The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-12-27
THAT SILVER CHESTNUT:

"a Cno KeOple's rarity TO DO Meroly = Cats.
paw to Pull Chestnuts Out Of the Fire7
A correspondent of the Iowa Farm
ers' Tribune, in a recent issue of that
paper, calls attention to momentous
and startling fact, to wit: That the
silver men. proper, are fighting the
idea of governmental issue of legal
tender paper money, as theoretically
and industriously as they are pleading
the cause of the white metal quote:
1.-The silver league is circulating,
along with many valuable documents,
one issued by the Globe smelling and
refining company of Denver, which
ought to be neutralized in it's purpose
to degrade national money. 1t is a
circular containing on it's first four
pages the antique, feeble argument
against national currency, because in
certain cases certain kinds of paper,
unprotected, fell to discount, or to
nothing The purpose of the whole
booklet is manifest in the prominence
given to this part which occupies the
front of the book. We quote for the
benefit of those not vet favored with
the circular:
81 Tine founders of the American govern
ment we're not friendly to government issues
Of paper money. 2. A natural prejudice against
them had been created in thu public mind as
the result OF experience with, the old cont.
mental money. which, while 1t helped to win the
independence of the United States, neverthe-
less had been a grievous thorn In the flesh of
the believers in honest money of a quarter Of
century ago. 1t was not until eighty wears
after the continental currency had disappeared
from circulation that government notes with
legal tender function were issu d In the United
States. From the continental note to the
'greenback, and thence to the treasury note
OF 1890 Is long stretch Of financial legislation.
For nearly dfty years, from 1912 to 1851 at
various times congress had authorized the issue
OF TREASURY notes, but not until the after year
was 1t ever proposed to make such notes a
legal tender. ~ bankrupt treasury, } an
impaired credit and civil war OF unparalleled
proportions made desperate measures neces-
sary, and there was scarcely o (9 hnancier in
1851 who did not consider the proposed issue of
legal tender notes . desperate under taking,
justified only. il at all. (D BY the law of self.
pres rvation, which operates in behalf of ma
tons as we'll as Individuals
The true position of the populist who
is animated with the spirit of financial
reform, is ably yet tersely set forth by
the Cleveland Citizen, as follows:
"The free silver men are keeping up
the fight for the white metal bv dis
trlbuting an enormous amount of liter
ature. 1t has enlisted the peoples
party in its behalf, and altogether
there is strong sentiment in favor of
free coinage. The free coinage of sill
yer and gold does not, however, solve
the money question, in our opinion.
Metallic money, no matter whether
composed of one or two metals, is still
a ranOUnifinn Of tho old
that money must be composed of ma
terial whose commercial value is equal
to its UNCONVENTIONAL value, aside from
its legal tender qualities. We are in
favor of the free coinage of silver SIM
ply because it would increase the vol
ume of money; not because we believe
in metallic money. We are we'll aware
that the leaders of the silver agitation
are generally men interested in silver
mines, and therefore have a selfish pur-
pose in remonetizing silver; but we are
also aw ire that many act only from
patriotic and humanitarian motives.
There is one point, however, that
we desire to call attention to in regard
to the free coinage of silver. After the
battle for free coinage has been won,
begin In helping the silver men to
defeat the monometallists. reformers
will. be only increasing the power of
the enemies of true money, for both
silver and gold men will resist every
proposition having for it's purpose the
general use of legal tender paper cur
rency without a coin redemption. In
other words, the reform elements are
going to help the silver men to whip
the gold men, and then they will have.
to turn around and whip both the gold
and silver advocates. AS things are
now, it will only be necessary to
demonetize gold in order to prepare the
way for paper currency. whereas the
reconciliation of silver will really de-
lay the final solution of the money
question and make two battles to be
fought where only one is now neces-
sary. 1t is for this reason that we
have never felt particularly enthusiast
tic in behalf of the free coinage of sill
yer. If the free coinage of silver means
the indefinite postponement of a
scientific monetary system, or a set
back, we hope that silver will never be
remonetized.
1--WE favor legal tender paper
money, good for the payment of all
public and private debts, without a
provision for redemption in coin, to-
gether with government banks of loan
and deposit to regulate the currency in
circulation. This is as near perfect
monetary system as can be attained
under our competitive system"
This is the position have ever earn
estly and conscientiously maintained.
But it now appears that the silver men
do not propose to wait until silver wins
a victory, but are already prematurely
showing their hand, and coming out in
their true colors, as vicious opponents
of all the financial planks of the Omaha
platform, except the one demanding
the free coinage of silver. And, yet,
these are said to be populists who favor
a new party with the free coinage of
silver as the leading issue.
what fools we mortals be-"
GEORGE c. WARD.
THE NEW FINANCIAL SYSTEM.
Government Banks and Full Legal Tender