The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-11-19
A FAMILIAR TALK on SILVER.
Ezra Meeker's Views on the subject
Fiat


Ezra Meeker's views Q, the Subject Of
Fiat Money.
1t has been long time since have had
familiar talk" to or with the readers OF
the Posr-INTELLIGEscKE. Many OF the oio-
time readers will doubtless remember the
"talks" about ensilage, about denorning,
about stinks and sienches, spanking
babies. back yards, flowers, etc., put
never about politics or anything tending
in thai direction. / want TO now have
talk about silver.
If q person would undertake to prove
that twice two makes FIVE / could as read
lily understand the logic of his arguments
as / can that of . person that tries 10 argue
that one times one makes two. That IS
what our old-time but mistaken friends
try to prove when they allege that so cents
worth of silver was hundred cents as
soon as it was shaped into the form Of a
dollar. / cannot ''for the life of me" see
how that man. or combination of men.
who works on that quantity of SILVER metal
and finally brings it into tho shape OF a
dollar has transformed it into double its
previous quantity or doubled its value.
In going over to the Republican conven-
ton held at Spokane fell into converse
ton with my oid-time, white-haired. ven-
cradle friend Likens, of Tacoma, on this
question of the transformation Of value in
coming silver He said it was the fiat of
the government" whatever that may
mean. / asked. il the government can by
a '.iat" make so cents of silver worth 100
cents, then why not take only % cents
worth of silver and make that quantity
worth 100 cents; or. in fact. not take any
silver bu. make the whole thing out OF
'fiat2"
Ny venerable friend did finally take ref
uge on the fat platform. whereupon other
Republicans present cried out that that
was Populism. And so it is, but friend
Likins is more logical than those wAo go
halt way and stop there-draw the line
there, as they say.
1t now has gone into history that the
Republican party of the great state of
Washington has placed itself upon IRE
silver coinage platform after having but q
couple of hours before deliberately voted
against it, aud in favor Of sound money.
Everybody knows that this last action
was not deiberatiye, but was brought
about by direct threats from the free silver
ell ements in the convention that unless
the action taken was reversed the free
coinage people would bolt the ticket.
Now, such an argument as that in an assem-
blage where reason, not force, Is pre-
sumed TO prevail. where votes based upon
conviction instead of threats shall rule, is
certainly destructive of the best interests
of the party. 1t has already brought the
convention into contempt and the party
into disfavor.
Vaughn said he "didn't know about 1t.
but as silver was good enough money for
our daddies' it ought TO be good enough
for u.s." And so it ought, and so il is, for
the use We wish to make of it Times,
customs, methods, tastes change. When
my grandfather in Ohio gave my mother
money to buy q farm, father aud mother
made a journey from Indianapolis to
Butler county, Ohio, and return in a
wagon ana hauled a peck measure" full
of silver home. That silver money and
that method was good enough for our
"daddies," but Vaughn would hardly
think we'll of making that kind
of exchange now. Silver is good
enough money for all of us
now TO the extent that We want il, but
no farther. Now, If we want to transfer
the value of "peck measure" of silver,
We do not so and haul it in wagon
neither do We hoard our treasure in
barrel. as my Grandfather Baker did his
silver. Times have changed.
Time and again we hear Il said that
''silvsr is good enough money for me, and
l wish there was more of it," not stopping
to think Of the hundreds of millions of
silver in the United States treasury that
won't circulate" And why2 Simply
because the requirements of trade
do not demand it. John Sherman
Is quoted as saying that no secretary of
the treasury has ever been able TO keep
So, 200. 600 of the 500. Oo0. 900 and odd Of
silver In circulation that is in the treas
ury. The government may pay il out.
but back it comes. Sack after sack, each
containing 81, 900 in silver. have obtained
from the United States treasury to paw
out to hop pickers. sent free of charge
tor the transportation. and hun
drsds of thousands of silver dollars
have been paid out in this state TO laborers
Of different vocasions, but soon the flow of
silver finds its way back 20 the govern
men, vaults. Why1 Because except as
subsidiary coin nobody wants IL and the
government is pledged to pay gold tor il,
or in any event does pay gold for it.
II anyone doubts that the government
does not pay gold for silver. let him huat
up the treasury reports two years ago and
now. lie will find fl0o. 0oo. 900 less gold in
the treasury now than then. He will also
find nearly sl00. 600 GO more silver than
then. II he will investigate. he will find
that this cannot 90 on very much farther
until the gold will be all gone from the
United States treasury aud nothing but
silver left. Then xhat9 Either enc Of
two things will happen; Either the
government must sell bonds for
gold TO sustain silver, or else re-
fuse 20 pay out gold for silver.
Then what would happen7 Whenever
the United States government refuse. to
pay out gold for silver that moment silver
dollars would drop 10 bullion value, or in
other words gold would 20 10 a premium
and 80 ont OF circulation. This nation
scald then he on silver basis; all values
would be disturbed and . worse monetary
panic would en.us II an any ever experi-
| encsd ia these United States of America.
or tho re.sonsbleness Of the proposition
for au international bi-mettslic agree
msnt and Of the utterly impracGscable
proposition for the United States alone 10
undertake. tree coinage at Is 10 1. OF. in
fact. any other ratio. either for the worlds
product or tie American product alone. I
voasd ike 70 Re heard az some future time
through these columns. T. MExKER
DR.. Prices Cream Baking Powder