The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-10-25

modify that it rs transferable TO the
citizens of other nations in the settle.
ment of balances and in the payment
Of debt
We, then. have no international
money, and the argument in favor OF
q single gold standard based on the
claim of the necessity for money
that is common to the civilized world
u entirely void of force. American
debtors may settle their balances with
one commodity as we'll as with an
other, and may make their purchases
with a definite understanding what
that commodity shall be. In any case
it is an individual affair with which
the government is in no way con-
cerned.
But, it may be said, we have already
large foreign Indebtedness which il
stipulated to be paid in gold, and We
must maintain the gold standard, and
pledge the faith Of the government for
the payment of these debts according
to contract. This is likewise an error.
What is this foreign debt? 10 it q
debt of the United States government?
Certainly not The entire outstanding
bonded indebtedness of the United
States is now only little in excess of
$500, DOC, 600, and this is mostly, If not
entirely, held in this country. A con-
siderable portion of it is on deposit in
the treasury department as security
for national bank circulation. Be-
sides this, every one of these outstand-
ing bonds is payable by the terms Of
the law under which it was issued, in
coin of the weight and standard in cir
culation July IA, 1870. This includes
silver dollars; and every outstanding
government bond may be legally paid
to any holder, American or foreign, in
dollars of 412N grains of standard sill
yer. The gold standard is not neces-
sary, therefore, to provide for this in
debtedness.
What is this foreign debt, therefore,
that is considered so sacred that the
government of the United States must
estab lish and maintain the single gold
standard in order that there may be
no danger of its payment in a debased
or deprecated currency? 1t is very
largely debt of railroad and other
corporations; and, whatever it may be,
the government of the United States
has nothing to do with it and it is in
no way concerned in it. It may be said
of it as of the balances of trade: Let
those who owe this debt pay it, and let
the government establish and main
tain monetary system in the interest
of the American people without any
regard to it whatever. In short, it is
no part of the business of the United
States government to conform its
monetary system 10 the terms of the
contracts made by individual citizens
or corporations with citizens of foreign
nations. If it were so, such contracts
might be made tor the payment Of
foreign obligations in diamonds, and it
would thereupon become the duty of
the government to esta blish single
diamond standard of money in order to
insure the payment of such obligations
in good faith. Away with such nom
sense. The American people want a
currency that will meet the require
ments of trade and com merce at home,
and they want an abundance of it.
This they propose to have. The present
administration and the present con-
gress may demonstrate their servility
to Wall street pirates, but they will
learn in due time that an outraged
people know how to rebuke their
treachery.- (Kan.) Advocate.