Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-01-31
A new PLAN FOR A PERMANENT Isl
METALLIC RATIO

Is. BLACKWELL, Of Boston, an interest
ing letter in which he advances plan
which he claims will solve the currency
problem and provide for perfect BIZ
metallic currency without disturbing
the present gold basis. His plan, I'm
brief, provides for n national currency
redeemable In gold coin or its eouiva-
lent in silver bullion. Mr.. BLACKwEt1.'S
plan in greater detail is, to force a slid
ing silver scale that will keep American
silver money at parity throughout the
world with gold. lie proposes that gold
bullion be received and coined as at
present, and paid for by the govern
ment, when desired, in national paper
currency; all silver bullion of American
production to be also received by the
United States Treasury from day to
day at its average gold market value
during the preceding thirty days in tho
| principal money centres Of the world
say in New York, Paris, London and
Berlin; national paper currency to be
issued in payment for said silver bull
| ion, OF denominations from one dollar
to one thousand dollars, as preferred 10y
the seller OF silver, payable on demand
either in gold coin or in silver bullion
OF equal valne with gold coin on the day
OF redemption, at the option OF the
government
The advantages OF this system Mr..
BLACKWELL summarizes as follows:
!. II would establish a permanent use for
all silver OF American production ON an
equality with our present gold coin, and n
permanent use for gold on an equality with
silver bullion, as the Joint basis Of Amcri-
can currency
2. 1t would keep all the gold and silver
mines OF the country at work, with the
guaranty OF permanent cash market for
roth metals and OF permanent use of both
metals as money-the ratio of one metal TO
the other, In the absence Of an intcrna-
tonal agreement, being left to regulate it.
self.
?. It would preserve the existing gold
standard
4. 1t would establish a permanent ma.
uonal paper currency based upon gold and
silver bullion actually IN tho hands of the
government. currency incapable Of huct-
uatlons IN value or of sudden expansion or
contraction.
>. With the development OF our mines OF
goid and silver this representative national
currency would grow more abundant.
keeping pace with the growth Of popuIa-
ton; aud lnasmuCh as coin is no LONGER
used or needed except Tor small change in
the daily transaction OF business. gold
com or silver bullion would never be
called for except i'm limited amounts, occa-
sioually, for the settlement Of international
balances. The government guarantee.
backed by the metals themselves would be
absolute security, and the gold and silver
would remain in the government vaults,
whlIe the representative paper currency
would circulate in their stead
g. Under this system no large permanent
Rold reserve and no new issue of govern
ment bonds would be needed The oDtiou
OF redeemlug It's currency with gold or
WIN SILVER bullion at its market value
"ould protect the government against any
combination TO advance or depress the
relative value OF either metal
rms IS the only plan by which practical
pl-mctaIIlsm can DO obtained. The obiec-
ZION or merchants, manufacturers and
bankers 90 the free coinage Of silver. ~ ,.,.,,
uNed ratio 20 gold, Us the belief that there
cannot be two legal standards in operation
at Inc same time without thereby creating
recommendation Of the chcarcf. motel
thus reducing the value OF the dollar and
az the same time excluding the other metal
Bui there should be little or no oDpOsition
70 % system which. while maintaining the
existing gold standard, establishes pfacti- |
cal bi-metalIisn in tuc shape of national
currency payable either iu gold coin or its /
equivalent on the day or redemption iu sil- /
Vor bullion
Mr. BLAcEwELL's plan IL well con-
ceived aud ingenious, and while ft
would still leave our currency a. open
as ever to attacks OF the gold nations
and the Wall street sharks through
their foreign agents, it would, it is evil
dent from Mr.. BLAcRwE1Es brief
outline. a. least settle the vexoi cues
ton OF tne parity Of gold and silver i'm
tho uIted states That would %.
great ga'na we might depend aDoa
the balance OF trade being enough fin
our favor TO keep sufficient gold in the
Treasury vaults to permanently main.
tain tle policy and at the same time
provide for currency sufficient ia
volume 20 meet any demand Of ousI-
ness.
Mr. BLAcswrL'= plan is new and is
worthy of consideration by Congress
The silver miners will probably object
90 u because under lta operation they
would get 10 more from the govern
ment than their metal wa worth on the
worlds gold basis But the silver men.
ike The gold men, want TO "hog Q aiL"
Killed o. Country Dance.
GrEEDON. Ats, January BOD -Inf1r.
nation he. been received fran. |rfr.