Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1893-08-02
THE SPIDER AND THE FLY.

Will the Populists Deliberately Walk Into
the Metallic Basis Parlor?
William p. St John, president OF the
Mercantile national bank, of New
York, one of the leading bankers of the
country, has addressed an open letter
to congress on the subject of finance
legislation. He is one of the ablest
and most enthusiastic bimetallists in
the country and one of the recognized
leaders in the silver movement In his
letter he outlines bill which he thinks
you'd be about the proper thing, and
he outlines such a bill in this form:
First-Our mints to receive without limit all
deposits of gold bullion and silver bullion, not
too base for minting. and issue therefor I'M
limited legal tender notes of the United States
1t coin value, these AotAs to be Fedeemahlo in
gold or silver coin, at the option and coqyen
fence of the United States; and on request Of
the note holder, but at the like option and con-
venience, to be redeemed in gold bullion or sill
yer bullion at not less than coin value. All out
standing gold certificates silver certificates
and treasury notes Of 1890 to be cancelled
whenever received. and the proposed notes
substituted therefor at face value. This act
repeating the so:caied Sherman law entire
Second-If q new valuation for gold and sill
yer is provided in the bill, provide also that the
existing legal tender silver and gold coins shall
new notes until the new coinage is ample there
for, say for one or two years after the date of
the enactment and thereafter let the present
Alger dollars be held for later determination
by congress Is e PIE permanence of the new
valution, that dstef4.inatfoq te ABIDE events
This plan is the fruit of nature
thought of oneof the best posted fnan-
piers and most ardent bimetallists in
the United States. It is a good plan
from a metallic. standpoint. But what
Is there In IT, fer the popnlists9 Fhe
plan provides. for gold and silver coin
and just so much paper money as there
may be gold and silver held for its re-
| aemptiop. No more, no less. If we
got the American product Of silver only
it would take seventy-fye or hundred
years to get fifty dollars per capita in
Circulation, while if we got al the sill
yer we could possibly hope to get it
would take at least thirty years
There has recently been held a mon
steF SILVER convention in Topeka, Kan,
at which there we're many able
speeches delivered and q sgt of resoia-
tions adopted. The first clause Of the
resolutions reads thus:
We Gre opposed TO universal gold standard
AFFORD sufnciens basis for currency adequate
n the needs Of commerce. and its adoption
i Woulq caHse an Immediate increase Ia the ex-
chaigeable value Of dollar because Of the in
creased demand for gold and sn unjust increase
/ IN the burden Of all debt during the continn
anee Of gold standard because the supply
| Of gold available foF coinage Is not increasing
In proportion 70 the population and need for
more money would cause the indeanife appFes
citation Of the unit value and the linden.
mite extension OF business depnession We be-
nevo thatan International agreement for the
eofnage Of both gold and silver at nxed ratio
Is not necessary and 50 lGng rs Eneland,s CO.
operation Is awaited. not probable because she
Is creditor nation and viii be slow 70 surreh.
der the advantages accruing to her ruling class
BY ne appreciation,
Here we haze aRaiR the fsbasis''
faiiaey as the underlying idea. Free
coinage Of silver is demanded to en-
large the basis. It does not surprise
one to find among the list of delegates
TO the Chicago silver convention. So
called populists who have, in the past,
pTated about gold and silver being nat
urai" money and sGod'sn Inonev--
men who deny that money Is q crea-
ton of law and affirm that government
cannot impart the money value to any
article not possessing intrinsic value.
Hui u is With feelings of modification
and surprise that one secs numbered
among the delegates meH who do not
believe in q metallic base for money
and who believe the truth that all
money is made by law and is the
! creature Of the peoples fat VIII ths