The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-11-08
AN INTERESTING DEBATE

BetA ZEN z Religious Journal and
aex-M4mber of the Legislat-
Tre on4he Silver Question.
The leading Catholic paper of this
stateqs theA NDrthWestern Chronicle,
of St. Paul. 1t is ably conducted and
gretted 10 observe, published several
articles on the gold-bug side of the
silver controversy. This has awak-
ened a pEotest from Hon. John n.
Powers, OF Morristown, Rice county,
Minnesota, a member of the house in
1887, and a very able and honest man
whom we hope to see back in his old
position next year. AS the discussion
on both sides is well and strongly put
and as we like debates, because they
give conflicting views hearing, we
publish below Mr.. Powers's letter and
the editors reply, and add few COM
ments of our own.
Mr.. Powers says:
''In common with thousands of 9TH
ers 1 condemn the teachings of the
Chronicle on that (the silver ques-
ton. In the first place 1 deny the
statement put forth by the president
years ago, and since reiterated by
him and the present secretary of the
treasury, and repeated over and over
by the gold organs and orators, viz:
that the government was by law COM
PEELED to use gold coin in payment for
the monthly purchases of silver bull
lion. The law nowhere directs the
secretary of the treasury to pay gold,
and if he chooses to do so in prefer
ence to silver dollars or coin certifi-
Gates, it is because he wishes to use
that fact as an argument against sill
yer. One would suppose that the sill
yer dollar was good enough money
for the silver producers. And so it is,
as it is good enough for the farmer
and the laboring man.
Neither is it true, as asserted by
the president, and echoed by the gold
organs, including the Chronicle, that
tho coin certificates were alone re-
sponsible for the great depletion of
the treasury of nearly all our gold
coin last summer. Had there not
been a coin certificate in existence
the holders of the three hundred and
forty-six millions of greenbacks could
have had them presented at the sub
treasury in New York and drawn out
the gold, and 1 have no doubt did
present many millions of them and
get their gold.
You know, or at least ought to
know, that issuing those coin GER
tificates in payment, each month
for the silver bullion is adding just
so much more to our circulating me-
dunn, and that without having re-
course to "gold bonds," on the inter-
vention of those enemies of the peo-
ple-banks of issue. Now allowing
that there is but So cents worth of
silver in the dollar, 1 ask you in all
oandor, did we ever have a paper
dollar with as much coin behind it?
The national bank notes are redeem
able in greenbacks. And how much
coin is there behind the greenback?
l answer there is to-day not quite 80
cents on the dollar in gold to redeem
the greenbacks. That is, there is
less than one hundren million
of gold in the reserve fund with
which to redeem three hundred and
forty-six millions Of treasury notes
known as greenbacks.
But why do you q mean you plural
gold mem conceal your real intention
your Interior purpose? Is it not
plain to the most casual observer that
your object is to abolish all kinds of
money except gold and bank notes?
First get rid of silver and coin GER
tificates, then retire the greenback
circulation. then allow the wealthy
bond holders to issue their notes,
clearing house certificates and
state bank issue that will be "fexi-
BILE, and expand at their
good pleasure. This plan was clear
ly outlined at the recent bankers
convention in Chicago. One speaker,
l think Mr.. Horace White, said that
the law governing national banks
was too rigid.
"The system lacked flexibility." In
other words, they had not the power
to contract as rapidly as was desira-
BILE, when currency became too plent-
iful. Mr.. Editor, is there a single
working day in the course of the
year when debts are not maturing?
Why should the creditor class have
the great power placed in their hands
to say how much and what kind Of
money the great mass of the people
should use? Have you no regard for
the debtor class, and the great army
of homeless wage earners? Go out
into the rural districts and see the
great army of toilers wearing their
| lives away trying to save their mort