The true northerner., 1894-07-06

Silver.
1t becomes more and more evident
that, try to ignore it as they will, the
silver question is certain to be lead
ing factor in the political future in this
country. Parties and politicians have
looked at it askance, have beat shy OF
it, have treated it in a patronizing, non
committal way, and talked about the
silver question in unmeaning plati'
tudes nearly as long as this ambiguous
position will be suffered to continue
The Republican party, everywhere, has
got TO square its shoulders and meet
this matter boldly, consistently, con-
servatively it may be, but it must be
without shifting or subterfuges and on
such a platform as the people approve.
1t is apparent from the tone of the
conventions thus far held that the peo-
pie in every state west of the Missis
sippi river are in favor of the free coin
age of silver, or rather, perhaps, of its
restoration to its former place of equal
ity, as money, with gold Our financial
policy is an anomalous one and one
that is dangerous to ourselves, and it
certainly needs overhauling and read
iustment We have the single (gold)
standard as the ultimate head of the
money system, and our other issues are
dependent for value upon the probabil-
ity of their final redemption in gold.
The workings of the system is left very
much TO the wisdom and discretion OF
tie secretary of the treasury. The stat
ute, as Interpreted, requires him to
so shape his policy as shall enable him
to keep silver money on parity with
gold This he can do well enough if
he has sufficient gold, and thus far,
though the effort is strained, silver
money has been kept at par with
gold But if the country becomes de-
pleted of gold, what then? Suppose
capitalists were to possess themselves
of gold demand certificates of great
amount and make sudden demand on
the United States treasury, beyond its
its immediate ability to meet; what
thenY When Mr.. Cleveland called
congress together year ago in extra
session, it was for the purpose of check
ing the drainage of gold from the Uni
ted States treasury by stopping the pur-
chase of silver. The depletion of gold,
however, has continued right along,
until now the surplus in the treasury is
but two-thrds what it was then. But
the president and his party have ceased
to be alarmed over the diminishing sur
plus. The lessening process goes on,
however, and each week sees the ag-
gregate amount of gold in the country
lower than on the preceding estimate.
Gold is the single standard in Europe.
European countries do not produce sill
yer. They must have gold, and if we
owe them we must pay them, and pay
in gold, if they don't happen to want in
sufficient amount what we produce. II
is right that we should pay them; we
must pay them if we owe them, even if
III uepTlNcS us Vi All Oul SOlu' DuO WuCu
the gold is gone, what are we to do for
money!
1t simplifies matters, no doubt, to
have single metal for the standard fol
the money of the world; but if it hap
pens that there is not enough of that
metal in existence that is available, OIL
that can be made available, to suffice
for the money of the whole world, then
all the convenience arising from having
single standard of value is greatly
overborne by the embarrassment of in
sufficient supply.
The business of the world is infinitely
greater now than formerly, and it in
creases yearly, and it would seem that
the increase in the quantity of money
should ever keep pace with the expan
sion of the industries and commerce oi
the world. 1t does not appear, how
ever, that this can be true of gold. II
is used very largely in the arts, and il
seems to be doubtful il the annual pro
duction of gold is more than sufficient
to meet the requirements of its uses In
other ways than for money.
London has long been the financial