The record-union., 1893-01-07
GOLD, OR SILVER +?
Which Should be the Standard of Our
Currency
One Who Desires More Light on e
Subject from Mr.. Peeler, the
Gold Advocate.

EDS. REcoRD-UNIoN: In an article, en-
titled Views of a Gold Man" which ap-
peared in the RECoRD-UNIo of Thurs
day last, occurs mass of more or less
valuable as well as interesting informa-
ton bearing directly on the silver ques-
| tion-a finance problem with which the
hnanciers and Legislators OF the nation
are Just now greatly concerned.
The RECoRD-UNIoN gave the gentle
man, Edward J. Peeler. who furnished
the interview to which l refer, the credit
OF being "fnancier of unusual ability .
and since Mr.. Peeler closed his remarks
with the statement that sit would well
repay any one interested in the free coin
age of silver to call on him and discuss
the subject" perhaps it is just as suitable
to address few queries to him through
| the mediumship of the RECORD UNION.
Let me ask:
! First-Why was silver demonetized by
Act of Congress in 1873?
| Second-Why is the combined money
influence Of the nation opposed to the
coinage of silver and the expansion of the
/ currency?
| Third-Why will the free coinage OF
u = v
Fourth-What is the difference between
bullion and money value? If that differ
ence is the stamp which our Government
puts on certain quantity of bullion Civ
ing 1t money value, then is it not true
that the maintenance at par of q silver
dollar depends, not on its bullion value.
but on the stability Of the Government
emitting such?
That this last question may be answered
satisfactorily, let it be understood that
1t is my opinion that silver is not a cur
r9ncy necessitating redemption at future
date Ike paper exchange that is merely
a promise to pay. If the Government
has ever promised to redeem gold coin in
circulation, it is piece OF information
with which l am not acquainted.
But if the Government ever did. or does
now, promise to redeem gold coin, then |
beg Mr.. Peeler to state what the Govern
ment promises to redeem it with. And
why cannot the white metal occupy the
same position with the yellow metal III
the realm of currency?
While L shall not attempt to dispute the
accuracy of Mr.. Peeler's figures with re-
spect to the silver currency Of the Central
and South American countries, yet [ feel
compelled to take issue with him on his
deductions drawn from those figures.
The stability Of the Latin-American re-
publlcs is so uncertain that their cur
ItuCy, DdSSu OA anu DdCkGQ DE the taxing
power OF their respective Governments.
shares the general feeling of instability
and uncertainty. During the American
civil war greenbackS would and did not
command their face value, and why? Sim
ply because the power Of the Federal @ ov-
ernment was in jeopardy. That is now the
case exactly, though not to such an ex-
treme degree, in the South American re-
publics.
Gold being everywhere in demand
throughout the civilized world, and being
the scarcer metal, has tendency to al
ways appreciate in value. Silver, how
ever, being practically demonetiZed bv the
powerful nations of the earth, is placed at
the disadvantage OF having to take pot
luck not only in countries with single
gold standard, but in small, weak ma
tons which want to buy from a gold
standard country, and have nothing to
tender IN payment except silver. Hence.
being at abe mercy of the seller. these
countries must take what the seller is
willing TO cOncede.
MIR. Peeler might reply that if these
small republics had a gold reserve thew
would not labor under such overwhelm-
ing disadvantages. L readily grant this:
but, IN the same vein, If the American
people had sufficient gold coin to transact
the tremendous volume of business of the
United States without the aid of other
mediums OF exchange, the silver uues-
ton would never have been heard of.
The country needs a larger volume of
currency. That is the proposition.
JAY w. BEE.
WRITE to Coonar for oDvtI,in,r J., ~