Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-03
sraunOn on the Financial
OueatiOn.

] am opposed 70 the characterization
Of silver, actual or virtual, and 10 favor
Of the use of both gold and silver as
money. IL the theory acted upon by
the entire world from the earliest date,
that these precious metals are IN them
selves money, and not merely the repre-
sentatives OF money, aud that all paper
money must be based on them and re-
deemable 10 them, be not fallacy,
then the United States should not de-
part from what has been for ages the
policy Of mankind, and OF this nation
from It's birth, the use OF both gold and
silver. When the trainers OF the
United States Constitution provided
that q State should make nothing
but gold and silver 3 legal tender
in payment OF debts, il recognized
and intended to adopt both as money.
Reversing the usage OF the world for
ages, reversing the policy Of our constl-
tuition and practice from the foundation
OF the government, Congress for the first
time ia 1878 demOnetIzed silver, made 10
no longer money, by taking fromslt the
quality and power Of legal tender 10
payment Of debts beyond five dollars,
branded It's own silver coin as q mere
commodity, but still made its mere paper
notes legal tender 10 remains to-day IN
derthis brand, except that standard dol
lars are legal tender, and yet it has been
found 10 our day, as IN all past days, so
useful and suitable for money, that all
over this republic it is gladly received as
money, and is the most useful medium
OF payment 20 the masses. IL purchases
as much as a gold dollar In any store.
OF late, a special effort Is made 70
disuse silver by stopping It's coin
age. and by the stOppage OF the
issue Of paper as It's representative.
This would establish the single stand
dard Of gold and make silver only COM
modify, ike iron, zinc or other commO-
dites, shorn OF all efficacy as money.
This would frightfully contract the cir
culating medium, the money or the
country, and bring widespread ruin. 1t
would greatly benefit the few, those
who receive fixed salaries or incomes
and those who are wealthy, because IL
would lower the price CT all articles
which they consume and lower the value
OF land and other property and labor,
bind the debtor class In hopeless inSol-
vency, and enable owners OF wealth 10
command greater reward for the use or
their money. IL would concentrate the
property In their hands. They buy IN
times Of depression and sell In times OF
elevation. Eventually the few would
own the land. Talk Of millionalres.
What policy could be more potent TO
multiply them indefinitely? This pro- |
gramme would be q blight upon the /
masses, and they being the great |
majority, it is impOlitiC, because |
legislation should be for the |
many rather than the few. / have said /
this policy would make gold the only /
money. This Is so, unless we supple |
ment it with paper money. Why do /
this when we produce silver? Why /
give preference 20 paper over silver? /
IL silver were not O0tainable, paper /
issue might be necessity; but as sill .
YER Is at hand, why strike 10 down? Is \
silver money inc0nvenient Ia large /
transactions? 10 Is. So Is gold. Let .
us hare paper, but let it be not redeem
able only in gold III redeemabe only /
10 gold, the volume of circulation would /
either be too small, or If very large, 10
would have that ~ SOl paper circu-
lation which wr0f glch widespread \
-s.sls-aLsar-iEhc-r us.aa, irredecma-
10 paper money, based /
80 into gold aud siver
thus have a circulation
ugh 10 answer the wants oil
population and business, and
will be not paper merely, worth /
less in case or national disaster /
and loss of credit, but redeemable in /
the metals utrnsicaliy valuable the /
world over. This immense country re- /
Quires a large amount OF money. The /
money is ia business what blood is 10 /
the animal system. A scarcity cramps /
and destroys business and produces /
bankruptcy, as surely as scarcity Of |
blood produces weakness and death in /
the body The money Of the country |
measures the value OF ell other proper |
W There is one dollar money TO about |
IS TO 30 OF other property. Therefore, |
when on contract the current money 1 /
you essen the value OF other property /
20 20 80 ] grant that when the stand /
ard Is single, only gold or silver, that |
wedisyense with the task OF preserving /
NE parity OF two metals, q thing very |
4 essential; but on the other hand, If /
we adopt the single standard, we /
fall into the greater calamity Of /
q too narrow circulation with all /
the consequent Ills above limited at !
But, In truth. the preservation Of the I
parity of the two metals is not an In /
surmOuutable difficulty. Tue world has /
not found il such; for In all ages the in.
trlnsic value OF the metals, both gold |
and silver has fuctuated, and all the 4
while both have been used as money.
Where both are used there can not pre-
vail for a long tiEe either stringency /
from too small or redundancy from too
large q circulation. No other basis has /
met with as few obstacles and as well /
answered public need as the bi-metallic
basis. 1 would not unconditionly re-
peal the sherman act This act Is much 1
derided, but poorly understood. Assaults
upop are general, but designate no
sost&ic defects. / deny that il pro-
duees fng ial stringeney. On the con-
trary,it bids the circulation because
70 contF a compulsory provision
at government shall |
onth rchase 100000 ounces
bullion, deposit II
thf y, aud issue ia payment
I've bates. which operate as
n0n cding to the volume OF
ire is just because Of this
xM t the advocates Of the
ny oppose II. 10 guards
ctiOA by providing that
bed under it when re-
RI BIT be cancelled. but re-
%, an 10 produce scarcity OF
90 .s-fngency? As we'll say
as Get OF water poured into a
ksens its volume. Does 10 re-
ar d? II so, &c substitutes and fills
e6e vacuum. deny that it expels
from the country. To q certain