Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-03


coin into money given amount OF sill
yer; or better, an act allowing anyone
to have his silver bullion coined into
money, not exceeding a fixed sum
monthly. I would give silver legal ten
der quality. For facility OF use, allow
the citizen to deposit coin and receive
certificate to have the quality of tender,
and redeemable in either gold or silver
or both at the governments option. II
necessary TO preserve parity, change
the ratio OF silver 10 gold. The ratio
depends on supply and demand OF the
two metals, and has been found 10 the
annals Of history to change
with the supply. In Egypt
and Persia 1,600 years before
the birth OF Christ IL was 13. 80 OF silver
20 1 OF gold. XenOphen says this was
the ratio in Asia 400 3. c. About 200
b. @. in Greece and Rome it was 10 70
/. In julius Caesars time gold became
so plentiful that ii was ~ TO 1, while q
century later 10 rose to 121< to 1. At
the discovery OF America il was III 70
II. In 1868 10 was rated at the English
mint il 70 /; 10 1905 Is to l. In the
Middle Ages 10 varied from TO 20 l2.o
toll In 1874 IL was fixed at 10. Is TO /.
The greatly increased production OF sill
yer 10 our Western mines and Australia
coupled with hostile action by Germany
and other foreign mOnarchical nations,
where the impulse is TO make less
money for the benefit of the few over
the the many, may call for change OF
ratio ard pHtting more silver into the
dollar, though the present ratio has
long stood. Shall this great Republic
demOnetiZs silver at the command OF
European nations? In the international
monetary conference OF 1873 ii adyo-
Gated the free coinage OF silver. II 10
adopts no policy on the subject, II II re-
peals the Sherman act Internationally,
not merely the compulsory purchase
clause, thus leaving no law for the con-
tiuued coinage of silver, how can II
hope 10 induce Europe to utilize silver
as money? Shall IL wait on Europe?
Mexico and all Central and South Amer
lean States, and China and other Aslatlc
nations use silver as mOney-lu many
instances tho sole standard. Does not
our great nation possess that greatest
Of all weapons, the casting vote? II 1t
be right 20 use silver as money, she
ought 10 so vote. In 1877 the Congress
sioual Monetary Commission favored
free coinage, and thought that If the
United States should adopt 1t, II would
deter the Latin Union from demonetiz-
ing silver. Most OF the. Democratic
State convention adopted it but few
years ago. l have been disposed 70
favor free coinage, at least TO the ex-
tent OF American silver; yet in view OF
the recent stoppage OF free coinage OF
silver in India, aud the adverse action
OF England aud Germany and the Latin
Union, u may not be wise, all at once,
to establish unlimited coinage. But
the United States should adopt meas
ures having that end in close view. Its
voice will be more potent every day.
The platforms OF the three parties In
1892 promised bi-metallism.
It is said our silver dollars will have
no force outside the Initiated States.
This is not 50. Our gold coin is nc
money abyoad-only taken at ? GER
tain valuation. Why will not silver be
taken likewise at It's value? But while
we talk about other nations not taking
our silver coin as money, let US remem-
Der that We can in the future, as we
have In the past, get enough gold to
pay foreign debts; and that this is
matter Of not COD Grolling consideration,
as silver, II made money by law, will al
ways pass for domestic use in our vast
home busILesS. IL always has so
passed. Ne need ten dollars for use In
our horne business TO one In our foreign
business. We have not enough gold for
it. Give US more circulation, vlgor and
business at home. That is the primary
consideration. If paralyZed and palsied
al home, how can we pay anything
abroad?
lam no advocate Of bad money, un-
limited, irredeemsble. paper or fiat
money; but DO not so regard silver
money.
lam not in favor Of State banks Of
issue 70 furnish more money. On what
will you base their circulation? On
State bonds? They are sometimes re-
pudiated, and always vary in value. On
whatever you may base it, the States
will differ in their legislation, and thus
there will be no uniformity, and this
will affect the value OF the notes. VIII
you base the notes on simply the SOL
yency OF the stockholders? The bitter
experience OF but few years ago, will
overthrow that idea. The notes were
OF different values In different States,
and often withered in the hands OF the
holder. Above every other considera-
tion let the money in the hands OF the
people earned by the sweat OF the brow
be good at all hazard as 1t now is.
Mr.. Calhoun in 1894, with many other
eminent statesmen, opposed State banks
and advocated the policy OF having all
money issued by the federal government
or national banks, and be and Mr.. Web
ster not only opposed State banks, but
denied the constitutional power Of the
States to erect banks Of issue.
Mr.. Calhoun said that II any point had
been established by experience it was
the incOmpetency of State banks to fur
nish stable currency; that they would
answer In prosperous times, bvt the first
wave Of adversely would throw them in
10 confusion.
/ would let National banks issue dollar
for Dollar of the bonds deposited TO Sc
cure their notes, instead of ninety per
cent. This would increase their circu-
lation.
The seal Arbitration.
LONDON, August "A dispatch from