The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-10-12
SILVER OR FIAT MONEY?
Which Shall be Used as the
Currency Of the People?

through the production Of b.
mines and unre-trictei coinsge, II
miga. IS vel. be sbapd ned for
monetary purposes, and sooner or
later Till be. | hess this meta is
to remain a. foun ain of supply
for money, endo Sei witt / the
function. required for -iand,r OF
value, AMI FIR coin Of ultima = pay
ment for deb.s aui obllgation. OF
every description, II cannot lor z
hold It's Place as money me
As .econ a-y money. the valne Of
Ihich IL TO be- maintained by leg :
lave Limitations or by promise Of
rcd mption IN gold, silver is no
b .tter than green packs.
The le-tion first in importance,
then, is: What hall take the plac.
# silver as money, or whence Is
the supply OF money TO come, to
carry ou the lucreas business o.
the world? The ans ser c.tnot b
9 /, Cor the ID Of the word =
aresiy hardly o lie u do the work
NO" imposei upon it, and under
thi4 strsip is con-tantly growing
scarcer and dearer. A. a money
-tau d Ard it has already increase
rom fifty to sky per cent. n
t8euty years la The presence If
the worlds vast deots such an in
crease becomes q a mn 9 ant in
-t'ai If being s'aud,rl Of tqli'y,
"a already led TO world eile an
parion.ole il .-tce. NJ reover,
the product on Of gpii is on tbs d
C ne, aud if silver IN nes be clD.,l,
he production must fall off still
more RAPIDLY.
This bling the situation as to the
sup, ~ If me allie III lney, the pos
sibiIi'y of max ng g,ld take the
pla;e Of the present stock Of the fail
egaltepder silver money, even IN
countr.es where silver has been in
\ hole or part demonetiz.d, is quite
out Of the question.
But another point of vita import
ance arises he e. Can we h.vr
automatic regulation of money, or
of the stand .rd, with god
alone as that stan iArd2 From be
fore historic times, and certainly
for five aud. hlr y centuries, gold
aud silver nave been in use a
money, with no limitation on them;
aud their value, as compared with
other thng-, in all ages has been
determined ~ the quantity furnish
cd hy the mines, aud cons, qnently
10y the same Laws that regul aled tn.
value of every hing else. The re
Iatve production IF the two metals
has varied widely, and often ovrr
long periods Of TIM; vt, durlug
all this period, accord ng to tn
nigh autbo i,v of Max
NJ uler, the ratio of the metals ha.
not varied more than from Is to /,
to Is! to L.
From this fact has been d duced
the compensatory lay Of blmeta
ilsm, uhlch is tLat, under the la.
Of legal tender, parry is maintain, d
by TX endir e tue us. Of the temper
arIly non.aoun liant meta, while that
Of the other Is correspond ,ngly d
minished. OF COURSE, without the
power Of | ga ,enier, b metallisul
c Duli not X st. Mr. can it if tn,
option is gwen to the payee.
necessarily rests upln the ayo
legaI ten Ter which gives the option
to the payer.
Bat our question l.: Can we have
regulation with gold
alon,? Tn1t IL, with goli as the
On y money of ultima RI dempt;on,
c an "e have such al Is ment of
supply TO lncrea-ing population aud
~eaitn as to secure An, Thug Ink. |
stability Of res! With NJ ne.
gold for mouey, instead of an ad
'stment of money supply to in
1feaslng population aud business,
ofices must u d4rgo frequent rad
',tment to the Relatively redu ed
laantity Of STANDARD money. Henc.
I Is within the bounds of proper
economic deduction to Fay that,
Si,h gold alone, automatic a ijl-t
nent OF money supply TO needs Of
IL ney is impossible.
Tue Importance Of this principle
annot be magnlted when yieAed