facts in rel,tion to the ques
ton, or for the purpose of deceivlng
and misleading the public. And to
this end much is being said and
done to suppress a knewledge of the
real facts. There are few facts
which should be kept in view in
this discussion.
l. G old and silver have been the
money of the world as far back as
we know its history or traditions.
Their fitness for money is shown
by the fact that both metals possess
in common, and neither in any de
gree d tferent from the other, all the
qualities which are recognized as
necessary for money. Silver enjoys
with an equal degree with gold the
qualities of indestructibility, of d.
visibility, Of malleability and of
resistance to chemical changes.
Thus demonstrating their usefulness
and fitness as regulators of the vol
ume and values of currency and ex-
change"
g Gold and silver were made the
money of the United States by the
federal constitution, which provides,
article |, section 10, "That no
state shall make anything but gold
and silver coin tender in payment
of debts"
3 National bank notes and the
notes of other banks are not legal
tender money and their value in all
commercial countries was measured
by gold and silver coin, previous to
the year 1916, when Great Britain
ma lie gold the money of account in
that kingdom. In all other com.
mercial countries of the world gold
and silver was the money of account
previous TO the year 1878. These
mstals were, up to that time, the
basis of banking and exchange, and
measured the value of all bauk notes
aud exchanges, aud controlled the
value of all property and of all
bonds and other securities for
money.
4. The contention of the bond
holders, the holders of gold and
the bansers now is that silver shall
no longer be part of the legal ten
der money Of the world; that gold
alone shall measure the value of the
bank notes, exchanges, property
aud labor of the world.
s. The amount Of the gold coin
aud bullion in the world is about
the same as the amount of silver
coin and bolllon in the world.
6. To demonetize silver and make
gold the only legal tender money in
the world would, by the destruction
Of one-half Of the legal tender
money of the world, about double
the burdens of all debtor govern
ments, corporations, associations,
tirmsl and individuals, and would
vastl enhance the value Of all Sc
Curt bs and credits and of gold coin
and 4ullion, because Of the reduo'
ton u the kinds and volume of the
money which might be used TO,
payment of debts, and because the
gold of the country would buy sc
much more of labor and property.
7 The contamination of such a
policy would violate the implied
contract under which the great
body of the debts of the world was
created; that is, that the debtor
may pay in the kind of money
which existed when the debts were
created. And such policy would
necessarily produce condition OF
general bankruptcy in all the coun
tries where it should be made to
prevail. Mr.. Charles F. Nerdling
er, All able writer, who was for a
considerable time the financial ed
itor of James Gordon Benefits pa
pers in New York, London and
Paris, shows, in an article in the
"Il ustrated American" of July l,
1898, that the shrinkage in the
va ue of negotiable securities deal,
in the stock exchange of New Yorl