The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-09-05
A REPLY TO MR.. Randall,

H9L""II'' III WHICH H6 CLAIMS that l.
has discovered a plan which, if mt Ie
practice, would satisfactorily SETTLE r
financial question. This plan Of n, vT7
Randall's will no doubt attract the =.
tention of goldbugs for it, like - W.
bowling of other s~olondinates sou
to mould sentiment against silver a.
the express advantage of gold NJ
Randall writes Identity and from 49,
tenor Of his sophiatry one would CIV
pose him a crJuIJu1 hose vauIt,
stuffed with votes and mortgages 40.
resenting a mountain of wealth tb6p.
had been accumulated by frugal indn.
try under q contracted currency NJ.
gentleman starts out by declari9o o,IS
to be the only true measure Of wPajtb
out at the same time admits that tbor,
is no just reason why a gold dollars
worth Of silver should not be utilized
provided that the intrinsic value is oot
suborned by IN arbitrary decree nro,
nouncing a certain number Of grain.
as constituting a dollar. When Mr.
Randall declares that gold is the onIr
true measure Of wealth he not onIv
manifested himself to the world as an
unconditional servant Of plutocracv
but at the same time stultifos himself
in the estimation of alI just THINKING
people.
What the gentleman means oy the
assertion that gold is the only real
measure of wealth is somewhat vague
in it's distinction, as it does not def.
nitely rest upon any well organized
principle of common sense. II he
wishes to impress upon the minds Of
his readers that sold is the only safe
instrument of commerce, he falls into
an error equally as absurd, to use his
own language, as did the arcients
when they entertained the iGea that
! the sun revolved around the world in.
| stead Of Uice U8TSG. For instance. the
| gentleman himself has financial integ,
rity to the extent Of being the possegsor
of IS 900 worth Of real estate, or prop.
erty to that amount Of any other kind
he would not in q case Of emergency
hesitate to issue his note when neces.
sity demanded it, because that note
| could be used in lieu Of ready cash. No
man who had faith in his commercial
standing would refuse to accept it as
such. But the gentleman insists on
| gold being the only true representative
Of wealth, consequently under the in.
huence Of his own doctrine Iw0uId de-
mand discount upon his note, for com
mon sense reveals to the minds Of all
| sane men that a currency certified fail.
ing to keep pace with the increase Of
population and industry, has a ten
dency to increase the power Of money
there By decreasing the price Of all
other property.
But the gentleman has discovered q
plan that will adjust the financial
question. He says, resolve the i'm
mense horde of shamefaced silver dol,
lars back into bullion and equally dis
tribute it to the States as a basis of Sc
curity for a corresponding issue Of
silver certificates, to read as follows;
Those in denominations of from 81 to
S. to be made redeemabIe in gold in
four years after date; over s., in six
years, secured by an exchangeaDIo in
silver ingots deposited in the treasury
at their market value.
This is Mr.. RandaII's plan, and l
have nothing to offer in the way Of
argument to defeat it. I will simply
reproduce his own argument and by it
his plan will either stand or fall, Mr..
RandalIsays the idea so often advanced
by the unthinking Of putting a dollars
worth Of siIves in a coin, the reby max
ing it worth a dollar, is most ilIusory,
They forget that silver, though worth
so cents an ounce to-day, may fau to
60 cents tomorrow. Mr.. Randall secs
the point on this, and if he viii care
fully view silver bullion deposited with
the States as a basis Of paper cover
ing, he can certainly see that when a
certain amount of paper he's been
issued upon a certain amount of silver
say at Is cents an ounce, the price Of
bullion must be maintained or the pa
per would be ~counterfeited to the eX-
tent Of the decline in the price Of the
bullion. But, says Mr.. Randall, the
real unit of value must lever in the
vicissitude5 Of all time go below par
whereas silver has deprecated 80 per
cent. in the last Is We trs. Mr.. Randall
seems to be anxious to enlighten some
one upon the silver question, but in do
ing SO ignores the fact that silver was
never known to go below par until 1t
was demOnetized.