The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1893-06-23
balanced ON its apex instead of Sc.
firmly on its b,se

balanced ON its apex instead of set
firmly on its b;.se.
Briefly SlNauaarized, the Sherman act
is an act providing that silver bullion
may be bought or the gold basis lat Il
price estimated in gold) by notes made
redeemable IN coin. The bullion when
80 bought mary be coined for the
redemption Of the legal tender notes
issued OH the bullion.
The bill is unsOnnd and vicious in
principle, not because it forces the use
Of gold to redeem these notes, for it
dses not. but because it locomotives
silver by making gold the standard of
value in its purchase. This deprives
silver OF considerable portion of Its
coinage value rs money metal and
forces it downward towards its intrin-
sic value, which in gold or silver is
probably not more than SO per cent of
its total value when subjected tO full
demand for use in the arts and for
unrestricted coinage.
The purchase Of silver in gold is a
very great evil in itself even when the
silver is coined, for, rs far as the pub
lie is concerned, the government might
as well buy paper for currency
material, the paper to be bought in
gold and redeemed in gold. Unless
silver is freely coined instead Of pur-
chased OH government account, it is
demonetlzed and gold is the standard
for silver currency as for paper. When
the silver, purchased supposedly as Il
money material, is merely stored
instead of beng coined; when the
notes issued on bullion are redeemed
not in silver, but in gold, then the
demonstration of silver is completed,
and this work of making the silver
note redeemable in gold only is done
as a 'matter Of policy and not of law; is
done, not because the law directs that
it shall he done, but because the law
does not prohibit it.
The mere repeal of the Sherman act
could no. therefore give relief to bust
ness. The Sherman notes Can be
re- issued when redeemed, and if the
currency is TO oe kept on Il gold basis,
if silver IL to he paid out neither OIL
the Sherman notes nor OIL the green
backs. then the pressure on the treas
ury can be renewed at any time it is
the pleasure of half a dozen great cap
italists in New York and London.
The power this policy gives few men
is enormous. By controlling a COM
paratively small portion of small
gold supply they can bring stringency
on n nation of 65 100000 people and
force thousands of honorable and use
full business men to the edge of bank
ruptcy, if not over it,.
The insuperable objection to the
god basis is that combination of
only u few capitalists can control
enough of the visible supply of gold
TO bring the credit of the country to
the verge Of collapse.
There is no safe currency except
one which will regulate itself naturally;
which cannot he suddenly expanded
or contracted; which is a medium of
exchange sufficient for the needs of
business and not subject to the vicis-
STUDIES Uf control by popular bodies or
by spectators. The only way of
securing such currency is by the
free coinage of both silver and gold.
without mint charge and without dis
examinations against either metal.
This is the currency demanded by
the democratic national platform, and
it is OH this currency that the demo-
cratic party will insist without abate-
ment or compronise.-&. Lonis Demo-
Republic.