The Ketchum keystone. [volume] (Ketchum, Idaho) 1885-1899, 1893-07-15
Professor c. w. Stickney on Financial
Matters.

EDITOR kEYsToNE-Dear Sir: No
subject at present is so momentous
or interesting to your readers, who
are mostly engaged in metal pro-
duction, as the silver question, and
its relation to the general monetary
system. / have a suggestion to
offer. But first, l would say that
to hand this subject of our circula-
ton over to the bankers and the
moneyed men who deal mostly in
papers which represent SO many
dollars and cents, is to hand over
the general business interests of
these United States to q band of
cutthroats and highway robbers.
These men are the Shylocks Of the
present day. Bankers may possibly
be honest, but the presumtion is
against it, for their interest lies on
the dishonest side of the silver
question. Their interest is to have
contracting currency, for in such
case the purchasing power of their
dollars increase while they sleep,
and a stringent money market
brings them higher rates of interest
and exchange, and while, Shylock
fashion, they groan about the
trouble they have to meet their OBJ.
legations, they turn around and
grin at their fat profit account.
There is no reasons why gold
should be the basis of our currency,
but there is an overwhelming OBJ
lection to it, from the fact that all
foreign disturbances in gold stand
ard countries shake up our money
market and unsettle all values in
this country. The metal used for
money should be: First, the prod
uct of labor, not subject to sudden
increase or decrease in quantity, but
produced step by step with other
products of industry. SECOND, it
should be of sufficient volume to
turn the business of the country
without too great stringency. Third,
it should expand in volume from
year to year in proportion to the
growth of population, wealth and
business. Fourth, it should not be
metal used by any other country as
money, or if it is, it should be sew
cred from the worlds supply of the
same metal by an import tax suffi-
ciet to prohibit its introduction
from other countries, otherwise for
eign disturbances or peculiar con-
ditions of production may unsettle
all domestic values.
A double standard is an absurd
ity. There will always be varia-
ton from year to year in the ratio
between the qua ntities of each metal
in market, necessitating a readjust-
ment from time to time accompa-
MED by much political strife and
financial disturbance. The stock
of gold of the world is limited,
diminishing, wearing out from year
to year, and its loss is not even
being made good by the fresh sup
ply, to say nothing of the expan-
sion required to make it keep pace
with the growth of the population,
wealth and business. Either sill
YER or gold must be the standard.
Which shall it be in the United
States? l deem it absurd for any
one to say that there is only fifty
cents worth of silver in the silver
dollar and cry out for an honest
dollar. There is a value of one
dollar on every piece on which the
Government stamps "One Dollar.
He may, if he likes, say that the
gold dollar is not an honest dollar,
because it is worth two dollars, and
exchange with foreign countries
recognizes that fact.
There is an easy remedy for the
existing absurdities and for the ha-
tired which the present silver situa-
ton is engendering in the hearts Of
the hardy men who have built up
the silver producing states, and who
are now beholding the labor of
many years about to turn to ashes,
and which hatred may yet result in
open violation of the constitution
which prohibits a state from coin
ing money.
The United States produces sill
yer and gold. Other countries like
England want our gold. Let them
have it in exchange for imports.
They have little use for our silver
to coin as money. If we want to
force our silver on them it will be
at great sacrifice of value on our
part. This is shown by the Eng
lish quotation of June 3Oth of 3Ot
pence. We can use our silver prod
uct for our own currency. Let us
demonetize gold, as was the case
practically during our war. If an
importer wishes to pay bill in
England, ha can go and buy the
gold and pay at its market value
ON VERY ADVANTAGEOUS TERMS, as
England now buys our silver. Put
prohibitory tariff on silver, SO
that we need only have our own
product to deal with and then open
the U. s. MINIS to the free coinage
of silver only, and let it be provided
that the Treasury shall receive all