Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-03-14
HOW 1T WORKS.

HOW 1T WORKS.
While the continued purchase OF sill
YER and its coinage into silver dollars
that are 35 cents under value is in one
sense An imitation Of the currency, it is
in practice a contraction of the cur
rencv. because it locks up gold and
drives it from the country. With the
present excess Of imports over exports
we mpst send something abroad to
balance accounts with Europe. 1t can
NOT he stocks aud bonds, because
Curope fears the approach of silver
basis in this country and does
NOT care to be paid interest
dividend or principal in that metal.
We cannot send silver because our Sill
YER dollar is under value; there is only
66 cents in it, and Europe will not have
silver at that price. Hence, we have
nothing 20 send but gold, which not
only goes out in a steady stream, but
is boarded at home and withdrawn from
circulation. The Director Of the Mint
estimates that there are 1854, 600, 900 in
gold in the United States. If we change
from abi-metallic 70 a single silver basis
by forcing gold to become a commodity
which it does when at a premium, our
currency will be contracted to the ex-
tent Of that vast sum-
"The problem before the Democratic
partv." says the Louisville Courier
Journal. sis to maintain bl-metallic
standard. 1t must prevent the con-
traction Of the currency; it must ava
the loss Of gold; it must prevent pre-
MUM on gold. But, under t.. sherman
O'"' W 90 - o,roo1 ion. To make
'iioD - -, that much gold,
"'' - - - hav ing the least in
iOi 'A - -Vitaol drives out the
u ''''o ing the Greatest intrinsic
= have tor Two years been dis
value gold with sill Yer, but the credit
p DE government has been able to
aaintalu the two N etals at par There
has been an actual discrepancy in value,
covered or cOnceal9d by the faith Of the
Thqre is a line beyond
which the government cannot go in
maintaining values; it is uncertain,
wayering, unknjwn, but we are ap-
nroaching it. LANCER is announced by
our financial and commercial barome-
tiers. The two metals will begin to sep
arate, unless 'e cease pouring silver in
TO the chann(s Of commerce. To con-
tinue the siger purchase is to follow a
policy Thicl sooner or later, will drive
gold out ofirculation, and in that way
we will Cntract the currency one
third" CIR contemporary adds:
Every @, remembers the 'bOom" which
| followed Il resumption Of specie payments
/ in 1879. ~ resumption we added gold TO
/ our cirCutiug medium. We opened our
money tannels TO the European trade,
Hence drew gold from Europe or sent
it to Empe, Just as we needed or needed 1t
not. Tere is in the mere shipment OF gold
no thrtt of evil, but the fear is, the indl-
cationare, that the gold we now send
away III not return as the tide OF trade
turns 4 gold premium, IN fact, establish
es an N barge against its return, and the
natul fear is that we are following a
c0urt which makes premium on gold al
mOstnevitable
DIVER and Chicago have offered the
Secetary Of the Treasury four millions in
sol for greeu0acks. The Offer is an evil
uelse Of returning confidence. But four
miiOns is not sufficient, until there IS q
chnge in the tide of traffic; until we put
on a fairer value. As long as we under
vlue il by law, there is danger of its with
dawal; and the withdrawal Of gold means
aradical contraction of the currency.
The Courier Journal states the case
orcfbly and well, but it only tells half
che story and gives only half remedy.
Is not the single gold standard about as
bad as the single silver standard would
be? And by making gold the only |
standard money is not our currency
really contracted to much greater ex-
tent than it would be on single silver
basis? !
We can have no sound, stable or suft
fcient currency in this country untih
the law providing for a bi-metallic cum +
rency of interchangeable value is cat-
ried out, as nearly, at least, as is posst-
bic, and both silver and gold coined With
equal freedom, and recognized hs
money Of equal value. Were this 4 be
case to-day the present drainage Of cd Id
to Europe, phenomenal as it is, woq lid
not bother Us.