The Marietta journal. [volume] (Marietta, Ga.) 1866-1909, 1893-06-29
REEDEEMABLEIN GOLDOgsILvER.

EDITORS JOURNAL-If Congress
repeats the Sherman silver law,
without enacting any law on silver
as money in its stead, will not all
the silver coined under that law be
at once wiped out of existence as
money! And would not all out.
standing silver certificates and coin
ed silver dollars then in circulation
be redeemable at once in gold coin
II so how much gold would be re-
CURED Tor sucn redemption and how
could it be obtained other than by
the sale of U. S. Bonds? Very tru-
ly, SUBSCRIBER.
The propounding of the above
questions should have been directed
to the Secretary OF the Treasury,
instead OF to country editor whose
necessities hinges on no one metal
but takes either he can get and finds
no trouble in passing either at one
hundred cents on the dollar.
1t will be seen that the questions
propouhded are founded on ''ifs"
and what would be the result if such
and such thing should happen.
There is, however, a good deal of
''p'th and point" in what "Subscrib-
er" asks. If the government "out-
laws" silver by refusing to enact a
coinage law, silver being legal
tender, the govern ment stands pledg-
ed to make it good, if it has to re-
deem it in gold. For the lack of
gold it would necessarily have to
borrow, and issue its promise to pay
in bonds, an injustice to tax payers
though it be.
III" che Democrats repeal the
Sherman law, we believe they will
"enact law on silver as money in
It's stead" They would not be
guilty of the criminal folly Of depriv-
ing the country of a silver coinage
act. We believe there will always
be a law to make silver money, as
there will always be law to make
gold money, even if it requires an
international congress to fix the
ratio, although India, under British
dominion has recently suspended
the coinage of silver. showing a dis
position on the part of England to
force the United States to adopt the
gold standard.
10 confne money to gold, the
quantity would be inadequate to the
needs Of the business world.
TO "wipe silver out OF existence"
would be to reverse the laws OF
finance and create panic, if not a
revolution. The government is too
profoundly interested in preserving
the stability of money to precipitate
panics.
The Sherman act does not demand
absolutely that silver certificates
shall be redeemed in gold, but says :;
The Secretary Of the Treasury
shall, under su ch regulations as he
may prescribe, redeem such notes in
gold or silver coin, athis discretion.
Mr.. Carlisle has used his "discre>
ton" by paying gold, on demand Of
the holder, in the redemption of
silver certificates, in order to main
tain parity OF value between gold
and silver, aud to preserve public
confidence therefore, we cannot see
how the repeal of the Sherman act
would force him to redeem silver
certificates and coined silver in gold
contrary to his discretion.
But he has recognized silver on a
basis with gold, as the reduction of
the gold reserve in the treasury evil
dences. The shipment Of gold to
foreign countries has about stopped
and now gold is on the return.
Australia offered premium GA gold
in order to establish gold standard
in that government. This drew
heavily on the United States and
Wall street bankers took advantage
OF it an1 speculated on it, while the
Western bankers came to the rescue
and furnished gold to keep up the
geld reserve, which there is no Law
to maintain, but only custom.
How much gold would be required
to redeem all the silver certificate
and coined silver, we do not know
but the government, if required t