The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-08-26
The p,saey Question.
(coMMuNrcATRD)

Tho constitution OF the United States
Is the supreme law OF tho land. By
this instrument the powers of Congress
are limited and well defined. Congress
has power to coin money. but not to
say that gold or silver coins shall not
be money, or legal tender Tor the
OF debt. Nor has it the pow
or to limit the legal tender quality to
any certain amount. 1t has only pow
er TO coli. the money and regulate the
value OF the coins to each othen And
it is we'll to coniine the Congress
strictly within Its limits.
All other powers not expressly
granted to this body are stated to be
reserved to the States and to the peo-
pie, and the power to demonetize gold
or silver coin has been reserved by the
people. Now, Congress is not COM
PEELED to coin either gold or silver. 1t
Is q matter of policy. But as the coins
are OF necessity legal tender 1t is dilti.
cult to state valid reason why the
coinage should not be- continued. The
production of the precious metals for
the last hundred years has been sub
istantially equal; about five billions of
dollars worth of each. No claim can
then be made against either on &C.
count OF production.
! 1t is frequently stated that from
tlT92 to 1873, there were only about
: eight millions OF silver dollars coined
, in the United States.
II will be observed that those who
make this statement are very careful
to say silver dollars" because II they
!; should say that that was all OF the ell
, yer that was coined in that time 1t
! would not be correct There was one
hundred and fifteen million dollars
: worth coined between 1892 and 1858.
, and about eight million dollars worth
In the single year OF 1853 But then
we had free coinage, and tho people
had their silver made into halves and
t quarters in preference to dollars.
, So had free coinage been continued
, the people would have probably done
the same thing. and we should not
have had one-fourth as many legal
B tender dollars as have been
:. coired. There is no supplying the
demand for the subsidiary coinage
1t is asserted that within the last thlr
lty years India has imported more thar
u billion dollars worth Of silver and II
disappeared among the people.
All the gold that Is mined in the
= world in year would not pay the
;, wages OF the American working PEG
pie one weeks wages. SO you have
to pay them with paper promises tina
J. pass for money. Would IL not be bet
& ter to substitute silver for so mucf
!. paper2
K The American working people earl
IS ten billions Of dollars In wages ever!
Ii year, and this has to be paid substan
:, TALLY every day, | know that none!
is used over and over again, but it j
q idle to depend on gold alone. All tn
d gold and silver that could be Goinet
}. would not be enough, and there woul,
d still have to be great deal OF pape
n used.
d 1t is counting house view that W
Or do not need SO much money, tina
checks and commercial paper call tax
Of its place.
r. | suppose that one hundred million
II, of dollars In cash passes from hand t
Ii hand daily. A large proportion of tn
AZ checks are cashed and the none
lie passes backward and forward over til
10 bank counters aud in all the market
u and the retail trade.
to II is Just in the markets and reta
OF trade and In the vast daily transa,
n. tons OF everyday life that silver
used. 1t won't do to say that the col
o. that the rich man uses shall be Leg
Le tonder and that the coin that the worl
lg man uses shall not.
We The silver that Is in the treasury c
aG Washington does not belong to III
80. government. IL belongs to those thu
he hold the silver notes. and the treasur
ot has no surplus of coined silver. 1t
et,very foolish. then, TO stop the mint
u-,when we have SO much need OF Gu
Of rency. W. +. Quincy.