The record-union., 1893-07-03

has Increased the departure from the
truth. The Act of 1873 was disnonorable
to the Government and ruinous to the
people. The Act OF 1890 was mere de-
vice to substitute silver for gold as a
standard of value. Iron or copper are
either more stable in value to-day than
silver. We accepted the bad advice of
the silver intlationists once-yea, twice.
The cup is too bitter to continue the
draught.
Give US gold standard value. Now
IS the most acceptable time. We have
| tried the double standard, and it is a most
frightful failure. Let America be freed
| from the curse of bad legislation, and
they will attend to the rest. We shall
again be told there is not gold enough to
furnish the worlds exchange. If every
mans experience did not detect this fall
lacy the sophistry might be accepted as
! argument. 1t is universally admitted, as
! already stated. that less than five per cent.
of the human transactions require the use
Of circulating money. If more than
this is needed 1t can be supplied by paper
currency, redeemable in gold. It will be
charged that the single standard is sought
by capital as means of extorting higher
rates of interest. 1t is enough to say that
in every country having single stand
ard the interest rates are scarcely half the
rates prevailing here"
SECRETARY MoRToN's IDEAS.
! WASHINGTON, July 2.-The Post to-
morrow will print letter written by
Secretary Morton to Hon. ]. f. Lee of
Manhattan, kas., under date of June
18th. on the silver question. Among other
things, the Secretary says the continued
| purchase of 4,500,0 900 ouces Of silver per
month is very debilitating to the gold re-
serve in the Treasury of the United States
and plainly stated in a wild Western way
that the question now is which will hold
out the longest, the gold Of the United
States or the silver of the whole world.
1t would be a good object lesson
in money falacies if the Gov
ernment could legally tender
| 4l24 grains of silver dollars in payment
for silver bullion, which it buys each
month under the compulsory provisions
OF the Sherman Act. The giving of an
ounce of silver bullion, which contains
$50 grains of silver, for a dollar which
! contains only 4l23 grains of silver would
soon teach the advocates of fiat money
that the stamp of the Government is
merely a certifcation of the weight and
/ tineness of the coin and not the enhance
ment of the metal it contains. If the
Government can by coinage create an
artificial value of 45 cents to the ounce Of
silver, why cannot the Government
create 100 cents value in any kind of
metal that it may coin and stamp one
dollar?
BELGIUM TO TAKE ACTION.
BRUSSELS. July 2.-The Belgium Gov
ernment is reported to be about to con-
vene a special conference of the Latin
Union States for the purpose Of consider
ing what action they shall take in view of
the recent fall in silver.
INDIA's ACTION.
LONDON, July 2.-Goschen ex-Chan-
cellor of the Exchequer, in an interview
| regarding India's action in closing the
mints to free coinage of silver, said it
must be regarded as temporary and tenta-
| tive. India now possesses no real STAN
dard of value. 1t is impossible that such
a state of affairs should continue indef-
initely. Everything depended in India
upon how the natives regarded the new
measure. the natives are naturally con-
servative, and esteemed the rupee as al
most sacred. If they absolutely refuse to
accept the new measure the Government
will he compelled to withdraw it.