The Forrest City times., 1893-08-04
Shall Democracy Rule?

money, they believe that free coinage would result in flooding the country with d currency which must eventually depreciate and become worthless.
 1 If silver is to be treated as mere commodity. as 1t has been since the characterization act of lS73-a some thing to be purchased by the govern ment and it's value to be measured by some other metal-the point Is well taken. But if silver was restored to the position it occupied Tn oui currency from 1792 down to 1873, and regarded by the government as medium Dy which all obligations against the gov ernment payable in coin can be llqul- dated, the objection falls to the ground. The only effect could be to cheapen all money-not any particular klnd-and prepare the way for the retirement or l national bank notes and greenoacKs. This is the consummation that money changers are fighting against; to pre- vent this they are seeking to control the present congress as they nave so many in the past. This is the true ex- planation of the "panics'' which have been sprung upon the country, and of the suspension of silver coinage in h. dja. They are but devices to strength en the hands of Mr. Cleveland in his | attempt to compel the adoption of the single gold standard in this country. This is the intent of the object lesson" with which the country has been fla yOred.
 | The ease of which silver maintains itself when in competition with other money is shown by the fact that the passage of the Bland act in 1879 ushered | in one of the most prosperous eras in our history. which continued until 1883. l But the fatal defect of that law, as well as the socalled Sherman act, was the optional clauses in each of them, l leaving them to the chances of being executed by persons imbued with the false theory that gold was the sacred and unvaryng agent of valuation; that the silver dollar. if not d dishonest coin, was at least a coin that it was ipexpedient to use in the liquidation of coin obligations. In other words, 1t was the hostile execution of these laws the studied effect to appreciate the value of gold by diserediting silver that have nullified to a great extent the good effects these enactments would otherwise have produced throughout the country. The law of 1879 compelled the secretary of the treasury to buy and coin g. 1000 .000 worth of silver each month, while 1t gave him permission to buy and coin s4 GOO 900 each month. The smaller-- that is. the compulsory quantity-was ladhered to with great regularity ex. pting during the last few months of Mir. Wiudom's career.
 Again. the law made the silver dol lar legal tender flor all debts, public and private, except when otherwise ex-
 pressly stipulated in the contract" " This broad option was never used by any of our executive officers in offer ing to pay d creditor against his will in silver in liquidation of government coin obligations. In fact, for this use the coined silver dollars have been ig- nored and thus officially degraded.
 President Cleveland in his annual mes sage of December. 1885. pointedly called attention to the S93.OO0, 000 of silver treasure nnrepresented among the people by silver certificates. He called this immense sum idle money" and yet held in his hands Sl94. GOO .000 in 8 per cent. United States call bonds. a part of which would have been liqui- dated at short notice had this official and unjust prejudice against silver not I the example of his republican prede- cessors in treating the silver dollar as a dishonest coin. or at least unworthy of use except at the option of the cred
 itor By law this option is given to the
 debtor-the g0vernment-and not the creditor.
 The law of July, 1890, compels the secretary of the treasury to buy 1. 500 ,000 ounces of silver each month. and until July l, 1891, he was compelled to coin 2.000, GOO ounces of this each month. The silver dollar made out of these monthly purchases are held in reserve for the possible redemption of the treas ury notes used m these purchases. If the silver dollar was not thus held gold coin must be on hand in the treas ury. and these notes must be redeemed in coin by tue expressed words of the law.
 Alter July. 1891, it became optional with the secretary of the treasury to coin or not coin. Secretary Fosters report in December, 1892, showed what he thought of the law. During the official year ending June 90, 1892, he had purchased silver enough to coin nearly $70 GOO 900. but coined from it less than S3 300 .000 He early gave notice that he would redeem in gold the treasury notes used in the purchase of silver. He assumed that he had authority to issue bonds, thus increas- ing the national debt, to get gold for this purpose. By these actions and practically suspending mintage of silver, and then announcing his inten- lion 10 accept the option of the credi- tor, and not take that option which the