Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1893-06-22
The Harrison Silver Policy.

We are informed that the financial
writer who once supplied the readers
of the rier-Joarnat with light on
the money question is dead, and i,
must be so, for that great paper has
turned against the sound doctrine that
it once promulgated and is now blum
dering about in the bog that all must
fall into who ignore logic and reason
and common sense.
Our contemporary recently declared
that for Secretary Carlisle to pay out
silver for the silver notes, when gold
is demanded would be to discriminate
against and debase the standard silver
dollar. In reply to some comments we
made On that remarkable proposition.
the Courier, journal reiterates it, and
eudeavors to bolster it up with illus
trations pertaining to the action and
maneuvers of individuals. For in
stance, the COurier-JOurnal says that
If an individual had two one-dollar
bills, one badly mutilated, he would
pay a one dollar debt with the mutt
lated bill, and, to that extent, would
discriminate against it. Again 1--WE are
still following the Courier-JournaD, if
an individual had &c., 900 in gold and
$4,000 in silver, and feared that for
some reason the public might have less
confidence in silver than in gold, would
he not pay out the silver first, and
would he not thereby be discriminating
against the silver in preference to
gold?
This is so crude and lame-sO utter
~ foreign to the point at issue-that it
hardly seems to be necessary to call
attention to the fact that there is
nothing in common between the gov
eminent and the individuals in the il
lustration offered. The individual is
not responsible for the character of the
currency he has in his possession, and
cannot employ towards it those func-
tons that exclusively belong to the
government.
When the government coins money
or issues notes against money its guar
antee goes with it, but if any or all
creditors are to have the power to
dictate what form of money the notes
they hold shall be paid in, then it must
be clear, even to the clouded compre-
hension of the Coarier-Journal, that
the government surrenders one of its
most important functions. 1t cannot
against it own money
we are are speaking of real money
nor can it permit its creditors to do so.
But this discrimination was emphasiz-
ed the moment Mr.. Carlilse announced
that the Harrison policy would be car
ried out by this administration, and
that the silver notes of 1890 would be
redeemed in gold. The effect of that
on business has been
infinitely worse than the export of
gold, for those who sold the gold haye
to show for it, whereas Mr..
Carlisle has nothing whatever-not
even new supply of gold-to take
the place of the silver coin that his an
has demonetized.
If this coin Is not primary money it
is a debt, and if we have no money of
final payment but gold, then our cur
rency system is in ticklish condition.
When business makes another effort to
adjust itself to this condition there will
be another fall of prices, another con-
traction of values and credit, and the
country will take another long step
forward in the direction of the newt
able ruin that the single gold standard
is preparing for its victims.
The Courier Journal need not under
take to say that we are in favor of re-
deeeming the silver notes wholly in
silver. That would be as unbusiness-
like as their redemption wholly in
gold. No,we would redeem them with
both gold and silver. as France does,
and thereby keep the two coined met
ais at a parity. We would employ
silver equally with gold, and side by
side with it, as the money of final pay
ment, and every honest business man
in the country would endorse the pol
(Ga.) Constitution.