The midland journal. (Rising Sun, Md.) 1885-1947, 1893-03-31
Harter's Scheme to Demonetize
Silver.

| congressman W. ~ 1Idt tSt "uc WI H
the hen on the hot griddle adage IN his
spluttering about finance, introduced bill
in the last Congress, the novelty and the
folly cf which were about equal terms.
This bill proposed the free coinage of gold
and silver, but neither to be legal tender.
This Harter coin was 10 be distinguished
from that now in use by stamping on it, ten
dimes, twenty dimes, fifty dimes, etc. This
dime money was to 60 on its own merits and
be used in foreign exchange at the bullion
yalue-iust as all coin is and always has
been used The present coins were TO re-
main legal tender. Iu commenting on this
idiotic bill the New York Voice says:
"Ifto this plan we're added provisions for
the issue of treasury notes, which should be
legal tender, exchangeabie at the treasury
in gold or silver bullion, for purposes of
port trade, we don't see what the free
silver men could complain oil, what the gold
bugs could complain OF, or what the green
hackers could complain OF, or, what is more
important, what the American people could
complain Of. AT any rate il is worth think
ing about"
We agree with the Voice that the editor
who wrote this paragraph ought TO think
more about the subject before publishing
anything so ridiculous in sober earnest.
One important fact is that Mr.. Harter did
not propose legal tender issue by the gov
eminent, of paper, but he wanted no legal
tender That is he wanted no legal Amer.
lean money. Bat ifthe government was not
going to make legal tender coin of silver
them? The parties who wanted 10 ex port
these metals conld buy them Of first hands
or dealers as they do wheat. cotton or food
products? In place OF the silver men having
no cause for complaint with such an anon
ally of bill, they would have every reason
for complaint. Harter's bill was complete
decentralization of silver, while every
European government is coming gold at the
standard England offers to pay 70: every
ounce Of gold produced, which coin &c law
of Great Britain has KEEP, gold bullion up
to the value of coin ever since the law was
passed, and will continue to keep il up to
that price az long as the law remains in
force. Harter's proposed law wonld repeal
the Sherman Law and leave silver entirely
ont Of The money metals as legal money.
The gold bugs would have 90 reason 10
comptain. o. course not, while the minis
of European nations we're open 70 legal
tender gold eoiags, at a price which England
has sci upon gold bullion. Bat what is there
to keep up he price Of silver bullion ifthe
demand for coinage ceases? Aud as Eng
land, by a law OF Parliament, has 6xed a
price for all gold bullion al her mint, and
that law maintains lis price throughout the
world, because it permits no surplus, 50 a
similar law for the free coinage of silver by
the United States minis, of $l.29 per ounce,
would fix the price of silver throughout the
world, and we marvel that so intelligent a
person as DR.. Funk, who, it is fair TO pre-
sumo, has been devoting himself to the
study of this question, does not see this at a
glance.
But The provision Of the Voice, "If to
this plan were added provisions for the issue
of treasury notes which should be legal
tender" Yes, indeed, the greenbackers
would not complain. There would be no
other money in the United States but legal
tenders, gold and silver having been re-
duced solely 10 merchandise. Gold would
still maintain its present coin value for
reasons we have pointed out, while silver
would fall still lower and enrich the Eng
fish spectators in sllvey, and aid the
British nation to build up India by fur
nIshing that country with more money,
coined ont of the silver we so generously
make the traders of that nation present Of
They would soon drive our American wheat
and cotton out of European markets.